IoT Cybersecurity: How Trust May Create Value?

Everything you need to know about the role of the Internet of Things in the area of cybersecurity

Work and daily life could be dramatically changed by the Internet of Things (IoT). Simply put, the Internet of Things (IoT) is the nexus of the physical and digital worlds, where gadgets of all shapes and sizes use connectivity to offer seamless experiences to both consumers and companies.

However, the IoT is currently at a turning point. Will it continue to deliver sporadic benefits amidst compartmentalized clusters or will it unleash enormous potential as a fully integrated IoT ecosystem? The shift to a properly integrated IoT network within and across industrial verticals is what will "unlock" it, and will therefore determine the answer to that question.

To create such a network, fundamental challenges must be overcome. The main one is cybersecurity risk, which prevents the trust required to link IoT networks and applications. The convergence of IoT and cybersecurity, or the joining of any technological, functional, or commercial aspect of IoT with cybersecurity to create a new, integrated whole, holds the key to finding the solution. We shouldn't discount the importance of this discovery for important applications.

The IoT and Cybersecurity Landscape

What are the main obstacles preventing widespread IoT in cybersecurity adoption today, asks one of the most often asked questions by technology professionals throughout the world. We investigated the IoT cybersecurity landscape to better understand the barriers to widespread IoT adoption and how they can be solved. Our research was motivated by our belief that the confluence of the IoT and cybersecurity can generate a tremendous amount of new value.

Applications of the IoT are growing across industry sectors, and a transition from isolated clusters of IoT devices to networked IoT ecosystems has taken place. This is particularly clear in places like industrial floors and automobiles. The IoT hasn't scaled as quickly as anticipated, though, and the industry hasn't yet created a seamless experience where devices can enter and exit physical locations while being recognized, trusted, and controlled without the need for additional (and occasionally manual) verification procedures.

Numerous players in the value chain will have opportunities due to the proliferation of connected devices and the increasing complexity of IoT use cases (such as autonomous systems and transportation). However, it also raises the possibility of weaknesses with disastrous repercussions. Given that the IoT influences physical processes, many IoT systems have higher risk profiles than enterprise IT. Therefore, a foundation in functional convergence, in digital trust, of the IoT and cybersecurity, and an early-stage integration of cybersecurity in the pilot phase and architecture design are necessary for an effortless IoT experience.

This safe, seamless experience is not supported by conventional IoT security methods. IoT purchasers claim that the architecture of current IoT solutions lacks many layers of multilayered security. Due to these vulnerabilities, frequent over-the-air upgrades and patches are necessary yet are ineffectively carried out. IoT solution design falls behind business IT in terms of security assurance, testing, and verification.

With the help of industry professionals, we validated our theory regarding the significance of cybersecurity and IoT convergence and discovered yet another crucial discovery. IoT buyers and suppliers have very different perspectives on things like predicted IoT adoption, worries about online privacy and trust, and the delay brought on by siloed decision-making processes. Future technology leaders on both the buyer and provider sides should be able to better comprehend one another's perspectives and work towards unlocking the value by being aware of some of these realities.

Less enthusiastic than IoT solution suppliers, IoT purchasers tell us they will soon have a flawless experience. Even at the beginning of IoT implementation, they are running across obstacles. Interoperability, cybersecurity, and installation difficulties are their top worries.

Comparatively speaking, IoT solution suppliers vastly undervalue the significance of digital trust compared to customers; only about 30% of providers think it's important for IoT solutions, compared to about 60% of purchasers. But to solve their cybersecurity worries, IoT purchasers require more organized decision-making processes. 81% of providers believe that buyer-side compartmentalized decision-making between the IoT and cybersecurity divisions is to blame for the slow adoption of IoT. In contrast, only 42% of consumers think that choices are made in silos.