Security risk against enterprises continues undimmed as IoT popularity grows

The increased popularity of the IoT leading to growing adoption is one of the main reasons for more cybersecurity attacks against enterprises and utilities, according to a new Navigant Research report.

The report, titled “Managing IoT Cybersecurity Threats in the Energy Cloud Ecosystem”, evaluates cybersecurity threats in relation to IoT affecting enterprises and utilities alike. With IoT popularity, new threats are coming in and the need for a stronger IoT security lingers.

According to the report, over the last few years, the need to shield cybersecurity attacks has heightened as corporates are demanding robust security along value and supply chains. So far as domestic consumers are concerned, similar demand to improve security of IoT devices and services is noted.

Neil Strother, principal research analyst with Navigant Research, said: “The mushrooming number of IoT devices being deployed by utilities and other enterprises carries an obvious and growing security risk. Smart managers need a comprehensive strategy to stay ahead of potentially devastating threats to IoT assets. No longer can managers rely on an old-school reactive approach; instead, they and their security teams must adopt the latest proactive and predictive tools and methodologies to keep devices and systems safe.”

Another report from Navigant Research has placed Philips Lighting, Acuity Brands, Eaton, and OSRAM among the leading players in the IoT lighting market. The report evaluated a total of 16 vendors including the giants – Cisco, Intel, Schneider Electric, and Siemens – although they are labelled as challengers and not contenders or leaders. Navigant Research argues that the global IoT lighting market is all set to touch $5.5 billion by 2027 from $808.2 million in 2018.

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