Gartner: IoT security spending to rise to $1.5bn in 2018

By Jonathan Dyble
According to a report from Gartner, Global internet of things (IoT) security spending is set to increase 28% this year, reaching a total $1.5bn – up f...

According to a report from Gartner, Global internet of things (IoT) security spending is set to increase 28% this year, reaching a total $1.5bn – up from $1.2bn.

Gartner has already found that IoT-based hacks are already becoming a reality, with 20% of organizations having been subject to at least one IoT hack within the past three years.

See also:

“In IoT initiatives, organizations often don't have control over the source and nature of the software and hardware being utilized by smart connected devices,” said Ruggero Contu, Research Director at Gartner. “We expect to see demand for tools and services aimed at improving discovery and asset management, software and hardware security assessment, and penetration testing.”

A lack of prioritization and implementation of IoT security is expected to continue to be a significant issue within the market, something that Piers Wilson, Head of Product Management at Huntsman Security, says is no shock.

“This prediction shouldn’t surprise anyone as serious IoT vulnerabilities are being discovered all the time,” said Piers Wilson, Head of Product Management at Huntsman Security. “The explosive proliferation of devices means the attack surface is expanding rapidly, giving hackers more opportunities to attack and leaving defenders scrambling to deal with threats coming from all angles.”

As a result, Gartner further predicts that regulatory compliance will become the key driver in IoT security by 2021, with the expectation that industries will become increasingly required to comply with new guidelines that the regulatory bodies will put in place in an attempt to improve critical infrastructure protection.

Share

Featured Articles

Survey into future of cloud security in the Middle East

Technology Magazine is conducting a survey The Future of Cloud Security in the Middle East to highlight cloud adoption and security readiness in the region

Infosys serves up digital innovations at the Australian Open

Infosys and Tennis Australia are marking five years of partnership with tech experiences for a more sustainable, immersive, and accessible Grand Slam

Top 10 best metaverse platforms to look out for in 2023

Set to be worth US$5tn by the end of the decade, could 2023 be the year the metaverse truly kicks into gear? We look at 10 of the top platforms to find out

Only half of organisations have budget to meet cyber needs

Cloud & Cybersecurity

Microsoft confirms ‘multibillion-dollar’ OpenAI investment

AI & Machine Learning

Cognizant to acquire Mobica to enhance IoT service offerings

Digital Transformation