IoT security spending will reach $1.5b in 2018

SECURING every device and sensor that is part of the ecosystem of the Internet of Things (IoT) at any organization must be a top priority.

Companies have started to realize that and are taking steps to change how they build and roll out their IoT infrastructure. A recent study by Gartner forecasts that the total worldwide spending on securing IoT devices will total US$1.5 billion this year.

Further, the study says that the number one reason for companies to focus on IoT security, by 2021, will be regulatory compliance.

Gartner categorizes IoT security into three main segments:

• Endpoint security
• Gateway security, and
• Professional services

Among the three, according to the research, gateway security and endpoint security will get the largest allocations by 2021. However, it is gateway security and professional services that would grow the most by 2021, compared to last years’ figures.

“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, 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. In addition, organizations will look to increase their understanding of the implications of externalizing network connectivity. These factors will be the main drivers of spending growth for the forecast period with spending on IoT security expected to reach US$3.1 billion in 2021,” Contu added.

However, Gartner predicts that a lack of prioritization will inhibitor the growth of IoT security by up to 80 percent.

While basic security patterns have been revealed in many vertical projects, they have not yet been codified into policy or design templates to allow for consistent re-use.

As a result, technical standards for specific IoT security components in the industry are only beginning to be addressed across established IT security standards bodies, consortium organizations, and vendor alliances.

The absence of “security by design” comes from a lack of specific and stringent regulations.

Going forward, Gartner expects this trend to change, especially in heavily regulated industries such as healthcare and automotive.

By 2021, the research giant predicts that regulatory compliance will become the prime influencer for IoT security uptake.

Industries having to comply with regulations and guidelines aimed at improving critical infrastructure protection (CIP) are being compelled to increase their focus on security as a result of IoT permeating the industrial world.

“Interest is growing in improving automation in operational processes through the deployment of intelligent connected devices, such as sensors, robots and remote connectivity, often through cloud-based services. This innovation, often described as Industrial Internet of Things (IIoT) or Industry 4.0, is already impacting security in industry sectors deploying operational technology (OT), such as energy, oil and gas, transportation, and manufacturing,” explained Contu.

#DYK how to protect #IoT devices and robots against sensor value manipulation? Check the ENISA Baseline Security Recommendations on IoT study https://t.co/cGjC9pHkNI pic.twitter.com/fvd13gnLrY

— ENISA (@enisa_eu) March 17, 2018

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