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Fama PR Keyfactor

Navigating the State of IOT Security

November 2023
Research parameters
Topic:
IOT
Countries:
US, UK, Germany, France, Australia, China and Japan
No. of interviews:
1200
Methodology:
Quantitative
Respondent profile:
Respondents were from organisations who were either manufacturers (OEMs) of IoT and connected products, or were operators or users of IoT and connected products.

Brief

Keyfactor sought to explore the key differences between organizations that manufacture connected devices (OEMs) and those that use and operate these devices. Consequently, aiming to better understand how these organizations are addressing the rising challenges associated with securing IoT.

The rapid proliferation of devices, the cost of inadequate cyber defense, and the complexity of where liability lies for successful cyber breaches were also explored.

Solution

Vanson Bourne conducted a quantitative study among IoT OEM organizations and organizations using/operating IoT devices, and spoke with professionals within these organizations. As a result, an eBook was produced delving into risks, challenges, and actions to take to ensure enhanced security and the long-term viability and success of this transformative technology.

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Outcome

The report shed light on the need for heightened security in IoT and connected products used in businesses. Additionally, it also provided insights into the efforts being made to tackle the associated challenges.

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Key findings

97%
of organisations face challenges in securing their IoT and connected products
Budgets for IoT device security are increasing year over year, with an anticipated increase of 45% in the next five years
The total average cost to OEM organisations for certificate outages on their manufacturing lines, in the last 12 months was over $2 ¼ million
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