IoT boom and GDPR raise the stakes of a cyber security breach

IoT boom and GDPR raise the stakes of a cyber security breach

IoT boom and GDPR raise the stakes of a cyber security breach

The burgeoning number of connected devices as part of the Internet of Things will see the global spend on cyber security technology surpass $1.8 billion by 2020, according to new research from IHS Markit .

It is estimated that the number of IoT devices will rise 15% to hit 20 billion in 2017.
According to the report, the industrial sector – led by building automation, industrial automation and lighting – will account for nearly one half of new connected devices between 2015 and 2025.

Global systems integrator World Wide Technology (WWT) emphasises that the costs associated with cyber security will continue to rise unless firms focus on working smarter rather than harder to defend themselves.

Fear prompted by prominent attacks has pushed up cyber insurance premiums and investment in cyber defence tools, but companies based in the UK and Europe will also have to contend with the impact of the upcoming GDPR on their security measures.

Read Also:
A digital revolution in health care is speeding up

Strict notification requirements to be introduced by the GDPR in 2018 come alongside the potential for fines of up to 4% of global turnover.
“Tools that can help to detect breaches and predict areas of weakness are more important than ever,” said Ben Boswell, UK & Ireland director at WWT. “One of the side effects of the IoT boom is that companies simply won’t be able to achieve complete security if they’re not investing in smart technologies.”

Boswell continued: “we know that having proper information management and data governance procedures in place can dramatically reduce the cost of cyber breaches even if they do happen. But with the increased transparency of the GDPR, avoiding a breach altogether will become even more valuable than simply minimising their impact once they happen.”

“Businesses must turn their attention towards tools which predict areas of weakness, pinpoint risks and identify threats to their entire technology ecosystem. Rather than a network manager working harder and harder to create security at each point of connection, these tools can help enterprises to work smarter in the fight against cybercrime.”

Read Also:
Protect Your Organization amid the Data Sovereignty Sea Change

IoT trends
While opening the door to potential vulnerability, the IoT has enormous positive potential, which will expand as connectivity barriers are broken down.
IHS Markit defines IoT as a conceptual framework, powered by the idea of embedding connectivity and intelligence into a wide range of devices.

“These internet-connected devices can be used to enhance communication, automate complex industrial processes and provide a wealth of information that can be processed into useful actions – all aimed at making our lives easier,” said Jenalea Howell, research director – IoT connectivity and smart cities for IHS Markit.



Chief Analytics Officer Spring 2017

2
May
2017
Chief Analytics Officer Spring 2017

15% off with code MP15

Read Also:
Protecting your critical digital assets: Not all systems and data are created equal

Big Data and Analytics for Healthcare Philadelphia

17
May
2017
Big Data and Analytics for Healthcare Philadelphia

$200 off with code DATA200

Read Also:
Politics will hinder the Government's Transformation Strategy
Read Also:
AI Is Better Than Us At Monitoring Images And Video

SMX London

23
May
2017
SMX London

10% off with code 7WDATASMX

Read Also:
Converging IoT, Cloud, and Big Data Technologies to Revolutionize the World

Data Science Congress 2017

5
Jun
2017
Data Science Congress 2017

20% off with code 7wdata_DSC2017

Read Also:
Many Businesses Using AI Without Realizing It

AI Paris

6
Jun
2017
AI Paris

20% off with code AIP17-7WDATA-20

Read Also:
8 ways to stay ahead of changes to the CIO's role

Leave a Reply

Your email address will not be published. Required fields are marked *