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4 Misconceptions About the Internet of Things (IoT)

By Olivia Munro,
Thursday, August 30th, 2018

With devices such as smartphones, wearable technologies and other smart devices becoming so prevalent in our everyday lives, it is no wonder that enterprises are taking advantage of the Internet of Things, or IoT. However, there are still some common misconceptions about IoT in the age of enterprise mobility. We outline four common misunderstandings and realities below.

Misconception #1: IoT is new technology

Reality: With approximately two-thirds of the world's 7.6 billion population now owning a mobile phone, and an estimated 50% those thought to be smartphones, IoT is anything but a new technology. Enterprises worldwide are expected to invest over $772 billion in IoT technology in 2018 alone, and by 2021 that number is expected to pass $1 trillion. With that said, by 2021, there may be more than 20 billion active IoT devices throughout the globe. 

Misconception #2: IoT is only for consumer products

Reality: Building on our last point, with an estimated 20 billion IoT devices by 2021, the landscape is open for opportunity for enterprises looking to implement and utilize this technology for innovation and growing their business.

Misconception #3: There's no risk to security for organizations utilizing IoT technology

Reality: The mass deployment of these devices does incur some risk for organizations. With over 75% of IoT assets having inadequate data security features, organizations (especially those in regulated industries like the financial sector) must be cognizant of the potential threats. By understanding the threat environment, firms can implement the appropriate data security measures to neutralize the innate hardware and software vulnerabilities present in these devices.

Misconception #4: IoT is unsafe or insecure for firms

Reality: Contrary to misconception #3, another fallacy regarding IoT is that it is inherently dangerous, and these gaps or holes in the technology can't be mitigated. Organizations must invest heavily in securing IoT they deploy, as well as the systems that they use to interact with external connected assets. To learn how to improve IoT security internally within your firm, read our whitepaper: Addressing IoT Security in the Age of Enterprise Mobility.


IoT Security Whitepaper


To learn more about securing your firm, call us to consult with one of our data privacy experts.


 

Categorized under: Hedge Fund Operations  Cloud Computing  Security  Infrastructure  Trends We're Seeing 



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