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Ransomware fuels growth in IoT security

Steve Rogerson
July 20, 2017
The fear of ransomware attacks will fuel the IoT security market to a 34.4% CAGR from now till 2022, according to Research & Markets.
The IoT security market size is expected to grow from US$6.62bn in 2017 to $29.02bn by 2022.
The growing instances of ransomware attacks on IoT networks mandates the critical need for reliable IoT security, says the report. IoT security is gaining importance due to increasing IoT deployments and thereby growing vulnerability of the networks and devices to various cyber-attacks such as from ransomware.
Today, the IoT has managed to be an integral part of day-to-day life and hence the security aspects associated with it are important. Organisations with IoT deployments are implementing security mechanisms to ensure confidentiality of their data. And IoT security is important not only for data security of enterprises but also for crucial entities such as human lives and national intelligence.
Installation and integration services play major roles in ensuring the security of IoT networks that comprise numerous IoT devices, sensors and actuators by implementing security measures. Integration service providers can help commercial clients implement a secure network across a deployed IoT system by integrating and ensuring IoT security is in line with the business processes.
Network security is crucial when it comes to the security of whole IoT deployments. Network security comprises wireless communications, remote access security and gateways. For secure communications over wireless devices, various secure protocols such as LPWAN, Zigbee, 6LowPan, Bluetooth, Z-Wave and NFC are used. Also, gateway anti-virus and anti-spyware are used to ensure security of IoT and M2M gateways.
Possible intrusion such as viruses, spyware, worms, trojans, adware, keyloggers and malicious mobile code (MMC) can be prevented by using techniques such as ACLs, IDS, IPS and filtering.
Security, says the report, over wireless networks is crucial in IoT systems as they carry voluminous and important data and are vulnerable to malicious attacks.