The market for IoT security solutions is growing fast. As machines, facilities and smart devices become increasingly linked, additional security measures are required, according to the IT consultancy Gartner.

The Internet of Things (IoT) continues to grow rapidly. Analysts from Juniper Research forecast in a recent study that the total number of digitally networked devices will increase to more than 50 billion by 2022. To put the pace of growth in perspective, in 2018 that figure sits at only 21 billion. The vast majority of this networking is being done by Industrial IoT (IIoT) users, or Industry 4.0, as it’s primarily known in Germany. This involves upgrading machinery, facilities and even entire plants, so they can access the Internet.

No longer are just a company’s traditional IT infrastructure such as office PCs and servers hooked up to the web – so, too, are its industrial controls, machinery sensors and building gateways. And whatever is connected to the Internet is subject to malicious online attacks. This means companies face a new array of threats to their informational security and must now act to ensure the networks and software at their plants are safe.

IOT CYBERATTACKS AT ONE OUT OF FIVE FIRMS

Unsurprisingly, the market for IoT and cybersecurity solutions is growing rapidly. Companies are investing heavily in additional security measures. And for good reason: According to a recent study by the IT consultancy Gartner, almost 20 percent of those companies surveyed have suffered an IoT-related cyberattack in the past three years. As a result, Gartner forecasts expenditures on IoT security to hit $1.5 billion this year.
 
Most of this investment ($946 million) is in professional services for cybersecurity. Ensuring device security is worth $373 million and gateway security $186 million to companies. The IT consultancy estimates that especially demand for asset management, security services, penetration tests and finding security holes is set to surge. These areas are the hot topics of the future, according to the Gartner analysts. 

Companies often have no direct control over the kind of hardware and software they use for the Internet of Things. They frequently get products and services for their digital business models from third-party providers, meaning they must also budget extra costs to ensure cybersecurity and services.

LACKING SECURITY ARCHITECTURE AND STRATEGY

The study by the IT consultancy warns that this situation makes a coordinated effort difficult. Most companies using an IoT platform do not have a uniform security architecture or consistent security strategy. Selecting IoT solutions is frequently done ad hoc and depends on the cooperation and guidelines from manufacturers, especially when it comes to gateway protection.
 
Moreover, there are no common technical standards for specific IoT security components. Only recently have manufacturers begun to work on developing industry norms. This has led to a lack of "security by design," but Gartner expects this situation to change in the near future, especially in strictly regulated sectors such as healthcare and finance.