Economy

Global report: 96% of businesses support govt regulations on IoT security

Global report: 96% of businesses support govt regulations on IoT security”

While general security awareness among consumers in regard to IoT may be improving, still only 19 per cent of United Kingdom businesses believe that security is the main consideration for consumers when buying devices.

According to a survey from Gemalto, 96% of worldwide organizations and 90% of consumers believe that governments should be doing more to regulate the growing IoT arena. 60 percent said leaked data was their biggest concern, and 54 percent said it was having their personal info stolen. Despite the fact that more than half of respondents owned an IoT device (two, on average), just 14 per cent claimed to be "extremely knowledgeable" in terms of securing the device.

While most consumers expect it to come baked into connected device they buy, only half (50%) of decision makers whose organizations provide IoT software or services have adopted a "security by design" approach.

The fact that people in the United Kingdom are not very trusting of IoT devices and their security is quite well-known, but a survey by digital security firm Gemalto has revealed some eye-opening reasons to prove why the IoT device security in the United Kingdom is probably the lowest in the world at the moment.

Considering the lack of seriousness among vendors, as many as 79% of organisations and 75% of consumers in the United Kingdom are now calling for urgent Government intervention to ensure the security of IoT devices.

"With legislation like NESA showing that governments are beginning to recognise the threats and long-lasting damage cyber-attacks can have on everyday lives, they now need to step up when it comes to IoT security". Security can be profitable: 92 percent of companies said they saw an increase in sales after implementing IoT security protocols.

Furthermore 55% of Middle East organisations encrypt all data it captures or stores via IoT devices with 47% encrypting the data as soon as it reaches their IoT device, while 44% as it leaves the device.

Businesses are mostly in favour of regulations that will make it clear who is responsible for securing these devices.

"In order to ensure the United Kingdom is reaping the benefits that the IoT ecosystem will bring, the companies producing and enabling these devices need to secure the IoT now, to guarantee consumer confidence in the future", Pindar said.

While these partnerships may be benefiting businesses in adopting IoT, organisations admitted they don't have complete control over the data that IoT products or services collect, as it moves from partner to partner, potentially leaving it unprotected. The role of cloud service providers and IoT service providers are the top picks. There's also a worrying education gap. "Until both sides increase their knowledge of how to protect themselves and adopt industry standard approaches, IoT will continue to be a treasure trove of opportunity for hackers".



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