The Internet of Things (IoT) is currently revolutionising business operations, enabling data-driven decision-making and efficiency--an area finance leaders must always keep an eye on.
IoT seamlessly connects physical and digital worlds through devices and sensors, moving towards an integrated ecosystem where cybersecurity and IoT work together.
At present, IoT applications are in isolated clusters, although there is a possibility for a unified, interconnected ecosystem across various industries including manufacturing, banking, healthcare and logistics, despite challenges in the fragmented IoT and cybersecurity landscape.
The absence of early-stage cybersecurity integration poses a significant hurdle to IoT adoption. Security measures must be put in place early on to avoid vulnerabilities requiring unreliable updates. The challenge of interoperability between devices from different manufacturers further complicates IoT adoption due to varying communication protocols and standards.
It is necessary that there is efficient data management in handling the vast volume of data generated by IoT. Varying regional regulations add complexity and diverse laws are also required.
The growing number of interconnected IoT devices poses significant cyber threats, marking the importance of integrating cybersecurity into the IoT development process. Early-stage cybersecurity efforts including risk identification, attack prevention, breach detection, response and recovery must be central to IoT development.
