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 experienced at least one IoT attack in the last three years, says Gartner's research director Ruggero Contu .
In IoT initiatives, companies often do not have 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 drivers of spending growth over the forecast period, with IoT security spending expected to reach $ 3.1 billion in 2021, according to Contu.
"While many vertical IoT projects have revealed basic security patterns that have not yet been codified in policy or design templates to ensure consistent reuse, technical standards for certain IoT security components in the industry are only starting to be introduced in the established IT security standards, consortium organizations and supplier 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.
"Interest in improving the automation of operational processes through the use of intelligent, networked devices such as sensors, robots and remote connectivity, often via cloud-based services," says Contu.
"This innovation, often referred to as the Industrial Internet of Things or Industry 4.0, is already having an impact on security in industries that use business technologies such as energy, oil and gas, transportation and production."
Gartner Predicts the Biggest Growth Barrier by 2020, as global spending continues to rise year-over-year IoT security is caused by a lack of prioritization and implementation of best practices and tools for the IoT initiative. This will reduce the potential cost of IoT security by 80%.
"While IoT security is consistently identified as a key concern, most IoT security implementations have been planned, implemented, and operated in collaboration with some at the business unit level. IT departments should ensure that the IT parts affected by the devices are adequately addressed ", says Contu.  Internet of Things