As IoT adoption continues to rise, business success in the world of connected devices depends on building digital trust with consumers
Digital IoT-As more and more enterprises realise the potential and versatility of IoTits rate of deployment is growing exponentially. A report released by Vodafone earlier this year found that 34% of businesses worldwide are now using IoT — 70% of whom have moved passed the pilot stages.
The rapid rate of IoT uptake amongst enterprises looks set to continue, with market analysis by Zinnov predicting global spending on IoT technology-based products and services by enterprises to reach $253bn in 2021.
But with the IoT bandwagon rushing full steam ahead, few vendors or enterprises are pausing to consider the enormous risks around securityand digital trust.
What about trust?
Figures from PwC’s Fall 2018 Digital Trust Insights survey revealed that while 81% of respondents said IoT was critical to their businesses plans for growth, only 39% were very confident they are building sufficient ‘digital trust’ controls into their IoT adoption. Furthermore, only 30% listed IoT security among the safeguards they plan to invest in this year.
According to TR Kane, cyber security and privacy partner at PwC US, it’s vital for enterprises and consumers to have the confidence they need in the security, reliability, and safety of these devices.
“It is important to keep in mind that consumers will increasingly rely on IoT devices with their own physical safety; smart cars with internet connectivity are IoT computers that consumers will get inside of and depend on secure design to protect their lives,” he explained. “Similarly, connected and life-sustaining medical devices also need to be designed with security in mind. In the near future and with the proliferation of IoT devices, security weaknesses can result in potential scenarios such as injury or death. Traditionally, physical safety in this form has not been in the province of digital trust, but going forward, it will be.”