For the technology sector, the message from businesses and consumers is clear: be innovative, be bold, and be secure.
It seems obvious that IoT will bring massive growth to those tech companies and IoT developers that are able to carve out a dominant position in this expanding market. However, with evolving market maturity and heightened competition has come mounting concern for current and potential IoT users, particularly around security.
Indeed, as this report suggests, tech firms and IoT service providers will need to work quickly, diligently and decisively to deal with concerns related to security (how well controlled is the device and the infrastructure?), privacy (how is data kept confidential?) and trust (how is customer confidence being addressed?) before they turn into problems. Those that fail to do so will have a difficult time growing in this new environment.
We believe that the technology sector must come together with other vertical and horizontal players in the ecosystem to create a unified approach to security and standards that everyone can live by, and grow with. Today’s current state of fragmentation and competition on standards will only result in greater complexity for users and reduced growth for the IoT sector.
This report aims to catalyze the debate and extend the body of knowledge on IoT security. In the following pages, we start to explore the security, privacy and trust challenges influencing the IoT space and delve into some of the opportunities and models emerging in the market today. Based on a recent global survey of 100 IoT ‘user organizations’ and supported by one-on-one interviews with industry leaders, academic and KPMG’s own IoT professionals, this report hones in on IoT security, privacy and trust, providing practical and actionable advice for all players in the emerging ecosystem.
Over the coming year, KPMG International will take a deeper dive into these key issues. Supported by insights from our global network of technology and IoT professionals, we will explore how these key imperatives are being managed across sectors, applications and ecosystems.