Security News > 2023 > July > Compliance seizes spotlight in the connected devices arena

Investment in connected device security has accelerated as upcoming legislation affecting the sector becomes more prominent, according to PSA Certified.

The annual barometer of industry perceptions and intentions around connected device security surveyed 1,240 technology decision makers worldwide, and found that 75% of businesses report that security has become a bigger business priority in the last 12 months, and they are spending on average 15.3% more in security related areas in 2023 compared to 2022.

The average spend per company on both continuous security investment and building security into products have both risen by 12%. Spending on external validation is also on the rise, with the spending on third-party lab testing and evaluation rising by 24% and spending on security certification by 14%. Exploring the reasons behind the increased investment, a significant factor is the desire to align with upcoming regulation worldwide, particularly EU legislation, which will have a big impact on businesses both inside and outside the European Union.

"As security standards and regulations have evolved, ensuring trust is built into devices is front of mind for industry leaders. The value of having certified security in trusted components has been firmly established, and businesses predict it will only increase once buyers see it become law. Consequently they are motivated to stay ahead of the curve and align with regulation now," said David Maidment, senior director, Secure Devices Ecosystem at Arm.

65% look for security credentials when buying connected products as a consumer, and they are willing to pay more for it: 69% say they are happy to pay a premium for built-in security.

Maidment continues: "In PSA Certified's last report, we called 2022 a turning point for connected device security, as it was becoming a key pillar of technology strategy. Awareness has only increased since then; this year's report finds that customers now demand it. This is where the dial has really shifted: public engagement with the topic has grown, and as a result expectations of security standards have increased. Investment in security features, experts and certification is no longer optional and must be prioritized."

News URL

https://www.helpnetsecurity.com/2023/07/11/connected-device-security-investment/