NETWORK & APPLICATIONS
The Internet of Things is changing the way the world works and plays . From applications in MedTech , logistics , and transportation to smart home solutions , IoT is an enabler of a larger digital transformation that will produce vast quantities of data to be stored , parsed , and transmitted over an ever-expanding global network .
But , as the world of IoT continues to expand , so too do security threats . The billions of IoT devices in use have naturally created new vulnerabilities for companies . According to global management consulting firm McKinsey , as more ‘ things ’ get connected , the number of ways to attack them has increased dramatically . Pre-IoT , a large corporate network might have needed to account for up to 500,000 endpoints being vulnerable to attack , while the IoT may involve a network with millions or tens of millions of these endpoints .
IoT fuelling transformation but vulnerabilities create risks for businesses The potential value of IoT is large and growing . By 2030 , McKinsey estimates it could amount to up to US $ 12.5tn globally . And , according to Palo Alto Networks , the rapid growth of capabilities and adoption of IoT technology has fuelled a transformation in enterprise operations . IoT devices are believed to make up 30 % of total devices on enterprise networks today , with the rich data collected from these devices providing a number of valuable insights informing real-time decisions and delivering accurate predictive modelling . In addition , IoT is a key enabler of digital transformation in the enterprise , with the potential to drive up workforce productivity , business efficiency , and profitability , as well as the overall employee experience .
However , despite the many advantages IoT technology enables , the interconnectedness of smart devices
“ The billions of existing IoT devices were not deployed overnight , and the security problems they inherit will not be fixed overnight either ”
TOM CANNING PARTNER , BEACON CAPITAL
98 September 2023