Nist releases Iot Cyber Security and Privacy Risks Report

There are many enterprises alredy reaping the Benefits of Leverapping the Internet of Things (IOT) Technology And devices, howyver as Bain & Company Reports“The IOTULD BE Growing even with better cyber security.” In fact, their research shows that customers would pay 22% More for Secure DevicesAnd Buy 70% More of Them.

See Related: “The Ethics of the Iot: Are Engineers Failing to Speak Up?”

Similarly, according to a Forbes roundup of Iot forecasts and market estimatesGartner has predicted that spending on Iot endpoint security solutions will increase from $ 240mn in 2016 to $ 631mn in 2021Attaining a Cagr of 21.38%. Worldwide Iot Security Spend Will Increase from $ 912mn in 2016, Soaring to $ 3.1BN in 2021Attaining a 27.87% Cagr in the Forecast Period.

With so many Iot devices already operating in businesses and security concerns increasing, the National Institute of Standards and Technology (Nist) Has is issued the report, “Considerations for Managing Internet of Things (IOT) Cybersecurity and Privacy Risks, ” in order to help organizations become more aware of the large number of Iot devices they are already using and how they may affect cyber security and privacy risks differential it devices.

While the purpose of the publication is to help federal agencies, other Enterprises can Benefit from the Report to Better Undertand and Manage The Cyber Security and Privacy Risks Associateed with his IOTH Nist lays out Three High-Level Risk Mitigation Goals,

1. Protect Device Security,
2. Protect data security,
3. Protecting individuals’ Privacy through the device lifcycle,

According to the report, “Organizations should ensure they address the cyber security and privacy risk considers and challenges through the iot device life Areas. ” There are three recommendations for doing so:

• Understand the Iot Device Risk Considerations and the Challenges they may cause to mitigating cyber security and privacy risks for Iot devices in the approves in the approves Risk Mitigation Areas.
• Adjust Organizational Policies and Processes to address the cyber Security and Privacy Risk Mitigation Challenges through the Iot Device Lifecycle. (The Publication Cits Many Examples of Possible Challenges, but notes for Each Organization to Customize Based on Its Own Mission Requirements and CharacterisTICS.)
• Implement updated mitigation practices for the organization’s Iot devices as you would any other changes to practices.

“The Iot Market is at a Turning Point – Projects are moving from proof of concept Into Commercial Deployments,” said carrie mass, group Vice President, Group Vice President, Internet of Things and Mobility, IDC. “Organizations are looking to extend their investment as they scale their projects, driving spending for the hardware, software, services, and connectivity required to enable Iot Solutions”.

Let us just hope the security can keep pace with the enterprise adoption.

See Related: “undersrstanding the threats that come with the iot”