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IoT Security Damage Expected to Grow 32% for Next Four Years
IoT Security First
IoT Security Damage Expected to Grow 32% for Next Four Years
  • By lsh
  • November 29, 2016, 03:00
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With the internet of things (IoT) era begining to bloom, cyber threats targeting IoT services are on a sharp rise.
With the internet of things (IoT) era begining to bloom, cyber threats targeting IoT services are on a sharp rise.

 

As the internet of things (IoT) era began to bloom, there are predictions that the security market will expand rapidly. This is because cyber threats targeting IoT services are on a sharp rise.

According to a report titled "New Opportunities in the Security Market" published by the KT Economic Research Institute on November 27, damage caused by cyber threats in the field of convergence security including the IoT will soar. It is expected that the amount of damage, which hit 13.4 trillion won last year, will rise a whopping 32% to 17.7 trillion won by 2020.

Therefore, new convergence security market where information technology (ICT) is introduced to security industry and security equipment is connected to communication network is expected to spread rapidly.

“In the IoT era, most companies are attracting customers, focusing on convenience rather than security,” said Kim Min-seon, a researcher at the KT Economic Research Institute. "IoT devices are not able to overcome inherent security vulnerabilities, Customers are more concerned about security than convenience when choosing IoT services.”

The report emphasized a need for a shift in awareness of security products and services in order to seize new opportunities in the security market. Everyone recognizes the necessity and importance, but security products and services are not directly linked to sales or customer satisfaction. However, in order for IoT to create new value, it must be given the assurance that the data generated through various connections are securely distributed.

Therefore, there is a lot of advice that security considerations should be done in terms of investment rather than cost. Security is often viewed from the viewpoint of cost. The report emphasized that a security review must be conducted before introducing new services that incorporate ICT and that this review should be a prerequisite for service completeness.