Some 92 per cent of global organisations have reported that they have seen a positive impact on their sales or product usage after implementing a secure Internet of Things (IoT) architecture.
This is according to new research by Gemalto and Vanson Bourne.
Security is still a major concern for businesses, with 90 per cent of consumers saying they are concerned about IoT security. Half were concerned with four specific IoT security threats: hackers controlling their devices (65 per cent), IoT products leaking sensitive data (60 per cent), unauthorised actors accessing information through unprotected smart things (54 per cent), and attackers abusing IoT device weaknesses to conduct crime (50 per cent).
Gemalto explained that a security-by-design approach ensures security is considered from the beginning of a new IoT development and that it is then able to evolve over the lifecycle of a connected object.
The research revealed that a secure IoT infrastructure brings more confidence to the end users of connected objects, who prefer to use devices that have guaranteed security.
It also found that a secure IoT protects against evolving attacks and ensures business continuity, while also allowing new stakeholders to join an existing IoT ecosystem once connected devices are in the field.
Also contributing to businesses viewing a secure IoT as a sales driver is the fact a security-by-design approach enables multi-actor credential management, so different users can use the same connected object, or access the data coming from the same device. This data can then provide market insights, allowing firms to make more informed business decisions.
In addition, Gemalto said 32 per cent of respondents see IoT Security as a secure foundation to offer new services.
The research found that only a solid and secure infrastructure allows service providers to “securely and remotely launch new services to devices in the field”. For example, they can allow access to a new service for limited periods of time, on a pay-per-use basis.
Gemalto said that IoT security opens the door to “valuable monetising opportunities”.