May 17, 2020

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

IoT
Internet of Things
IoT Security
regulatory compliance
Jonathan Dyble
2 min
Virtual reality
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.

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“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.

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