Keyfactor analyzed the survey responses of 1200 IoT and connected product professionals from the US, UK, Germany, France, Australia, China, and Japan, working both for OEMs and for organizations that use or operate IoT and connected devices. The survey took place in June and July 2023.
The key findings are:
- 89% of respondents said their organization’s IoT/ connected products have faced cyber attacks in the last 12 months, at an average cost of a quarter million dollars.
- 43% of the cyber attacks experienced in the last 12 months were on IoT/ connected products.
- Over half (56%) agree that their organization doesn’t have the proper awareness and expertise to prepare for cybersecurity attacks through IoT devices.
- 97% of organizations face challenges in securing their IoT and connected products to some degree, with over a third (37%) reporting that significant improvement is needed in the security of the IoT/ connected products in their organization, and with 60% reporting that a little improvement is needed.
- Budgets for IoT device security are increasing year over year, with an anticipated increase of 45% in the next five years.
- Regarding the challenge of complying with standards and regulations when developing IoT and connected devices, having to vet supply chains for cybersecurity (or passing this down to suppliers) is the top-rated challenge.
DOSS will attend to this challenge by designing and implementing an integrated monitoring, communication, and validation model, the Supply Trust Chain, with its key component the Device Security Passport.
You can download the full report at https://www.keyfactor.com/state-of-iot-security-report-2023/.
