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DigiCert Survey: The Corporate Losses Associated With the IoT Security
DigiCert Survey: The Corporate Losses Associated With the IoT Security
Time icon30 November 2018, 11:11 am

The Internet of Things is currently ramping up, with 92% of companies indicating that it will be essential in the next two or three years. Organisations that are not prioritising the security for their Internet of Things deployments may encounter significant losses upwards of hundreds of millions of dollars.

The current state of the Internet of Things Security Survey by the DigiCert company explores common practices and security behaviours among the best firms. Here are the main findings of the survey. 

 

Main Findings 

The recent study from the DigiCert, Inc., which is a leading provider of PKI, TLS/SSL and the IoT security solutions, revealed that businesses have started sustaining significant monetary losses originating from the lack of excellent practices as they incorporate the IoT into their current business models. 

In fact, among the firms surveyed that are currently struggling the most with the Internet of Things security, 25 per cent indicated IoT security-centred losses of approximately £257,333 in the past two years. Also, 71% of the respondents reported that the Internet of Things is essential to them and their company operations while 91 per cent indicated that they anticipate this technology to be extremely vital to their respective firms within two years. 

 

Other Survey Findings 

Despite the difficulties and challenges, the information has revealed that proper consideration of the Internet of Things risks related to the deployment of the scalable security basics that address encryption, authentication and integrity help most companies build strong and effective defences against any security threat. This study also looked at businesses that are currently succeeding at Internet of Things to glean wisdom and excellent practices. Some of the common security practices that these firms engaged in include: 

  • Scaling company security measures 
  • Secure software-centred key storage 
  • Encryption of the company's sensitive data 
  • Ensuring that the integrity of the information being transmitted to and from company devices 
  • Securing the firm’s over the air updates 


Based on the feedback and experiences, organisations pursuing Internet of Things will be able to realise the same success as the top-tier performing businesses by reviewing the risk, encrypting everything, always authenticating, instilling integrity and strategising for scale.

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