Research showed that for every second, 127 devices connect to the Internet. As we connect more devices, we build a smarter, digital society for the generations to come. But is “safe and secure” part of this future of connected living that we are heading to?
Like any form of technology, it is undeniable that IoT devices have their challenges, particularly in ensuring safe and secure customer experiences. The numbers alone can understandably cause worry and concern not just among corporations, but also for our valuable customers:
- 84% of organizations that used IoT technology had experienced IoT-related security breaches.
- The average IoT device was attacked in just five minutes after it connected to the Internet.
- 48% of corporations admitted that they can’t detect IoT security breaches in their networks.
- IoT devices are prone to more than 12,000 hacking attempts in a single week.
With these statistics, organizations must take proactive approaches to further secure their IoT technologies. Or else, they risk consumer mistrust, which leads to users completely abandoning their once-trusted brand.
Privacy and security: Priorities for Consumer-Centric IoT
According to the World Economic Forum, privacy and security are among the two crucial impact areas for today’s digitally-connected customer. Without privacy measures in place, customers will easily switch to other brands for good. Research showed that 81% of consumers claim that they would stop engaging with a corporation, in the event of a data breach.
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But why would consumers easily abandon their trusted brand?
Customer needs had undoubtedly been changing over the past few years. Today’s customer is not just expecting corporations to provide relevant consumer experiences—they also demand cybersecurity protection from them. Data showed that 63% of consumers rely heavily on organizations for digital security and safety, even if some of these users have threat vulnerabilities at their end such as unencrypted Wi-Fi connections.
To meet these needs, corporations collaborated with policymakers and government authorities to explore and implement laws, standards, and self-governance approaches to mitigate the present and potential risks involving IoT technologies.
Proactive steps for safe, secured IoT devices
In 2020, the World Economic Forum launched the State of the Connected World report for tracking and addressing the most pressing issues concerning IoT development. Through this multistakeholder collaboration, a global consensus for IoT security guidelines and measures was made to protect consumers.
According to the Council on the Connected World, here are the five IoT requirements for consumer devices:
- Must not have universal default passwords
- Must keep software updated
- Must have secure communication
- Must ensure that personal data is secure
- Must implement a vulnerability disclosure policy
These requirements, however, are not a one-man’s responsibility. Thus, public and private organizations, government establishments, universities and institutions, and global corporations—formed recommendations and action plans together. As a result of these alliances, these are the proactive approaches that your organization can take to build safe and secured consumer-centric IoT devices:
- Incorporate test-and-approval systems for labeling to ensure consumer transparency.
Develop dynamic labels for real-time information on devices, and rules and regulations for reviewing labels and signage feedback from experts and consumers.
- Use digital tools to engage and inform the general public.
Maximize communication platforms for wide information dissemination to communities and provide user-friendly feedback features on these platforms to encourage digital inclusivity.
- Increase regulatory action through updated policies and standards.
Always align IoT development procedures with government regulations, and join alliances and industry discussions about multidisciplinary approaches to securing IoT products.
- Prioritize technologies and initiatives that also mitigate climate risks.
Invest in IoT solutions and technologies that have clear societal and financial returns, and adopt right-to-repair models that will help avoid e-waste, pollution, and other sustainability concerns.
Conclusion
The consumer IoT landscape was predicted to grow to $154 billion by 2028. But this growth is hampered by the distrust of 75% of consumers – who are not confident in the ability of organizations to manage their data through IoT devices. So, for IoT adoption to completely succeed, we as innovative leaders, have a mission: build public trust and security with IoT devices that are trustworthy to begin with.
Curious to find out more about building better IoT devices? Read more about the latest enterprise technology, innovation, and sustainable industry practices at CXO Connect ME.
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Reference Links
https://techjury.net/blog/internet-of-things-statistics/
https://dataprot.net/statistics/iot-statistics/
https://www.weforum.org/impact/iot-security-keeping-consumers-safe/
https://www.weforum.org/agenda/2021/12/3-ways-to-get-consumers-to-trust-internet-connected-devices/
https://www.weforum.org/connectedworld/report
Image Sources
Team. Photo by Annie Spratt on Unsplash. https://unsplash.com/photos/QckxruozjRg.
Data. Photo by Conny Schneider on Unsplash. https://unsplash.com/photos/xuTJZ7uD7PI.