IoT devices are becoming efficient threat vectors. So, firms will spend more on IoT security as they try to mitigate IoT-based security threats.
It is one of leading conclusions from a recent survey by Gartner. The research firm found that 20% of surveyed firms experienced at least one IoT-based attack in the last three years. Compounding the problem further is that most firms do not have control over the IoT devices’ hardware or software.
"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," Ruggero Contu, research director at Gartner said.
As attacks increase, Gartner forecasted that the IoT security market would see spending reach USD 1.5 billion in 2018. It is a 28% increased from 2017.
"We expect to see demand for tools and services aimed at improving discovery and asset management, software and hardware security assessment, and penetration testing. Also, 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 USD 3.1 billion in 2021," Contu added
One reason IoT security spending is not higher is the lack of prioritization and implementation security best practices and tools in IoT initiatives will be obstacles.
“Coordination via common architecture or a consistent security strategy is all but absent, and vendor product and service selection remains largely ad hoc, based upon the device provider's alliances with partners or the core system that the devices are enhancing or replacing," Contu said.
Gartner noted that these reasons would reduce potential spend on IoT security by 80%. It also highlighted those technical standards for specific IoT security components in the industry are only now just starting to be addressed across established IT security standards bodies, consortium organizations and vendor alliances.
Going forward, Gartner argued that this trend will change, especially in heavily regulated industries such as healthcare and automotive. In turn, regulatory compliance will become the prime influencer for IoT security uptake by 2021.
Also, IIoT and Industry 4.0 will further drive interest in IoT security further. "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," said Mr. Contu.
"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," he added.