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Gartner: Worldwide IoT Security Spending to Reach $1.5 Billion in 2018

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Global Internet of Things (IoT) security spending will increase 28 percent between 2017 and 2018, according to technology research firm Gartner.

In addition, Gartner has projected worldwide IoT security spending will total $1.5 billion this year.

Regulatory compliance will become "the prime influencer" for IoT security adoption, Gartner indicated. Organizations in financial services, healthcare and other highly regulated industries will need to comply with regulations and guidelines aimed at improving critical infrastructure protection (CIP). As such, these organizations will focus on IoT security to safeguard their CIP against a wide range of cyber threats.

Conversely, the biggest inhibitor to the global IoT security market's growth comes from a lack of prioritization and implementation of security best practices and tools relative to IoT initiative planning, according to Gartner. This will limit potential IoT security spending by 80 percent through 2020.

Organizations also should expect the development and implementation of industry-wide technical standards for specific IoT security components, Gartner pointed out. Furthermore, new IT security standards groups, consortium organizations and vendor alliances may be launched to investigate and address IoT security dangers.

IoT devices provide unprecedented connectivity, but they also create security issues. Therefore, organizations must develop and implement IT security best practices to safeguard end users against rapidly evolving IoT cyberattacks.

The U.S. Computer Emergency Readiness Team (US-CERT) offers the following recommendations to improve IoT device security across an organization:

  • Monitor your security settings. IoT devices include many features, and device users must examine their device's security settings and select options to minimize risk.
  • Keep your software up to date.  Apply relevant IoT device security patches as soon as they become available.
  • Evaluate your network connections. Connect to secure networks; otherwise, users risk connecting to unsafe networks that may increase the likelihood of breaches.
  • Deploy strong passwords. Use strong passwords that include a combination of letters, numbers and special characters.

MSSPs can play key roles in helping organizations secure IoT devices. If MSSPs share IT security best practices with their customers, they could help organizations minimize the impact of malware, ransomware and other IoT cyberattacks.

Dan Kobialka

Dan Kobialka is senior contributing editor, MSSP Alert and ChannelE2E. He covers IT security, IT service provider business strategies and partner programs. Dan holds a M.A. in Print and Multimedia Journalism from Emerson College and a B.A. in English from Bridgewater State University. In his free time, Dan enjoys jogging, traveling, playing sports, touring breweries and watching football.