Security and the Internet of Things

It’s predicted that there will be 30 billion connected devices in the next 5 years, including 1 in 5 cars on the road. The Internet of Things certainly offers convenience and amazing potential, but is it possible that an extensive network of connected devices could create some security risks? Yes. Or, maybe no. It’s possible? A recent ISACA survey shows that there’s a significant gap between how IT professionals and consumers feel when it comes security and the Internet of Things.

The 2015 IT Risk/Reward Barometer examines where IoT is right now, where it will be in the future, and how both consumers and IT professionals regard the Internet of Things ins terms of safety and security.

According to the ISACA survey, 64% of consumers  feel confident in their ability to control their Internet of Things security. The same survey found that almost 80% of IT professionals believe that IoT security standards are insufficient. This is a pretty drastic disparity between the two groups.

The survey estimates an average of 5 Internet of Things devices in homes, and that number is only expected to grow over time.For the Industrial Internet of Things, the capacity is much larger — and so is the opportunity for security breaches that endanger much more than an individual’s bank account.

If IoT security standards are in fact insufficient, there’s a high risk of losing information. The issue with everything being connected and in constant communication is that if someone is able to hack into a system, they will have access to pretty much everything.

ISACA’s survey found that the number one IoT concern among IT professionals is data leakage. 73% of these professionals believe that there is a medium to high risk of a cyber attack through Internet of Things devices.

If IT professionals are so convinced that IoT security needs to be beefed up, then why do a majority of consumers feel confident in their security? ISACA’s Vice President and Board Director Rob Clyde believes that the huge gap in confidence between consumers and professionals is an indicator that there should be more education and awareness efforts made to better inform people about IoT. This is especially true if predictions about 30 billion connected IoT devices, and an $11 trillion dollar impact on the economy are correct.