New report says IoT adoption heightens cybersecurity threat

A new report by Navigant Research says that due to the increasing adoption of Internet of Things (IoT) devices and systems, threats to cybersecurity are also increasing as attackers are given more numbers of “vectors and surfaces” to target.

The report looks at the state of IoT as a whole, not just its utilities, and addresses questions such as common vulnerabilities present in IoT settings, strategies for cybersecurity, global revenue forecast on IoT security, etc. It also examines regulatory frameworks shaping the market and steps that can be taken to minimize risk.

Oracle Chairman, Larry Ellison, says that companies are losing this cyber war and that, “Make no mistake, it’s a war.”

“The mushrooming number of IoT devices being deployed by utilities and other enterprises carries an obvious and growing security risk,” said Neil Strother, principal research analyst with Navigant Research. “Smart managers need a comprehensive strategy to stay ahead of potentially devastating threats to IoT assets.”

He added that managers can no longer rely on the “old-school reactive” approach but must instead adopt “latest proactive and predictive tools and methodologies to keep devices and systems safe.”

The report itself is aimed at utility security managers, enterprises, IoT cybersecurity solution vendors, investor groups, regulators, and other stakeholders.
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