Recent reports indicate that the global IoT market is expected to reach nearly $1.5 trillion by 2027 driven by increased demand for smart sensors, the development of smart cities and industry developments in the field of AI. That represents a Compound Annual Growth Rate of 24.9 percent over the forecast period.
This market growth will help to propel a rise in the IoT security market as organisations, which remain increasingly vulnerable to cyberattacks as devices come online, loo to address the security issue. By integrating security solutions with IoT devices, device manufacturers will be able to provide customers with real-time protection from threats.
While connected devices deliver a plethora of benefits to businesses, the necessity of being connected to public networks and the internet leaves them particularly vulnerable to attack.
We expect increased attacks on IoT-enabled environments and infrastructure as the ability of cybercriminals to infiltrate connected systems continues to be a profitable endeavour.
IoT devices built on legacy technology without proper security protocols in place remain soft targets ripe for exploitation. Until device manufacturers implement security suites to handle threats to connected devices, expect to see even more high-profile cases of hacking and attacks to both private businesses and public institutions in 2022.
With 2022 only weeks away, Sequitur Labs is forecasting increased activity in several specific areas.
1. Customers and govts are getting proactive about IoT security.
There will be greater awareness of security needs across sectors as govts and standards organisations issue more guidelines. Standards like PSA and SESIP will become essential and growing awareness of the importance of security will be driven in the US by the IoT Cybersecurity Improvement Act, and Biden's executive order.
2. Protection of edge AI takes centre stage.
The AI-enabled edge device market will broaden. More devices at multiple price/performance points will become available and the vast majority of data will be processed by smart devices at the edge in the coming years - accelerating in 2022. Additionally, smart infrastructure investments will rise, leading to the consideration of new technology and an end-to-end approach to cybersecurity.
3. IoT set to grow across multiple sectors - Agriculture, health, industrial, consumer, and auto.
Because of the rise in IoT device development, the threat of cyberattacks targeting edge devices will significantly increase in the upcoming year.
Edge devices have been used as attack vectors to compromise networks or systems for the past 5 years. Once a cybercriminal has access to an edge device, they are able to quickly and easily interrupt operational activities to cause downtime, loss of revenue and damage to an organization’s reputation.
Intellectual property can be stolen and held for ransom. With billions of new IoT devices expected to come online over the next several years, securing these devices has become an area of significant importance, with IoT vendors needing to design, manufacture and deploy their products without the risk of being compromised.
“Houses are built with locks on the front door for a reason,” says Phil Attfield, CEO, Sequitur Labs. “Not having such a security device installed at a key entry point is an invitation for people with less than pure intentions to help themselves to your property. The same is true of any technology device, especially those that connect to the internet. IoT device adoption will continue to grow significantly in the next few years. It would be unheard of for device manufacturers to not include a security suite to protect against unwanted intrusion into their customers business-critical infrastructures. Therefore, we see an expected rise in embedded security solutions to happen in lockstep with the increase in device adoption.”