INTERNET OF THINGS

The Internet of Things (IoT) has become ubiquitous. Insights derived from data collected from connected devices are being used across industries to enhance productivity, solve problems and create new business opportunities and operational efficiencies. But there are also risks. Security was an afterthought for many early generation IoT applications, creating vulnerabilities in the network and the potential for industrial process interruption, manipulation or espionage. But the Internet of Things cannot become simply the internet of threats. Industry and utilities companies, in  particular, need to develop new strategies to mitigate and manage cyber-risks.

IoT devices cover a very broad spectrum of purpose, and companies are deploying these interconnected devices in their operations at a rapid pace. They use them to collect operational data, monitor operational technology performance, control processes at the edge, and capture consumer usage and performance. For this reason, the growth of the IoT within the industrial and energy sectors is poised to increase in the coming years, which is in line with Gartner’s prediction that there will be more than 26 billion connected devices by 2020. But along with this rapid increase in IoT devices comes a proportional increase in risk.

Ref: IBM Corporation

Note: Research is based on a survey of industrial and utility companies conducted by IBM and Oxford Economics.

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