Tide turns on IoT security as firms place it central in their DT strategies

This year will mark the turning point for cyber security and the Internet of Things (IoT) according to an industry survey published today – although cost, expertise and lack of a common language around security still remain key barriers.

PSA Certified, the IoT security framework and certification body cofounded by chip design firm Arm, interviewed over 1000 technology decision makers across Europe, USA, and APAC about their perceptions and intentions regarding IoT security.

The PSA’s second Certified 2022 Security Report reveals that more firms are placing security at the centre of their IoT strategies, with 90% of tech decision makers making security their priority in the last 12 months.

Almost nine in ten deem security in their top three business priorities and 42% of those rank building a ‘security-first culture’ as their top organisational priority.

The study indicates that increased consumer expectations and growing cyber risk are largely driving the change.

Over a third of companies interviewed believe distributed working has increased the likelihood of an IoT hack and one in five respondents work for companies that have been victims of hacks due to vulnerabilities in third-party products or services.

PSA’s survey also reveals that a ‘security-first’ culture is also a driver of commercial value. Nearly all (96%) tech decision makers said that having security in their products positively impacted their bottom line, with nearly seven in ten citing they can charge a premium for built-in security.

Over half of respondents believe IoT security implementation makes people more likely to trust their products, four in ten claim that it helps them differentiate their product, enabling them to sell and ship in larger volumes.

According to David Maidment, senior director, Secure Devices Ecosystem at Arm, as IoT moves beyond the early adoption stage, security is becoming “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.”