Business risk and the Internet of Things – “The ‘S’ in IoT stands for ‘security’”

The Internet of Things (IoT)[1] represents one of the fastest growing market of technology with 73% of CIOs[2] currently deploying IoT in their organisations. Globally, economic benefit and value of IoT is predicted to reach USD 1.1 trillion in 2020[3].

These statistics reflect the vast range of benefits gained from the use of IoT, which is defined by Deloitte as follows:

The IoT is a suite of technologies and applications that equip devices and locations to generate all kinds of information—and to connect those devices and locations for instant data analysis and, ideally, “smart” action. Conceptually, the IoT implies physical objects being able to utilize the Internet backbone to communicate data about their condition, position, or other attributes.[4]

Healthcare, Manufacturing, and Marketing are examples of industries using IoT to great benefit.

  • Healthcare IoT provides better patient experiences through connected healthcare data systems and better management of administered medicine through IoT monitoring solutions
  • Manufacturing and Industrial IoT is deployed through connected sensors and predictive maintenance systems, leading to decreased downtime and higher product quality and output
  • Marketing IoT delivers real-time behavioural marketing and predictive social media analytics. Smart devices such as connected washing machines can even help sell products by notifying users when their washing powder is low and suggesting a particular brand to purchase.

While the employment of IoT yields many benefits across a vast range of industries, it is not without risks including privacy and security concerns, liability around automated equipment and self-driving cars, and a lack of global regulations and standards. There are numerous case studies of IoT use gone wrong, from hacked vehicles and baby monitors to the destruction of nuclear reactors and shutdown of the largest websites in the world via a D-DOS attack launched by the Mirai Botnet.

In the upcoming BCI Australasia Conference in Sydney on July 31st, I will be addressing the topic of IoT, and what measures can be taken to mitigate risks within IoT including compelling case studies illustrating the benefits and potential pitfalls of deploying IoT in the workplace.

For more information, click here to register.

Supporting Footnotes

[1]https://www2.deloitte.com/insights/us/en/focus/internet-of-things/technical-primer.html?utm_source=wp&utm_medium=blog&utm_campaign=exc-blog-2018&utm_content=web

[2]https://www.verizon.com/about/our-company/state-of-the-market-internet-of-things

[3]Jenny Lai, Anderson Chow, Carrie Liu, and Chi Tsang, The industrial Internet of Things, HSBC Global Research, November 2016, p. 14. View in article

[4]Surabhi Kejriwal and Saurabh Mahajan, Smart buildings: How IoT technology aims to add value for real estate companies, Deloitte University Press, April 19, 2016.


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