97% of Organisations Grapple with IoT Security Challenges

A recent survey by Keyfactor and Vanson Bourne has shed light on the pressing security challenges organisations face using the Internet of Things (IoT) and connected devices. The report “Digital Trust in a Connected World: Navigating the State of IoT Security” reveals that a staggering 97% of organisations are grappling with securing their IoT and connected products to some extent. The findings also highlight that 98% of organisations experienced certificate outages over the past year, costing an average of over US$2.25 million each.

The financial burden of inadequate IoT security is not limited to certificate outages. The survey found that 89% of respondents’ organisations operating IoT and connected products have been targeted by cyberattacks, incurring an average cost of US$250,000 per incident. Alarmingly, 69% of organisations re- ported increased cyber attacks on their IoT devices over the past three years. A notable example of this trend is the March attack on Amazon’s Ring, which led to the exfiltration of sensitive customer data, including recorded footage and credit card information.

The findings of this survey, conducted by Vanson Bourne on behalf of Keyfactor and including responses from 1,200 IoT and connected product professionals across North America, EMEA, and APAC, highlight the urgent need for comprehensive IoT security solutions. Respondents with some responsibility or knowledge of IoT or connected products within their organisation included original equipment manufacturers (OEMs) and those using and operating connected devices.