IoT security spending to peak above $1.5bn next year

Corporate spending to protect internet of things devices will to be driven by regulatory requirements, Gartner says

The market for Internet of Things (IoT) security products is set to grow sharply, as the general IoT market becomes ubiquitous, according to a report released by Gartner Research. While there are numerous drivers behind the increased demand for IoT security, a growing sense that regulatory compliance will shortly become an issue is one of the most pressing.

The report lists security as the top barrier to success for IoT initiatives, according to a survey on IoT adoption conducted by Gartner. A big part of the problem, the report said, is that businesses often don’t have full control over which devices and software are being used at each level of a given IoT project.

This means that organisations will need a far greater degree of visibility into their networks than might previously have been strictly necessary, according to Gartner research director Ruggero Contu.

 

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“We expect to see demand for tools and services aimed at improving discovery and asset management, software and hardware security assessment, and penetration testing,” he said in a statement. “In addition, organisations will look to increase their understanding of the implications of externalising network connectivity.”

According to the report, $570 million (€461 million) of the $1.5 billion (€1.2 billion) due to be spent next year on IoT security will go toward professional services, rather than endpoint security offerings or security gateways. That number will climb to a little over $2 billion (€1.6 billion) by 2021, part of the $3.1 billion (€2.5 billion) that Gartner says will be spent that year.

Regulatory issues might not be the prime mover behind IoT security spending this year, but 2019 and onward will see an increasing proportion of that spending driven by compliance with infrastructure protection and privacy regulations.

One example of those new rules is the European General Data Protection Regulation, which takes effect on 25 May of this year. It will impose stiff fines and penalties on companies that do business in the EU – which is to say, most major tech firms – and do not comply with the GDPR’s provisions. Those include the right for users to view data that companies store about them and clearer disclosures about what data is being collected for. Most relevant to the IoT is a provision called “privacy by design,” which requires that organisations “implement appropriate technical and organisational measures… in an effective way… in order to meet the requirements of this Regulation and protect the rights of data subjects.”

 

 

IDG News Service

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: false; var shouldAppendCountryCode = smsNotRequiredRemoveCountryCodeEnabled ? isRequired : true; var phoneInput = document.querySelector('#mce-' + fieldName); if (phoneInput && defaultProgram.countryCallingCode && shouldAppendCountryCode) { phoneInput.value = defaultProgram.countryCallingCode; } displayFlag?.addEventListener('click', function(e) { dropdown.focus(); }); dropdown?.addEventListener('change', function() { const selectedCountry = this.value; if (!selectedCountry || typeof selectedCountry !== 'string') { return; } const flagSpan = displayFlag?.querySelector('#flag-emoji-' + fieldName); if (flagSpan) { flagSpan.textContent = getCountryUnicodeFlag(selectedCountry); flagSpan.setAttribute('aria-label', sanitizeHtml(selectedCountry) + ' flag'); } const selectedProgram = window.MC?.smsPhoneData?.programs.find(function(program) { return program && program.countryCode === selectedCountry; }); var smsNotRequiredRemoveCountryCodeEnabled = true; var smsField = Object.values({"EMAIL":{"name":"EMAIL","label":"Email Address","helper_text":"","type":"email","required":true,"audience_field_name":"Email Address","merge_id":0,"help_text_enabled":false,"enabled":true,"order":0,"field_type":"merge"},"FNAME":{"name":"FNAME","label":"First Name","helper_text":"","type":"text","required":false,"audience_field_name":"First Name","enabled":false,"order":null,"field_type":"merge","merge_id":1},"MMERGE2":{"name":"MMERGE2","label":"Second Name","helper_text":"","type":"text","required":false,"audience_field_name":"Second Name","enabled":false,"order":null,"field_type":"merge","merge_id":2},"MMERGE3":{"name":"MMERGE3","label":"Company Name","helper_text":"","type":"text","required":false,"audience_field_name":"Company Name","enabled":false,"order":null,"field_type":"merge","merge_id":3},"MMERGE4":{"name":"MMERGE4","label":"Job Title","helper_text":"","type":"text","required":false,"audience_field_name":"Job 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fieldName); updateCountryCodeInstruction(selectedCountry, fieldName); }); } document.addEventListener('DOMContentLoaded', function() { const smsPhoneFields = document.querySelectorAll('[id^="country-select-"]'); smsPhoneFields.forEach(function(dropdown) { const fieldName = dropdown?.id.replace('country-select-', ''); initializeSmsPhoneDropdown(fieldName); }); });

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