The Internet of Things Alliance Australia (IoTAA) has flagged IoT security as a key area of concern. The newly formed, independent, not-for-profit organisation is a strong coalition of industry and Government stakeholders that aims to seize for Australia the opportunities presented by IoT.
The IoTAA, which is based at the University of Technology, Sydney (UTS), is working around six key work streams, including spectrum availability, network resilience, industry verticals, data sharing, privacy, and the fostering of IoT startups.
Although IoT provides many possible benefits for consumers and enables the unprecedented connectivity of countless products and appliances that can share all sorts of information, IoT also presents a number of potential security threats that need to be addressed.
“The potential for abuse of systems with IoT, and so many connected devices, is fairly obvious,”
-Jamie Chard, Chief Technology Officer with Freestyle Technology, developer of IoT technologies as quoted from cso.com.au.
“There is no doubt the levels of risk are set to increase alongside the growth in the deployment of IoT devices. IoT will introduce thousands of new security threat vectors simply by increasing the number of networked points”
–Ruggero Contu, Research Director at Gartner
IoT Security Market
According to Gartner, IoT security spending is on the rise. Based on its April 2016 report, worldwide spending on IoT security will reach $348 million in 2016, a 24 per cent increase from 2015 spending of $281.5 million. IoT security spending is expected to reach $547 million in 2018.
The IT research firm predicts IoT security market spending will increase at a faster rate after 2020, as improved skills, organizational change, and more scalable service options improve execution. It forecasts that 6.4 billion connected things will be in use worldwide this 2016, up by 30 per cent from 2015, and will reach 11.4 billion by 2018.
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image courtesy of arnnet.com.au