Will the IoT bankrupt your business?
Research on the Internet of Things is not painting a pretty picture. According to research firm Gartner, approximately 20% of organizations have experienced at least one IoT attack in the past three years. There’s also a report from BullGuard showing that 37% of those surveyed had no idea how to protect IoT devices.
The biggest conclusion from this research: businesses are going to spend a lot trying to prevent IoT-based attacks. Gartner’s forecast conservatively estimates that IoT security spending will reach $1.5 billion this year, but will explode to $3.1 billion by 2021.
Compliance is expected to be the primary cost-increasing factor.
It’s believed more regulations will be created, causing more work for IT managers. With the proliferation of IoT devices, reporting for compliance may become nearly impossible.