61% of businesses use IoT platforms despite security risks

New Delhi, March 8 (IANS) Nearly two-thirds of companies globally — 61 per cent — implemented Internet of Things (IoT) applications in 2019 despite security risk, according to a new report from cybersecurity firm Kaspersky.

The use of IoT business platforms is growing year-on-year in almost all industries, said the report titled “With superpower comes super responsibility: benefits and challenges of IoT in business”.

The technology is benefiting businesses with savings, new income streams and increased production efficiency, but the fact that 28 per cent of organisations experience cybersecurity incidents targeting connected devices also reveals the need to carefully protect IoT, said the report.

These incidents can be critical as sensors and smart devices collect terabytes of data, including sensitive information such as business data or customers’ personal information.

Also, IoT platforms can be connected with critical systems, like traffic, power or transportation processes, so it is vital to ensure their continuity and integrity.

“IoT is a powerful business enabler but to reap its benefits organisations need to put in a considerable amount of effort. It demands dedicated business processes, as well as expertise, to ensure it is effectively implemented,” Grigory Sizov, Head of KasperskyOS Business Unit, Kaspersky, said in a statement.

“As the survey shows, cybersecurity is also a question that needs resolving in the IoT space – in terms of security of equipment, technical and organizational protection measures and data privacy, as well as other factors,” Sizov added.

IoT is an actively developing technology, with Gartner predicting there will be approximately 25 billion IoT connections by 2025.

It increases the level of comfort we experience at home and in our cities, helps to solve resourcing issues and allows organisations to measure production performance, introduce automation and increase efficiencies.

All this makes IoT systems critical. Therefore it is important to not let a failure in such systems ruin the positive impact on businesses and people.

The use of IoT platforms has increased in almost all industries, with the most significant growth in hospitality (from 53 per cent in 2018 to 63 per cent in 2019), healthcare (from 56 per cent to 66 per cent), and finance (from 60 per cent to 68 per cent).

As of 2019, the IT and telecom (71 per cent) and finance (68 per cent) industries have embraced IoT more than all other verticals.

IoT platforms are used in many different use cases including smart cities, grids, metering, transportation and logistics, as well as automated manufacturing and connected heating, venting and air conditioning (HVAC).

“It is important to consider security at an early stage of IoT implementation and we want to help our customers address this task by developing IoT security solutions and expertise within Kaspersky,” Sizov said.