IoT or Internet of Things refers to rapid expansion of electronic devices network possessing physical or IP address for the provision of internet connectivity, enabling communication over network between IoT devices and other internet-enabled systems. IoT adheres internet connectivity beyond traditional devices viz. tablets, smartphones, computers, and laptops, to a variety of products utilised in everyday life. These products utilise embedded technology, and are capable of communicating with external environment using the internet. Potential challenges are incurred by this connectivity in the form of provision of unauthorised access to hackers or people intruding into organisation’s infrastructure, hacking the primary controlling device.

Surging Internet-enabled Devices Expected to Propel the Market Growth

Owing to these reasons, the necessity of implementing IoT security products in an organisation’s IoT infrastructure is witnessing a surge, as infrastructure and data of an organisation are secured by these products. A report by Future Market Insights (FMI) provides a detailed analysis on the global Internet of Things (IoT) security products market for the forecast 2015 to 2020. The report states that the market is expected to exhibit an outstanding growth at 16.5% CAGR through 2020. Data security and enhanced end-user experience are primary factors propelling the market growth.

Introduction to advanced software & hardware has provided with an easy and convenient way for utilising IoT security products. These products help in reducing the threats associated to application security challenges and corporate data stealing. Some other factors influencing the growth of the global IoT security products market include growing number of internet-enabled devices around the world, significantly impacting the market directly or indirectly. Additional embedded security systems are being offered by IoT devices manufacturers, securing IoT devices from application and data security threats.

Strategies for Securing IoT Systems

Device authentication, encryption, and network security, at present, are most successful strategies to secure IoT systems, and identity management and emerging tech- which include blockchain and security analytics- are likely to join the aforementioned factors in next five years. Encryption is deemed as an essential best practice for IoT security owing to high stakes implicit in utilising IoT technologies. Currently many IoT scenarios involve personal, industrial, and business processes. This is likely to create business value, at the same time introducing scenarios wherein breaching can result into equipment and property destruction coupled with personal safety issues.

Device authentication and network security are part of an imperative end-to-end architecture required for securing deployments from IoT devices to cloud back end. Blockchain is just an emerging solution for IoT security products. Ability of achieving and scaling required performance for widely distributed IoT environment would decide IoT blockchain’s success.

The challenges for IoT security products are likely to be severe based on the following reasons

  • Difficulty in deciding which player among many in IoT ecosystem, from manufacturers of devices to resellers and service providers, must be responsible for security or privacy.
  • Plethora of IoT standards & protocols increases vulnerabilities and security threats, incurs interoperability challenges, and breeds complexity, owing to the difficulties in application of consistent security policies around all protocols and devices.
  • Challenges might be faced in security detection owing to data exhaust and complete volume of IoT-related devices. Unlike traditional networks with thousands of endpoints, IoT networks could have millions of them.
  • Most of the IoT products do not have basic security measures & protocols.