IOTAsia-Pacific Industrial Internet of Things Security is under risky threat surfaces

IoT innovations and cloud migrations are fast becoming the skeletal frameworks for enterprises undergoing rapid digital transformation drives. IoT security is a technological solution used for safeguarding networks and connected mechanical or digital devices. The Asia Pacific (APAC) Internet of Things (IoT) Security Market has registered a CAGR of 38.34%.

APAC is one of the fastest-growing regions in terms of digital transformation and internet penetration and has experienced exponential growth in financial technology and e-commerce. The need to rapidly transform to survive meant that security was often overlooked. At present, most businesses are still not putting cybersecurity policies that extend to smart devices or personal devices, raising the threat risk for both businesses and their workers. The essential relationships between cybersecurity leaders in Asia-Pacific and other functions in the business lack positivity and strength.

Asia-Pacific industrial Internet of Things security:

The APAC region’s investment in IoT is anticipated to reach US$437 billion by 2025, buoyed by the rising adoption of cloud, 5G, biometric gear like fingerprint scanning, and video-heavy applications like connected surveillance systems. The market for IoT security products looks set to boom across Asia and the rest of the globe as governments strive to ensure devices are secure and enterprises implement Internet of Things-based solutions.

APAC IoT security market is fragmented with few major players, which are various established international brands, domestic brands, as well as new entrants that form a competitive landscape.  APAC organizations become increasingly reliant on these devices to maintain business continuity. The low allocation of budget to counter cybersecurity risk is surprising, given that almost three in four (73%) Asia-Pacific companies warn of an increase in the number of disruptive attacks.

IT and security leaders in the organization need to be aware of the present threat surface. For IoT and cloud environment security, zero-trust employs full visibility over all devices, with real-time monitoring solutions watching over both equipment and risky threat surfaces. The research predicts that network security will remain the preferred security solution for IoT security products. To meet the growing challenges of attacks, various vendors are providing security solutions to ensure security against every potential threat.

However, the resource-constrained nature of various IoT devices like smart thermostats and TVs is gaining prominence, as users become accustomed to spending more time indoors, and do not permit the implementation of standardized security solutions. Therefore, currently, smart homes are vulnerable to security threats. Additionally, the increased volume of data and processing at the edge means cybercriminals are likely to target edge applications and devices more frequently.