Security News > 2023 > October > Inadequate IoT protection can be a costly mistake

"Organizations worldwide are under mounting pressure to ensure their IoT and connected devices are protected while navigating an increasingly complex digital landscape that requires complete trust," said Ellen Boehm, SVP, IoT Strategies and Operations at Keyfactor.

"The results of this survey demonstrate the importance of identity-first security for those who manufacture IoT devices and those who deploy and operate them in their environment to establish digital trust at scale. Most organizations implement PKI solutions in their IoT security strategy, which is a huge step in the right direction. However, it's clear that with 97% of organizations facing IoT security challenges, security teams are struggling to leverage their tools efficiently. Ensuring that IoT device security is managed throughout its lifecycle will go a long way in both eliminating costly certificate outages and enhancing the long-term viability of IoT within the enterprise," added Boehm.

The costly outages organizations have faced in the past year are not the only expense of inefficient IoT security.

"Over half of respondents agree that their organization doesn't have the proper awareness and expertise to prepare for IoT device cyberattacks, spotlighting the need for more guidance to fully secure their devices. Organizations can't protect against what they cannot understand."

88% of organizations agree that improvements are needed in the security of IoT and connected products in use within their organization, with 37% of respondents reporting that significant improvement is needed and 60% reporting that some improvement is needed.

While budgets for IoT device security are increasing year over year, with an anticipated increase of 45% in the next five years, 52% of that budget is at risk of being diverted to cover the cost of successful cyber breaches on IoT and connected products.

News URL

https://www.helpnetsecurity.com/2023/10/16/iot-security-strategy/