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
Why should we care?
Here’s the bottom line: the IoT is here and will benefit everyone. Lives will be made easier. Processes will be more efficient. New frontiers will be discovered in healthcare, manufacturing, and almost every aspect of our lives.
While IoT devices are thought of as objects like Apple Watches, Amazon Alexa’s, or other home-based smart devices, they are actually more widely spread in business environments. According to a report by Intel and their partners, most IoT devices are in factories, businesses, and health care environments. They estimate a massive 90.6% of IoT devices are business related.
Intel believes by 2025, the total global worth of IoT technology could be as much as USD 6.2 trillion.
It’s time to prepare for the IoT. Syxsense is the first IT management solution that can discover IoT devices and start you on the road to managing. Later this year, we will be rolling out software update management and other features that will secure your IoT devices.
Learn more about the state of your IoT devices and start a trial with Syxsense.