Recently, Juniper research has published a study stating that the global cybersecurity spends on IoT will increase by up to $6 Billion by the year 2023, this means it would grow by 300% per cent in the upcoming 5 years!

The study was published only a week after another study from Kaspersky, which revealed that 65 per cent of companies are worried about IoT security issues. However, it is not just the industrial sector that is struggling with IoT security threats; lack of proper security regulations in IoT solutions is posing serious threats for smart homes as well. The corresponding PR released by Juniper also affirms this with the statement, “The interconnected nature of the IoT means that even innocuous devices like the connected fridge can become a threat.”

However, the lack of consensus in this area has led the analysts of the research to believe that it would amount to only 17% of the total consumer market. Research author Stefen Sorrel has clarified that “Vendors see that risk [with IoT devices at home and consumer market] as low, while little has been done from a regulatory perspective to protect consumers.”

Other primary market areas that the researchers have included in this study are Industrial and Public Services. Spending in these markets, specifically in the smart energy market, will amount to $1 billion annually and will mostly be driven by the strict policies brought in effect by the EU’s GDPR and Germany’s BDSG.

As well as detailing the forecasted expenditure, the study also points out the key strategic approaches that will be a part of the future cybersecurity efforts with IoT deployments. If you would like to know more, you can buy the full report from the official website of the research agency, the hyperlink to this can be found in the resources.

Now since we know that the growing number of connected devices will not spur the security preparation in homes, here are some tips that you can apply to ensure a safer environment. Explore similar reports on the future of IoT and Cybersecurity with Machine Learning and other technologies.

Resources:

https://www.juniperresearch.com/researchstore/iot-m2m/internet-of-things-for-security-providers/opportunities-strategies-forecasts-(1)

https://www.juniperresearch.com/press/press-releases/iot-security-spend-to-reach-$6-billion-by-2023

https://www.kaspersky.com/about/press-releases/2018_ics-cybersecurity

https://www.pymnts.com/internet-of-things/2018/iot-security-solutions-cybersecurity-data-protection/