The mobile Internet of Things (IoT) encompasses much more than smartphones. It includes machine-to-machine (M2M) modules—such as wearables—autonomous cars and mobile-connected tablets. This vast worldwide network is growing at an unprecedented pace. The Global Mobile Data Traffic Forecast Update, 2016–2021 reports that there will be 11.6 billion mobile-connected devices by 2021, including M2M modules, and nearly three-quarters of all devices connected to the mobile network will be “smart.”
As the number of connected things has grown, so has the determination of cybercriminals to exploit them. Businesses might not think about the cybersecurity settings of their photocopiers, for instance, yet 2016”s Mirai malware used hundreds of thousands of IoT devices to create a botnet that took down popular proxy server Dyn and, with it, nearly one third of websites globally.
Source: Addressing the Security Risks of the Mobile Internet of Things | Tech Zone360
One of the key messages from Verizon’s latest “State of the Market: Internet of Things” report is that with the estimated 8.4 billion connected devices (which represents a 31 percent increase on 2016), there is a lack of industry-wide standards for Internet of Things devices and this should be giving businesses major security concerns. The operative word here is “should”, because many businesses are simply unaware of the vulnerabilities.
The Internet of Things is not only important for businesses in terms of the number of connected devices; it also represents a significant proportion of the economy, being valued by Verizon at $2 trillion in terms of technology purchases that are or can be connected.
Source: Internet of Things grows, as does cycbersecurity risks | Digitl Journal
Are our laptops and smartphones the only devices connected to the large virtual space, the internet? Certainly, not! The internet, as we know today, connects a diverse range of devices that are built to make life more convenient.
The hyperconnected space has given birth to a new ecosystem which we call the Internet of Things. It is a digital realm that powers our smart watches, smart cars, smart home appliances and even a smart home itself.
Gartner, a leading research and advisory firm, has predicted that over 20 billion devices will be connected to the IoT ecosystem by 2020. In fact, a report by Business Insider forecasts that business spending on the technology will hit around $6 trillion by 2021.
Source: Role Of Blockchain In The Internet Of Things: SWOT Analysis | HuffPost UK