Keyfactor and Vanson Bourne released findings from an independent survey and analysis that examines the state of IoT security for both manufacturers and end users. The report, Digital Trust in a Connected World: Navigating the State of IoT Security, reveals concerns and challenges modern businesses face when establishing digital trust in today’s connected world, and shows 97% of organizations are struggling to secure their IoT and connected products to some degree.The research survey also found that 98% of organizations experienced certificate outages in the last 12 months, costing an average of over $2.25 million.
The costly outages organizations have faced in the past year are not the only expense of inefficient IoT security. The report found that 89% of respondents’ organizations that operate and use IoT and connected products have been hit by cyber attacks at an average cost of $250K. Furthermore, in the past three years, 69% of organizations have seen an increase in cyber attacks on their IoT devices. The March attack on Amazon’s Ring that exfiltrated sensitive customer data such as recorded footage and credit card numbers is an example of the increase in IoT attacks.