What do the numbers tell us?
As far back as 2006, there were already 2 billion devices within the Internet of things. By 2016, that number had grown to 6.38 billion.
Now it’s estimated that there are currently over 8.4 billion devices, with that number expected to grow to 11.19 billion by the end of 2018. According to Gartner, by 2020 the number of IoT devices will explode to over 20 billion.
Juniper Research estimates that by 2022 businesses will spend $134 billion annually on cybersecurity for just IoT devices.
How much does a cyberattack cost business?
Looking at a common attack vector, a DDoS attack, The Ponemon Institute estimates that a company will lose approximately $1.7 million. The major expense is in the form of lost services, $517,599. Other costs come in at $414,128 for technical support, $229,071 for lost productivity, $346,062 for disruption of normal operations, and $199,201 for damage/theft of IT assets.
It’s also estimated that businesses are hit with an average of eight DDoS attacks a day, all thanks to the exponentially increasing number of unsecured IoT devices.
So what’s so difficult about IoT device management?
“It’s hard to evaluate the security of a camera, or a doorbell, or something you put in an industrial machine.”
– Michael Kaiser, the executive director of the National Cybersecurity Alliance