The current regulatory framework in the IoT space is weak, at best. It’s partly because the industry is still experiencing growing pains. On one hand, there is an exceptional flourishing in demand for connected devices across B2B and B2C sectors. Gartner estimates that by 2020 there will be 20-50 billion connected gadgets in regular use, which is undoubtedly a conservative estimate. The fact is: IoT products represent a substantial potential market for IoT manufacturers.
Despite the inherent flaws in 5G and IoT architectures, methods for ensuring security do exist. Plus, organizations and companies are beginning to note this and implement adequate security changes.
IoT security needs to be addressed early on in the design phase, not upon implementation. After they are implemented, it becomes harder to keep track of all devices and whether or not they are adequately protected.
It’s vital to know that IoT needs to have several layers of security, including hardware, software, storage, network, applications, and more. Each layer needs to be connected to the other and evaluated accordingly to ensure the overall security of the entire IoT network.
When discussing IoT security, it’s crucial to understand that it’s as good as its weakest link. That means that each endpoint and each device needs to be protected to ensure the security of the entire network.
Finally, by applying an adequate 5G security assurance framework, all of the recommendations above are considered and addressed. It’s vital to seriously address these future threats before they can cause serious problems.
Yet for many companies, there is a real fear that an IoT project won’t hit the mark. The timeline will either be too long or the project itself will be over budget. More worrisome, customers won’t be happy with the product. We recognize these valid concerns and do everything we can to address them.
Let’s refer to IoT thought leader and Stanford professor, Daniel Elizalde. While there are obvious technical challenges, like scaling the solution, we’re focused on two aspects: how to make money and how to find a product-market fit. Essentially, we’re outlining the value proposition and the business model.