A virtually invisible phenomenon. Billions of devices and trillions of dollars. Zero regulation and non-existent security protocols. No, we are not talking about the next pandemic. Recently, the Internet of Things, or “IoT” for short, has been stealing headlines. Unfortunately, these headlines do not often showcase new and innovative product lines. Rather, they focus on the significant uptick of data breaches, DDOS attacks, and cybercrime perpetrated through vulnerable IoT devices.
The problem is simple: IoT is largely unregulated—and unregulated at every touch point. There are virtually no security standards, virtually no manufacturing standards or industry requirements, and virtually no privacy or legal guidelines. Yet, these unregulated IoT devices are ubiquitous. Surveillance cameras, connected home devices, fitness trackers and other wearables, connected work devices, connected medical devices, smart speakers, and connected vehicles are just a few of the numerous IoT device categories that give way to tens of billions of devices sold and used globally. This number is projected to top 30 billion devices by 2025, with total end user spend reaching 1.6 trillion dollars.