As the Internet of Things (IoT) spreads and manufacturers rush new devices to market, security is at a premium. However, nearly one-third of IT leaders (31 percent) see cost as an inhibitor to implementing stronger security in this space.
That’s according to a recent report from PSA Certified, the security certification framework set up by a consortium of companies, including Arm Holdings.
The perceived expense of securing the IoT and a lack of ROI are the biggest barriers to conducting external lab testing on devices, warns the report.
Meanwhile, fewer than one-third of IT leaders are very satisfied with their in-house IoT security expertise, it adds.
Roughly the same percentage of companies believe that the risk of IoT hacks and other security breaches has risen during the pandemic, mostly because of increased remote and distributed working.
PSA Certified surveyed 1,038 technology decision makers across Europe, the US, and APAC countries. It found that 90 percent of respondents have attached greater importance to security in the past 12 months, with 42 percent ranking a security-first culture as their top organisational priority.
Despite this, the cost of securing the IoT is impeding progress, it found.
But there is good news too. The report debunks the belief that buyers are driven purely by product features and price: 83 percent of respondents said they look for specific security credentials when buying connected products.
However, the report also identifies a need for a common language for IoT security. While most respondents look for security credentials, 68 percent admit that they don’t fully understand which ones to go for.
