A report on IoT security reveals that 97% of organizations struggle to secure their IoT devices, with 98% experiencing certificate outages costing an average of $2.25 million in the last year. Cyber attacks on IoT devices have also increased, with 69% of organizations facing more attacks, highlighting the need for better education and support in IoT security.
In the past three years, IoT device usage in organizations increased by an average of 20%.
However, 88% of organizations feel the need for improved security, with 37% requiring significant enhancement, and 60% needing some improvement. IoT security budgets are growing, but half of the budget is at risk of being used to cover cyber breach costs.
There is a divide among organizations and manufacturers regarding responsibility for IoT security breaches, with 48% believing manufacturers should bear most of the responsibility.
Vanson Bourne conducted the study on behalf of Keyfactor with responses from 1,200 IoT and connected product professionals across North America, EMEA, and APAC. All respondents had some responsibility or knowledge of IoT or connected products within their organization, and included original equipment manufacturers (OEMs) and those who are using and operating connected devices within their organisation.