Are Security flaws proficient enough to Kill 151 Billion Dollar IoT Industry?
Security flaws in IoT can hamper the growth of this industry in next few years. IoT is into everything, from smart housing to smart driving. Security flaws can hamper the growth of this industry if experts are unable to find a solution.
In 2014 IoT owns a valuation of $93.99 Billion and in the next 6 years this will reach a benchmark of $151.01 Billion as reported on MarketsandMarkets.com. The industry is rising as IoT is into everything. Smart housing connects devices with each other and they can share data over internet. Similar to that IoT is making its way into industrial, also entering into transport and health sector. Interconnected with smart sensors, these devices are capable of interacting with each other, simplifying major task and saving time. The concern is now how to make this devices secure.
Recent news highlighted major security flaws located by experts. The next thing requires is to simply build up a platform that is secure and safe for users to use. Smart locks for example used to prevent security breach at home, if hackable it can put a lot of things on risk. There are lots of innovation enticing users to adopt IoT at homes and offices. For example Samsung SmartThings, a complete range of devices to put the house on auto-mode and it can be managed and monitored through a simple app. Samsung Smart Door Lock that featured RFID lock system is hackable.
The cause of such flaws is linked with outdated interface and operating system used on the device. A lot of development, technical changes and upgrades are needed in-order to make IoT devices hack proof. Tech Giants are capable of investing money to research on the flaws but, when it comes to a new Startup that has a unique product to sell, lack funds to make it hack proof can raise concern in coming time.
Security experts have already warned about the risk of huge amount of IoT devices that are unsecured and used worldwide. Alarm is raised by IoT botnet first discovered a few years ago. It is capable of overriding IoT controls and manipulating the device behavior, something similar to malware that raised concern on Internet.
- IoT is a growing industry but, with that the problem with keeping them secure is major topic to think upon.
- Security experts have located flaws in existing popular device.