The IoT market continues to grow, with investments expected to top $1 trillion by 2020, according to IDC. With the rollout of 5G, Ericsson forecasts that the number of cellular IoT connections is expected to reach 3.5 billion by 2023, and DBS Asian Insights predicts that IoT devices and services will reach an inflection point of 18-20% adoption in 2019 alone.
Security continues to be one of the greatest barriers to IoT adopters in 2019. Insecure components, prevalent malware and shortsighted attempts to apply traditional security measures to IoT networks act as formidable challenges to these adopters. Heeding to this new zephyr, threat actors are also adapting and innovating new attack services and hacking tools that will be more complicated and more difficult to detect and respond to. In accordance, we can anticipate a substantial increase in supply chain attacks, IoT botnets, and cryptominers alike.
We predict that device manufacturers will put an increased focus on security in 2019 versus previous years, but the number and scope of attacks will continue to rise. Microsoft reports that more than 90% of consumers want manufacturers to step up their security practices, and 74% would pay more for a product with additional security built in. This demand will drive innovation and increased adoption of trusted hardware and software systems. It will also force manufacturers to adopt and adhere to industry recommendations for data management and privacy, bring about increased awareness of supply chain security management and so forth. Manufacturers will also look to include bug bounty programs and responsible disclosure programs for manufactured and deployed devices to improve the security of their products.
Alternatively, consumers will also pay heed to IoT security governance and adopt processes and technologies that assist in the governance of the IoT landscape — an amalgam of several technologies comprised of the cloud, device, mobile, edge devices and so forth. For instance, they will look for IoT monitoring systems and platforms for better visibility and management, data protection technologies for better security and privacy, cloud protection technologies and active threat detection technologies.
Moreover, consumers and manufacturers alike will invest heavily in technologies that assist them in determining the maturity of their security programs. Companies will also look to cyber-risk insurance to safeguard their business from formidable cyberattacks nonetheless.
Furthermore, as IoT security products and services innovation and adoption gains momentum, assisting technologies, such as machine learning, artificial intelligence and blockchain, will make strong and forced inroads into IoT security products, assisting in building improved trust, threat detection, identity management, and data and device management at scale. But, to a large extent, government regulations will bring about a culture of shared responsibility for protecting the IoT landscape.