Overwhelming Numbers of Consumers, Businesses Want IoT Security Regulations

Security professionals have been warning about the data-security risks of connecting millions of non-computer devices to the Internet, and those warnings appear to be making an impact. Newly released results of an international consumer and business survey by payment-security technology provider Gemalto NV say that 90% of consumers lack confidence in the security of Internet of Things devices.

Nearly everyone is looking to government for protection. Ninety-six percent of the businesses and 90% of consumers believe there should be IoT security regulation, according to Amsterdam-based Gemalto, which has U.S. headquarters in Austin, Texas. Some 61% of businesses believe any IoT regulations should include designating who is responsible for securing data at each stage of the data’s journey.

Gemalto commissioned Vanson Bourne Ltd. to do “The State of IoT Security” study , the report for which is subtitled “Security takes a back seat.” For it, the Newbury, England-based market-research firm in July interviewed 10,500 consumers and 1,050 information-technology and business decision makers in 13 countries: the United States, Brazil, United Kingdom, the Netherlands, Belgium, France, Germany, South Africa, Saudi Arabia, United Arab Emirates, India, Japan, and Australia. Respondents were contacted by phone and online channels; business respondents came from firms with 250 or more employees.

IoT devices include everything from TVs to appliances to baby monitors to speakers and watches.  The survey found that 54% of consumers own an average of four IoT devices, but just 14% of consumers believe they are extremely knowledgeable about IoT security.

Only 57% of businesses encrypt all data they capture or store on IoT devices, the survey found. Even fewer, 33%, of businesses believe they have complete control over the data their IoT devices and services collect as the data moves among their partners and potentially is left unprotected.

“Now is the time for organizations and regulatory bodies to act,” Gemalto said in the survey report. “Many organizations are already utilizing IoT, but with a lack of clear direction. If organizations do not secure their devices, their competitors will. Those who do not risk losing their competitive advantage, customers and financial gains. Ultimately, it could see them becoming a dinosaur in a digital age, ceasing to exist.”