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Technology and Security Influence

According to the 2018 State of IoT Security Report, blockchain is emerging as a potential technology to secure and authenticate devices, identities and transactions for IoT. Its adoption has doubled from one in ten (9%) to a fifth (19%) in the last 12 months. What’s more, a quarter (23%) of respondents believe that blockchain technology would be an ideal solution to use for securing IoT devices, with nine in ten (91%) organizations that don’t currently deploy the technology likely to consider it in the future.

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Just under 25% of those surveyed state that their organization sees IoT security as a secure foundation to offer new services. However, this was as high as 32% in 2017. Over 10% say that it is an ethical responsibility, which is far higher (4%) than in 2017. While fewer report IoT security to be a revenue driver in 2018 than they did in 2017 (18%).

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This change in philosophy could suggest that security is no longer an added bonus, but an absolute necessity. In fact, nearly 60% have adopted a ‘security by design’ approach, which is a rise from 2017 (50%).

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The majority of respondents’ organizations currently use encryption and/or password protection to secure their IoT, but only 20% currently use blockchain.

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Encryption and/or password protection are the security methods most ideal to secure IoT data/IoT services/IoT devices and in an ideal world a quarter would use Blockchain.

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Of those who do not use blockchain, around 90% would consider using it in the future, which suggests that this is one area organizations could be investing in.

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Almost half of those surveyed report that security is the main consideration for their organization’s customers when using IoT products/offerings. In 2017, this was only 41%, which shows that the consideration of security is not going away and could continue to be more critical in the future.

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Furthermore, of those whose organization is an IoT device manufacturer, or provides IoT software, services, applications or security, 66% say a strong IoT security approach is definitely a competitive differentiator.

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