Experts believe that the Internet of Things will generate up to $11 trillion in economic value over the next few years, implying this degree of connectedness will benefit both society and the economy. This enormous potential is fueling a massive increase in spending in the industry, with an estimated $15 trillion being invested between 2019 and 2025.
This breakthrough is especially essential in the industrial IoT, where production and supply chains are becoming increasingly digital and interconnected, allowing for complex interactions and flows.
From agricultural producers and miners on one end to logistics and transportation enterprises on the other, the COVID pandemic has put this system under tremendous strain forcing the whole supply chain to adapt to rapidly changing conditions. According to a new analysis by Inmarsat, the Internet of Things has played a critical role in enabling this agility.
Threats to security
However, for this goal to be achieved, the research emphasizes the critical role of cybersecurity in ensuring that the rising frequency of cyber-physical system intrusions in recent years does not become endemic. The paper focuses on the Industrial Internet of Things’ use in industries such as mining, agriculture, transportation, and oil and gas. They talked to 450 people from various industries to find out what they’re working on, what obstacles they’re facing, and their future objectives.
Concerns about network security and the risk of cyberattacks were common themes in the replies, emphasizing the critical significance of cybersecurity if the industrial IoT realizes its full potential. The paper outlines some of the proactive steps businesses are taking to mitigate these risks, such as investing in IoT-specific security technologies and implementing new security policies.
Over 75% of respondents said their IoT networks might be more secure, indicating that such steps are urgently needed. When asked about the specific flaws in their IoT networks, nearly half of respondents identified poor network security, unencrypted or unprotected edge networks, or employee data mismanagement as major issues. Nearly half of the respondents noted that an external cyberattack posed the greatest threat to their IoT systems, with the majority aware of the danger this poses not only to data security but also to the business’s strategic goals.
The rate of change
There have been a few years since Inmarsat’s last IoT survey, which was conducted in 2018, and in that time, adoption of the technology has accelerated considerably. Because the number of endpoints on IoT networks has grown so rapidly, the expansion of networks has unavoidably resulted in security vulnerabilities.
However, the report expresses confidence in the actions taken to address the mounting threat. For example, over half of the companies indicated they had an IoT-specific security policy. While this may appear to be a small number, it marks a significant increase from the 32% who had one in 2018. The number of organizations reporting that they were investing in new security-related technology as well as creating particular IoT security rules for their suppliers and partners grew at a similar rate.
These measures are significant because companies with particular IoT strategies in place are more likely to successfully deal with the cybersecurity risk and have a board-level understanding of the necessity of IoT security.