Threat cause to complement the growth in IoT traffic in the enterprise

As the IoT devices are on top of the network and they are active at every point of time, this opens the door to the cybercrime.

IoT devices are, of course, nonstandard computing devices that connect wirelessly to a network and have the ability to transmit data. These devices can communicate and interact over the internet, and they can be remotely monitored and controlled.

Connected devices are part of a scenario in which every device talks to other related devices in an environment to automate home and industrial tasks, and to communicate usable sensor data to users, businesses and other interested parties. IoT devices are meant to work in concert for people at home, in industry, or in the enterprise.

Enterprises around the globe have been adopting the use of IoT products to improve organizational efficiency, enhance communications, and to gain insight into system performance. According to Gartner, 20.4 billion IoT devices will be in use worldwide by 2020, and more than 65 percent of enterprises will adopt IoT products.

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That translates to quite a bit of budget being dedicated to these devices. As per IDC , that IoT spending will reach $745 billion in 2019 and surpass the $1 trillion mark in 2022. That’s a 15 percent increase over 2018’s $646 billion. According to the same report, the U.S. and China will be spending the most at $194 billion and $182 billion, respectively. They are followed by Japan, Germany, Korea, France, and the UK.

The report further says, the rapid adoption of these IoT devices has opened up new attack vectors for cybercriminals. And, as is often the case, IoT technology has moved more quickly than the mechanisms available to safeguard these devices and their users.