There is currently a lot of excitement about the Internet of Things (IoT), but the term could soon take on a more negative tone if the right regulations are not put in place. The U.S. Federal Trade Commission (FTC) has already started going after products that have poor security, while the Food and Drug Administration (FDA) has set out some guidelines for keeping medical devices secure, although they are only voluntary and the moment.
This is all a good start, but as the IoT expands, the risks will also grow. With IDC predicting that global IoT spending will reach almost $1.29 trillion in the next three years, the government needs to start putting measures in place to avoid havoc.
The CMO of application protection company Arxan, Mandeep Khera, believes that the Trump administration needs to make this issue one of its focuses. He says that regulations are really the only way to convince all manufacturers to take a serious interest in securing their devices. This is particularly true when it comes to those devices that could have dire consequences if compromised, such as connected medical devices like blood pressure monitors and insulin pumps.
Connected cars are another vulnerable area with the potential to cause great harm to people. By 2020, it has been predicted that as many as a quarter billion cars will be connected. This makes them an attractive target for cyberterrorists, who might be able to do things like make the cars run through red lights.
Tax Breaks for Companies That Get Security Right?
Khera believes that although President Trump does not seem to be in favor of regulation in general, the possibility of cyber-terrorism could cause him to give this area some serious consideration. The talk of hacking during the election will make it even more relevant. He said that executives think regulations would be a good thing because it would help them secure the budget to focus on deice security. He also thinks that companies with good security records could be offered tax breaks as an incentive.
This blog post was based off of an article from ZD Net. View the original here.