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Background to IoT security

The number of connected IoT devices is set to top 20 billion by 2023. Businesses must act quickly to ensure their ability to detect IoT device breaches. The 2018 State of IoT Security Report, reveals the biggest issue is protecting the increasing amount of data companies collect, with only 59% companies admitting they encrypt all of their data.

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The complexity of the IoT ecosystem is shown by:

  • 50% surveyed IT and business decision makers say that their organization uses IoT devices that a third party creates
  • 33% report their organization uses IoT devices that they create
  • 30% are an IoT solutions integrator and/or create software for use within or alongside IoT devices
 
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As a result of more devices becoming IoT enabled, almost all IoT user respondents state that their organization is doing something differently. This is most likely to be improving communication channels internally and/or externally, while just over half are utilizing data insight for efficiency benefits.

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Nearlly all of IoT enablers are doing something differently. Most are seeing an increasing product/service range and/or IoT security offerings. All of which are positive benefits of IoT becoming more heavily utilized, regardless of the organization's relationship with IoT.

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IoT security remains critical; on average, 13.16% of respondents’ organizations’ IoT spend is on the security of their products or services, which is slightly higher than it was in 2017 (11.07%).

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Of those who store data or use IoT devices and invest in their IoT security, it is 60% who encrypt all of the data they capture or store via IoT devices. 40% of organizations are leaving vast amounts of data vulnerable.

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Of respondents whose organizations encrypt at least some of the data that it captures or stores via IoT devices, 66% report that their organization encrypts IoT data as soon as it is captured and nearly 50% say that they do so when it leaves the IoT device. Everyone should be striving to achieve immediate encryption and many are failing.

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This is even worse when considering that fewer than half of respondents’ organizations can detect when any of their IoT devices have been breached.

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Nearly all respondents cited that their organization sees challenges when trying to secure IoT products/services. The most challenging included, "ensuring data privacy" and "large amounts of data being collected".

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