Our last report outlined that although the ecosystem viewed security as necessary, the industry was still on the brink of a transformation. It was ready to make that leap of faith but had yet to spring into action. Today, we are seeing an industry with one foot already off the diving board, with the final hurdle towards a perfect dive being around collective action.
When we consider IoT security, we refer to products, services, and platforms designed from the ground up to be secure from cyber-attacks. It is becoming a priority for countless industries and businesses. Increasingly, enterprises are waking up to the commercial and practical benefits of IoT security, while their users, partners and employees are increasingly starting to ask for it. The economy is ready for IoT security to be the norm.
Our survey found that 4 in 5 respondents agree that security has increased as a priority over the past 18 months, largely due to regulatory pressure and consumer demands. Over a third believe distributed working and the pandemic have increased the likelihood of IoT hacks, with 17% of respondents citing they had been the personal victim of an IoT hack, and 22% of companies they work for suffering similarly. There is also a recognition that security adds value to products, with 69% agreeing that you can potentially charge a premium for products with security built-in as it increases trust and helps technology to scale faster.
Finally, building on the PSA Certified Security Report 2021, we’re seeing that the importance of the Root of Trust and trusted components continues to increase across the ecosystem.
