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Internet of Things (IoT) Security Spending: Revenues up as Worries about Security Abound

By Dick Weisinger

Spending globally on IoT security is expected to reach $1.5 billion this year as organization worry about the vulnerability of their IoT connected devices, an increase of 28 percent over 2017, says Gartner.

The Garner report found that about one-fifth of all organization say that they’ve experience some sort of IoT-based attack over the last thirty-six months.

Brian Contos, CISO of Verodin, said that “there are so many IoT device types and vendors that it’s challenging to determine what risks they bring and what levels of controls can be implemented to mitigate that risk.”

Ruggero Contu, research director at Gartner, said that “interest is growing in improving automation in operational processes through the deployment of intelligent connected devices, such as sensors, robots and remote connectivity, often through cloud-based services. This innovation, often described as Industrial Internet of Things (IIoT) or Industry 4.0, is already impacting security in industry sectors deploying operational technology (OT), such as energy, oil and gas, transportation, and manufacturing.”


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