Amid a rise in cyber attacks across the world, ensuring the security of devices linked to the Internet of Things (IoT) ecosystem will be a key focus of companies in 2018, say experts. The IoT is a growing network of inter-connected devices that can be accessed through the Internet. “IoT devices have been a cause for concern for consumers. We will see an increase in businesses to ‘secure’ the entire network instead of each individual endpoint, which can help minimise the risk and cost involved in maintaining security across IoT devices,” Juniper Networks VP, security marketing, Franklyn Jones told PTI. According to a Gartner report, global spend on information security products and services will grow to a massive USD 93 billion in 2018. “As smart technology and IoT becomes more widespread, safeguarding customer data is now even more important. As data breaches reveal sensitive information and can have a direct physical impact, organisations have become responsible and accountability is a key challenge,” said Srinivasan C R, Tata Communications Senior VP, Global Product Management and Data Centre Services. Businesses will need to strategically develop next-generation frameworks to minimise risk, as cyber-security regulations evolve, he said. “In 2018, security breaches should be thought of as inevitable… as a result, the focus is shifting from prevention to resilience,” Srinivasan said.
In May this year, nearly 100 countries, including India, were hit by a massive ransomware cyber attack. Ransomware is a type of malicious software that infects a computer and restricts users’ access until a ransom is paid to unlock it. A recent study by PwC and Juniper Networks showed that security is the most important priority for both CIOs and VPs of companies, Jones added.