According to Gartner, “The Internet of Things is the network of physical objects that contain embedded technology to communicate and sense or interact with their internal states or the external environment.”
By 2020, connectivity will be a standard feature enabled by low component costs. Anything and everything will be able to connect to provide remote control, monitoring and sensing.
The business implications of the IoT cannot be overstated. When deployed internally, smart, connected devices will help companies improve operations, build better products and improve service delivery.
Externally, the IoT will be the impetus for innovative products and services. Sensors on consumer products will collect usage data, thereby enabling manufacturers to improve after-sale service as well as future products and services. This same data may be useful for the consumer and therefore increase buyer loyalty and switching costs, further providing a competitive advantage.
Product companies will also face competition from nontraditional competitors that are technology companies first and use the IoT as a foray into new industries. Connected products will reshape competition within industries, and also redefine the industries themselves as companies discover that integration with related products improves the functionality of previously standalone products.
Embedded software on endpoint devices also poses a risk. Vulnerabilities can be exploited using malware and the devices used as bots to execute denial-of-service attacks.
Attackers can potentially take over device functionality to, for example, intercept sensitive communications or even cause bodily harm in the case of health devices like pace makers and insulin pumps, or automobiles.
Therefore, like security by design, a detect-and-respond mindset must be adopted from the start.
Manufacturers and businesses must assume that the IoT technology stack will be attacked and prepare accordingly. This means investing in systems that automate the detection of malicious activity so that it can be contained and remediated before data is lost or damage is done. The goal is to reduce the dwell time between infection and detection to minimise loss