“Not only is the Internet of Things (IoT) market rife with opportunity but also risks.A recent survey of 397 IT executives conducted by consulting firm Altman Vilandrie & Company found that nearly half of U.S. companies (48 percent) have been hit by an IoT security breach. And the effects of those breaches can be costly.

For businesses with annual sales of under $5 million, the cost of a breach can account for 13.4 percent of revenues. Meanwhile, larger firms can suffer losses in the tens of millions of dollars. Among companies that generate more than $2 billion in revenue each year, nearly half said the potential cost of a single IoT security breach can surpass $20 million.”

Source: IoT Security Spending Pays Off – Datamation