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Risk or reward: What lurks within your IoT?

Risk or reward: What lurks within your IoT?

An in depth look at security strategies for IoT in the enterprise.


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Risk or reward

IoT offers tremendous automation, intelligence, scale and efficiencies across the enterprise. Many of these technologies leverage cloud, data analytics, robotics and even machine-learning technologies. At the same time, the security issues arising in an IoT environment numbering an estimated 20 billion connected devices by 2020 cannot be overestimated and we believe that nowhere will this be more critical than among businesses. Cyber security strategies will need to adapt to accommodate the deluge of connected devices and the entirely new security risks each could create.

“IoT is forecast to deliver a multi trillion dollar economic opportunity across all industries and sectors, but it is both an opportunity and a threat. In order to successfully unlock that economic benefit, it is critical that IoT cyber security is taken into consideration from the get-go.”

Piers Hogarth-Scott
National IoT Practice Leader

Enterprise IoT risks and solutions are no longer 'IT issues' for the enterprise tech team to solve, they are "business issues". As we evolve into a 'networked society', enterprises need to waste no time in facing the advance of IoT as a key business issue demanding new levels of education and response from senior leaders and boards acting as engaged and bona fide 'change champions.'

“IOT brings tremendous opportunities for business but also increased complexities for security. We are seeing a rise in regulatory and privacy mandates, expanding threat vectors, and a heightened focus on reputation and third party risk. All of these mandate that IoT must have privacy, trust and security as foundational elements. Those organisations that have confidence, trust and assurance in security will gain a competitive edge through the speed and confidence in adoption of IOT.”

Gordon Archibald
Partner, Cyber Security Services

Many IoT devices that are finding their way into businesses were never designed to be in the enterprise and are therefore not being held to the same standards or vetted the same way as traditional IT equipment. Any internet-enabled device operating in the typical business environment today – from office speakerphones, boardroom TVs and AV equipment to printers, scanners, Wi-Fi enabled security cameras, appliances and much more – can be hacked unknowingly to provide attackers with confidential information. Treat that smart TV in your boardroom or your smart office printer as though they are computers on your network, because that’s how they function.

About the report

Based on insights from industry leaders, analysts, third party research, and KPMG 's own IoT and cyber security professionals, this report examines the three dimensions – devices, ecosystem and use cases – that are imperative to understanding and addressing IoT security challenges in the enterprise.

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