Internet of Things cybersecurity, or IoT cybersecurity, is a tactic to defend networks and devices connected to the internet against cyberattacks. Internet of Things (IoT) devices are network-connected items such as WiFi-enabled autos, smart refrigerators, and security cameras. In addition to comprehending the definition of IoT security, it's critical to grasp the myriad obstacles that businesses must overcome to address IoT security concerns. Security was not considered during the design of IoT devices. The constant diversity and expansion of IoT devices and communication channels raises the possibility that cyber threats may target your company.
The majority of IoT devices cannot have security software installed on them. It's possible that malware on IoT devices ships with them and infects the network upon connection. For this reason, network security
The global IoT security market size was valued at USD 2,221.0 million in 2019 and is projected to reach USD 20,776.1 million by 2027, exhibiting a CAGR of 16% during the forecast period.
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The latest trends in IoT cybersecurity include several key developments:
Improving IoT Security: In 2024, a major emphasis will be on enhancing IoT security by creating stronger, more uniform security protocols, such as universal encryption standards and required security certifications for new devices.
By Default, Security: The idea behind security by default is that Internet of Things (IoT) devices have to have security protections pre-installed to minimize the need for extra modifications to make them secure. By guaranteeing that security is incorporated into goods from the start, this strategy improves cybersecurity overall.
Models of Zero Trust Security: The Zero Trust Architecture (ZTA) is becoming more widely used, with a focus on continuous verification and the never trust, always verify approach to successfully safeguard sensitive data and resources.
AI for Enhanced Security: Real-time threat identification and response are made possible by utilizing artificial intelligence (AI) in cybersecurity. AI-driven solutions support improving security postures and reducing the impact of new online threats.
IoT Security Certification: As more companies and consumers look to identify secure devices, IoT security certification schemes are being implemented. A baseline for security in IoT implementations is provided by certification programs such as the IASME IoT Assured Scheme.
Monitoring Data in Real-Time: By enabling firms to quickly identify and address any unusual activity, real-time data monitoring lowers the likelihood of data breaches and cyberattacks. Log monitoring and automated notifications are essential tools for spotting any dangers.
Companies can protect their IoT devices from cyber attacks by implementing the following key measures:
Improve Security Protocols: Organizations should concentrate on creating strong, uniform security protocols for Internet of Things (IoT) devices. These protocols should include mandated security certifications for new devices and universal encryption standards.
By Default, Security: Make sure security is built into IoT products from the start, so that they don't require extra setups to be secure.
Frequent Updates: To address vulnerabilities and lower the risk of cyberattacks, keep IoT devices updated with the most recent firmware and software fixes.
Strong Passwords: To prevent hackers from just taking advantage of weak or default passwords, it is recommended that users create strong, one-of-a-kind passwords for their IoT devices.
Network Segmentation: To isolate Internet of Things devices from other systems and lessen the impact of possible attacks, create different networks for each type of device.
Encryption and 2FA: To protect data and access to IoT devices, use strong encryption and multi-layered access controls such as two-factor authentication (2FA).
Frequent Audits: To examine configurations, find anomalies, and make sure security measures are current, conduct regular security audits.
Global IoT device count was 15.14 billion in 2023; by 2025, that number is expected to treble. On the other hand, with over 12 million attacks in 2022, cyber risks skyrocketed. The Brickerbot assaults and the Mirai botnet are two notable instances. With projected growth rates of 30% and 26%, respectively, connected cars and cities are the IoT areas with the quickest rate of expansion. Strong IoT spending growth is observed in industries like healthcare, insurance, and education, especially in the Internet of Medical Things (IoMT). Over $2 trillion is predicted to be spent in the IoT sector. With a 35% market share, Asia Pacific leads in IoT spending. North America comes in second with a 27% share, and Europe, the Middle East, and Africa (EMA) with a 25% share. There may be 75 billion IoT devices by 2025 and 41 billion by 2027. By 2024, there will be 15 billion M2M connections, up from 6 billion in 2018.
The market for IoT cybersecurity is expected to grow significantly by 2031 and is expected to do so at a quick pace. With a strong compound annual growth rate of 29.8%, it is anticipated to rise from $11.7 billion in 2022 to $122.3 billion by 2031. The expansion of linked devices, particularly in areas like the US, the broad acceptance of cutting-edge technologies, and the rise in cyberattacks are the factors propelling this increase. Analytics, encryption, identity & access management, and threat management are emerging as critical solutions for securing IoT devices and networks. The market is divided into segments based on solution, type, and application. The rapid expansion in IoT device numbers is likely to drive significant growth in endpoint security.
The market for IoT vendors is expected to reach $500 billion by 2030, with the potential to reach $750 billion with good cybersecurity management. This convergence of IoT and cybersecurity creates a tremendous opportunity. But issues like the demand for customized solutions, a skill scarcity, and testing complexity need to be addressed. Notwithstanding these obstacles, the market for IoT cybersecurity is poised for significant expansion due to the growing need for safe IoT solutions in a globalized society.
Top Keyplayers of IoT Cybersecurity Market
Cisco Systems Inc.
IBM Corporation
Intel Corporation
Thales Group
Forgerock
Infineon Technologies AG
Mocana Corporation
NortonLifeLock Inc.
Allot Ltd.
Fortinet, Inc.
New Sky Internet Limited
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Conclusion:
In order to protect network-connected devices against cyberattacks, IoT cybersecurity is essential. It is anticipated that the market for IoT cybersecurity will balloon to $122.3 billion by 2031, fueled by the proliferation of connected devices, technical developments, and growing cyber threats. Improving IoT security protocols, establishing security by default, embracing zero-trust security models, and utilizing AI-driven solutions are some of the major themes. By concentrating on enhancing security protocols, guaranteeing security by default, frequent upgrades, strong passwords, network segmentation, encryption, and audits, businesses can protect their Internet of Things devices. The IoT cybersecurity industry is expected to grow significantly, providing enormous opportunity for major players such as Cisco Systems Inc., IBM Corporation, and Intel Corporation, despite obstacles including the requirement for tailored solutions and a lack of experience.
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