Growth in IoT Requires Increase in Cybersecurity Spending


By 2020 Internet of Things (IoT) will be a factor in more than 25 percent of identified cybercrime but less than 10 percent of budgets will be devoted to IoT according to a Gartner study. Businesses, governments and individuals continue to invest in connected devices with roughly $281.54 million being spent on IoT security spending last year. Gartner predicts that $547.2 million will be spent on cybersecurity for IoT by 2018. The company also predicts that the cloud will continue to play a huge part in the cybersecurity industry — by 2020, half of all IoT implementations will use a form of cloud-based security service.

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