Multinational research and consulting firm Gartner predicts that global spending on the Internet of Things (IoT) in 2018 will reach $ 1.5 billion, an increase of 28 percent from spending of $ 1.2 billion in 2017.
and a survey has revealed that every fifth organization has witnessed at least one IoT attack in the last three years, Gartner Research Director Ruggero Contu said in a statement on Friday.
In IoT initiatives, companies often have no control over the source and type of software and hardware used by smart connected devices. Demand for tools and services to enhance discovery and asset management, software and hardware security assessment and penetration testing is expected to increase.
In addition, organizations will seek to improve their understanding of the impact of external network connectivity.
These factors will be the main driver of spending growth for the forecast period, with Contu expecting IoT security spending in 2021 to reach $ 3.1 billion.
"While basic security patterns have been uncovered in many vertical IoT projects, they have not yet been codified into policy or design templates to ensure consistent reuse, so technical standards for certain IoT security components in the industry are only now tackled by established IT security standards, consortium organizations, and provider networks. "
The lack of" secure by design "comes from a lack of specific and strict regulations. Gartner expects this trend to change in the future, especially in highly regulated industries such as the healthcare and automotive industries.
By 2021, Gartner predicts regulatory compliance will be the key driver for the use of IoT security. In order to comply with regulations and guidelines to improve the protection of critical infrastructures, companies need to focus more on security as IoT permeates the industrial world.
"The interest in improving the automation of operational processes through the use of intelligent, networked devices such as sensors, robots and remote connections, often via cloud-based services," says Contu.
"This innovation, often described as the Industrial Internet of Things or Industry 4.0, is already having an impact on the safety of industries using operational technologies such as energy, oil and gas, transportation and production."
Gartner forecasts global spending growth to accelerate IoT security growth by 2020 This is due to the lack of prioritization and implementation of best practices and tools for IoT initiative planning. This will reduce the potential cost of IoT security by 80%.
"While IoT security is consistently identified as a key concern, most IoT security deployments have been planned, implemented and operated in collaboration with companies at the business unit level to ensure that the devices affected by the devices IT parts are adequately addressed, "says Contu.
"Coordination over a common architecture or consistent security strategy is near-hopeless, and the choice of products and services remains largely ad hoc, based on the device vendor's alliances with partners or the core system that amplifies or replaces the devices," he stressed. 
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