The IoT phenomenon is one of the most disruptive technologies changing the way organizations function and carry out business. It is a system of inter connected computing devices, mechanical and digital machines, objects or people that are provided with unique identifiers and the ability to transfer data over a network without requiring human-to-human or human-to-computer interaction. Devices and sensors are used to collect data from everywhere – home, cars, office, manufacturing plant, hospital, etc. The data is collected and processed to automate responses or provide tools for decision making. IoT is aimed at increasing efficiency and productivity while conserving resources.

Security and privacy risks

Estimates have been made that internet-connected things will outnumber humans 4-to-16. Even if a few of these devices are not secured properly, cyber criminals will have easy access in to the IoT network and would be able to disrupt the services. Security by design is an approach to software and hardware development where security is built in from the beginning, and not as a late addition after a hacking incident. The need for security by design has become crucial as tech companies continue to churn out a myriad of IoT objects for consumers and enterprises. Most of these objects were designed with no security built into their system, making them easy targets for security breaches.

https://www.ey.com/Publication/vwLUAssets/ey-cybersecurity-for-industry-4-0/$File/ey-cybersecurity-for-industry-4-0.pdf

https://www.gartner.com/imagesrv/books/iot/iotEbook_digital.pdf