Statistics source: McKinsey B2B Internet of Things Survey, 03 2022 (Figures have been rounded up)
If the Internet of Things (IoT) is to reach its potential as a fully interconnected ecosystem, it and cybersecurity need to work better together, say experts.
The IoT presents plenty of opportunities – but almost as many vulnerabilities. The IoT currently works in largely siloed clusters, across verticals. To unlock value, the IoT network both within and across these various verticals needs to integrate better. However, cybersecurity is a major obstacle to this integration, says McKinsey in their Cybersecurity for the IoT report.
Currently, we are at something of a crossroads, where the IoT can either continue to deliver incremental value through siloed applications or evolve into a fully integrated ecosystem. Achieving this integration hinges on overcoming major obstacles, primarily the cybersecurity risks that erode trust among users.
The trouble comes in that cybersecurity is not simply an add-on. Rather, it is a foundational element required to unlock the vast and varied capabilities of the IoT.
Poor cybersecurity strategies have created vulnerabilities that make adoption difficult. For example, there is a significant disconnect between IoT buyers and providers when it comes to the importance of digital trust and privacy. Buyers are much more concerned about these issues than are providers, studies have shown.
Key barriers to widespread IoT adoption include:
The shift towards an interconnected IoT environment will enable a seamless experience, driven by enhanced cybersecurity measures, partnerships between IoT and cybersecurity solution providers, and new industry standards for interoperability and security.
But first, industry players must collaborate to mitigate risks and develop shared cybersecurity responsibilities.
If the two worlds of IoT and cybersecurity can converge and develop comprehensive solutions, we could see IoT spending increase by as much as 40%, says McKinsey. This could boost the market value to between $625 billion and $750 billion by 2030.
Together, the IoT and cybersecurity sectors could create a resilient ecosystem that not only protects sensitive data but also empowers users to take full advantage of smart technologies.
Keep your brain cogs in motion. Read our recent article on the growth of the global enterprise IoT market: https://www.ionlinesp.com/2024-global-enterprise-iot-market-update
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