Urging Necessity to Secure Connected Devices and Fortify the IoT Demand

IoT Security Market by Type (Network Security, Endpoint Security, Application Security, and Cloud Security), Component (Solutions & Services), Application Area, Deployment Mode (On-premises & Cloud), Organization Size, and Region (2022 – 2026)

IoT security encompasses security beyond just the IoT devices, including the IoT components like IoT platforms, applications, data tools, and the connectivity network. Security lapse at any of these components (device, network, API, and data) may compromise the security of the entire IoT system.

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IoT application security and endpoint security are the biggest concerns, as poorly secured devices and applications make them a potential target of cyberattacks. End-to-end security is required for IoT devices to thwart any vulnerabilities and attacks in the security ecosystem with ever-growing complexity.

Attacks such as denial-of-service (DoS) attacks can jeopardize the purpose of the IoT set-up. The longevity of IoT devices leads to the retrofitting of these devices in the guest networks, causing data leakages and security lapses. They also have built-in functions such as microphones, cameras, and night vision, and can collect petabytes of data without user knowledge.

IoT devices are majorly set with insecure and default access credentials, empowering attackers to hack them swiftly. Malware seeks out IoT devices and tries to attack them using the default username and password, allowing them to participate in coordinated botnet attacks.

Regulations will force manufacturers and vendors to prioritize security, provide guidelines on the expectation from IoT developers and manufacturers, create an adequate legal framework, and develop the underlying technology with security and…