The number of connected devices is expected to touch 20.4 billion by 2020, of these, 7.5 billion devices are expected to be used by enterprises. This validates the potential of the Internet of Things (IoT) as an enabler for automation, intelligence, scale, and efficiencies across businesses. The possibilities and applications of IoT have been growing over the last few years as it facilitates connectivity and transfer of data between everyday devices. IoT is present across sectors, from communications, healthcare, hospitality and manufacturing to transportation, covering the way for smart life, smart city, smart mobility, and smart industries.
The rapid adoption of IoT devices globally has made them vulnerable to significant risks. With the number of connected devices increasing, enormous IoT data is being generated that is transferred between physical and cloud-based network environments. The main question at this point is data security. According to a survey conducted by professionals participating in risk oversight activities of IoT devices, the proportion of organizations reporting data breach incidents specifically due to unsecured IoT systems surged from 15% to 26% between 2017 and 2019.