Daubenspeck and Associates: Cybersecurity and Growth of an Insecure Industry
In a recent article, Daubenspeck and Associates discussed the results of an immature IoT (Internet of Things). In its aftermath, cybersecurity pioneer John McAfee called the Mirai botnet attack a precursor to a “cyber atomic bomb”—a hypothetical malware powerful enough to do significant, permanent damage to major economic processes by disrupting cyber infrastructure and any physical operations that infrastructure may control.
Garner estimates that over 8.4 billion connected things exist in the market today (31% year-over-year), 3.1 billion of which are used by business. Business spending on IoT products and services currently stands at $964 billion, and will top $1.4 trillion in 2020.
Unfortunately, the industry’s development has occurred in a patchwork manner. The foundation of the internet of things is an array of products that were developed to cater to specific verticals, without concern for interoperability or common security standards.