Investing In the Internet of Things (IoT) Security
- Published: July 2, 2019
- Written by Jayshree Pandya
Security is a complex challenge. As the smart, autonomous future dawns upon us, the security risks for the rapidly growing intrinsic web of connected things across cyberspace, aquaspace, geospace and space (CAGS) are becoming complex.
As the number of things and devices being added to the internet of things (IoT) increases every day, so does the potential security threats. It is no longer only about the nature of connected things and the connectivity of an enterprise or critical infrastructure; the reality today is that the internet of things is now connecting everyone and everything. As a result, everyone is vulnerable to security threats. This changes everything, as hackers can now gain access to anyone’s networks through either a thermostat, digital locks, refrigerators, baby monitors, light bulbs, smart meters and so much more. It is no brainer that securing the IoT is fundamental to the wellbeing, privacy, data security, personal safety and security of everyone and everything across nations.
Risk Roundup Webcast: Investing In The Internet Of Things Security
Risk Group discusses Investing in the Internet of Things Security with Jeff Williams, a Partner at Bain Capital Ventures, based in the United States.
This is mainly because the connected devices commonly use tiny processors for embedded functions. While these processors are cost-effective and efficient, these devices do not have the necessary computing and memory power to incorporate the current security solutions to be resilient. Nor can they be upgraded when new information becomes available on any emerging security threat from cyberspace or beyond. Moreover, in the absence of global standards, interoperability and integration are getting complex. Also, the low cost of things (devices) and the resulting mass production makes it impossible to keep track of.
This is primarily a cause of concern because while we are still struggling to manage the security risks from cyberspace, security is becoming even more challenging as everyone and everything is getting connected across CAGS. As Jeff Williams of Bain Capital says in this Risk Roundup, “The adversaries have now moved towards going after these devices because it’s easy access to the network we’ve all spending so much money and time protecting.” Now, when quantum computing is well on its way to becoming a reality, solving the already complex problem of the internet of things is getting even harder.
So, as we evaluate the overall IoT security vulnerabilities and needs, it is crucial to understand what is required for meeting the security challenges. What kind of innovations is needed for IoT security? How do we build connected things that can be secured adequately? Where is the investment going?
Acknowledging this emerging reality, Risk Group initiated a much-needed discussion on Investing in the Internet of Things Security with Jeff Williams from Bain Capital based in the USA on Risk Roundup.
Disclosure: I am the CEO of Risk Group LLC.
To solve the integrated security problem, there is a need to understand each part of the IoT ecosystem. It is crucial to understand and evaluate the cybersecurity integration points to know where the security risks are emerging in the connected CAGS ecosystem.
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