The fast development of the Internet of Things and the paired increase in speed and quantity of malicious attacks on devices connected to IoT will drive global spending on IoT security by 24%. That means this year alone security expenditures will rise to $348 million. And that is still the good news; according to the report from Gartner, that trend is expected to gain momentum significantly after 2020.
Gartner made a series of predictions on the security market of the Internet of Things in their latest report which was released a few days ago under the title “Forecast: IoT Security, Worldwide, 2016”.
In the report, Gartner research director Ruggero Contu forecasts that over 6.4 billion interconnected devices will be utilized worldwide in 2016, which is an increase of 30 percent compared to 2015, and will go even higher, with 11.4 billion devices in use by 2018.
He also said that there are significant variations between various industry sectors as a result of various levels of security awareness and prioritization.
The Gartner report expects moderate IoT security expenses in the following few years while the new technology continues to establish itself across the world. The report forecasts solid spending growth which is expected to reach $547 million by 2018 and then accelerate, growing over 50 percent to $841 million by 2020.
However, after 2020, Gartner expects a huge rise in IoT security spending due to the improved skills, scalability of services and organizational changes that will improve execution.
The wide adoption of IoT tech in both industrial and consumer areas will significantly increase the growth of connected devices. As the expansion of IoT devices gains momentum, IoT vendors will be compelled to face a rapidly evolving set of security challenges.
IoT will be the root of 25 percent of all attacks by 2020
Gartner anticipates that more than 25 percent of identified security attacks on enterprises will be related to IoT by 2020. With less than 10 percent of IT security budget appointed to IoT, there is a high probability that some really dangerous security breaches are going to happen.
Due to budget restrictions, vendors will try to address these issues immediately by creating security fixes and will probably focus on vulnerabilities and exploits. Another bad news is that the report claims industry’s preoccupation with patching security holes will lead them away from finding security solutions for long-term use.
In order to find legitimate security solutions for IoT, enterprises will concentrate on finding the secure delivery mechanism that will be able to grow together with IoT, and keep pace with requirements in access control, detection, monitoring and other security measures.
Security services based on Cloud computing are vital to ensure the growth of IoT and enable it to reach its full potential. Gartner also expects that by 2020 half of all IoT implementations will utilize some kind of cloud-based security to fulfill reliability demands.
I agree with Gartner – Pioneers of IoT are not dedicated to its security, and that is going to cost us. But, as the report states – there is hope, and the security solution might be in the cloud-based technology. Anyways, we’ll have to wait for a couple of years and see what happens.
What do you think about the future of IoT security? Share your thoughts in the comments.