LONDON–(BUSINESS WIRE)–#IoT–Internet of Things (IoT) devices are becoming more pervasive, and are
facilitating the growth of smart
buildings. Since this is a relatively new technology, consumers
and manufacturers alike are still learning how to use and secure it.
Hacking has proven to be a significant risk for IoT devices and
buildings, and security systems and practices still need research and
Research has observed that the IoT security market makes up a
full 20% of the IoT market as a whole. Infiniti Research analyst expect
that IoT security will grow at a CAGR of almost 48%, and be worth over
USD 53 billion by 2021. This means there will be many opportunities for
enterprising technology companies in this market.
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Any IoT device needs to be properly secured in order to prevent
intrusion, but many people do not currently consider this. As a result,
smart devices create new vulnerabilities in households and other
buildings. Even when they are secured, it can be difficult to monitor
all of them to detect and prevent breaches. For example, in January this
year, an Austrian hotel was hacked and lost control of its electronic
key system, resulting in many guests being locked out of their rooms
until the hotel paid a ransom to the hackers. As private and commercial
buildings use an increasing number of IoT devices, the number of points
where they are vulnerable to such attacks will also rise.
Companies are already designing ways to combat these threats. Some are
developing smart building systems with security measures built into
them, while others are working on security systems that can be
integrated into existing systems. New cryptographic keys are being
developed with the intent of eliminating the need for security patches
for IoT systems, and manufacturers are looking for ways to build
products that are less vulnerable to hacking to begin with. There are
multiple points at which security can be introduced to an IoT system,
and many opportunities for creativity and innovation.
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