The PSA Certified 2022 Security Report predicts that this year will mark a turning point in securing the Internet of Things, as the industry commits to addressing the historic lag between the rate of digital transformation and the speed of securing the ecosystem.
The annual report, now in its second year, surveyed 1,038 technology decision makers across Europe, USA, and APAC, and signals a turning point for security with organisations placing it at the centre of IoT strategy and organisational culture.
90% of respondents have increased the importance placed on security in the past 12 months, almost 9 in 10 deeming security in their top three business priorities. The study indicates that increased consumer expectations and growing cyber risks are driving the change.
Other key findings include:
- A third of companies think the risk of IoT hacks has risen during the pandemic – mostly because of distributed working
- 96% say having security in their products positively impacts the bottom line
- Nearly a third (31%) of respondents asked identified cost as inhibiting them from implementing stronger security.
Security positively impacts the bottom line
Not only is a security-first culture deemed critical to protecting businesses against cyber-risk, but it’s also recognised as a driver of commercial value. According to the report findings, 96% of tech decision makers say having security in their products positively impacts the bottom line.
Over half of respondents believe IoT security implementation increases trust in products, four in ten claiming it helps them differentiate their product, enabling them to sell and ship in large volumes.
David Maidment, Senior Director at Secure Devices Ecosystem at Arm (a PSA Certified co-founder), says: “IoT security has moved well beyond the stage of early adopters and the direction of travel is clear: security is foundational not optional.
“This report is an important reminder that security must be integrated into every device, process, company and culture if we are to take advantage of its potential as an enabler of digital transformation – and that continued industry collaboration around security best practice is critical to driving this forward.”
Guidance, education and certification will unlock IoT potential
The desire for guidance is higher than ever, with 96% of respondents saying they would be interested in an industry-led set of guidelines on IoT best practices – a considerably higher finding than the 84% in 2021.
Security frameworks and step-by-step guides were ranked as the most useful tools for deploying secure products to market, underlining the critical nature of education and support in shaping a more secure IoT.
The report findings also point to the need for a common language around security. Three quarters of respondents look for specific security credentials when buying on behalf of their company, but 68% admit they don’t know what to look for.
David concludes: “Security concerns represent the biggest perceived risk to successful digital transformation according to our research. Yet, the cost of IoT in security remains higher than it has ever been. As we reach a positive turning point for IoT security, best practice guidelines, a common language around security and the use of trusted components will help streamline costs, and further level the security playing field in 2022.”
Register today for IFSEC 2023
16-18 May 2023, ExCeL London | IFSEC 2023: Recognising the past, embracing the future
Join thousands of likeminded security and risk professionals at IFSEC 2023 in May, as the UK's largest and longest running security event looks ahead to what's next in the sector as it celebrates its 50th birthday. This year will see the launch of the IFSEC distributor network, while London's new Elizabeth Line makes travel to the venue easier than ever!
You’ll find hundreds of leading exhibitors from the physical and integrated security sector, showcasing all the latest in video surveillance, access control, intruder detection, perimeter protection and software solutions. Join the community and secure your ticket today!
