IoT security opportunities and challenges
According to a survey by Bain, the most significant barrier to IoT adoption is security. They also found that the customers would pay on average of 22% more for secure IoT devices and would buy on average of 70% more IoT devices if they were secure. This means that providing secure products is an opportunity for vendors to increase their sales as well as for the whole IoT market to grow.
However, there have been different IoT Security guidelines published by different parties as good practices or baselines while there is no global standard for IoT Device Security, which as a result has created confusions in both vendors and users. They not only know which guidelines they should follow or which practices they should apply but also find a significant number of the practices impractical or irrelevant to their cases.