Today, there are 8.6 billion IoT connections. By 2026, that number will nearly triple to 23.6 billion, according to ABI Research market data.
This exponential growth will usher in a new era of connectivity and productivity in the years ahead. However, it will also result in new threat vectors and vulnerabilities that have initiated concerns around security. Among them:
- Some devices are incapable of being secured due to limited resources, processing capabilities, and computing power
- Original Equipment Manufacturers (OEMs) and vendors often choose to accept the risk, rather than remediate it during a Cost-Benefit Analysis (CBA), while many others choose not to do a CBA at all
- Functional safety-type IoT devices prioritize availability and often cannot simultaneously ensure confidentiality
- There are limited IoT security solutions in the market, due in large part to the fragmented nature of the IoT itself
While these security gaps pose a significant challenge for companies and end users, they also represent a tremendous opportunity for players in the IoT space, including IoT service providers, vendors, platform operators, and Information Technology (IT)/Operational Technology (OT) security organizations.
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