This year will mark a turning point in IoT security adoption, according to the latest 2022 Security Report.

Broadly speaking, the data found that the industry is committed to addressing the historic lag between the rate of digital transformation and the speed of securing the IoT ecosystem.

Researchers surveyed 1,038 tech decision makers across Europe, the US, and APAC, and found a positive turning point for security within organisations and shifting attitudes, with businesses making concerted efforts to make the IoT more secure.

Business leaders have begun placing security at the centre of IoT strategy and organisational culture, with almost all (90%) of respondents stating they have placed increased importance on security in the past 12 months.

Around nine in ten respondents deemed security as one of their top three business priorities, while 42% of those rank building a ‘security-first culture’ as their top priority within their business.

The study indicated that changes are being driven largely due to the increased consumer expectations and growing cyber risk over the last few years.

Security positively impacts the ‘bottom line’, but expertise remains a barrier, respondents agreed. Not only is a security-first culture deemed critical to protecting businesses against cyber-risk, but it is also recognised as a driver of commercial value.

Nearly all (96%) of tech decision makers agreed that having security in their products positively impacts the bottom line, with nearly seven in ten citing they can charge a premium for built-in security.

David Maidment, senior director, Secure Devices Ecosystem at Arm, commented: “IoT security has moved well beyond the stage of early adopters and the direction of travel is clear: security is foundational, not optional.

“This report is an important reminder that security must be integrated into every device, process, company and culture if we are to take advantage of its potential as an enabler of digital transformation – and that continued industry collaboration around security best practice is critical to driving this forward.”

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More than half of respondents said that IoT security implementation improves trust in their products, while four in ten concluded that it helped them differentiate their product.

Despite high acceptance of IoT security adoption, nearly a third of those asked said that cost was slowing uptake of stronger security, while perceived expense and a lack of ROI were the biggest barriers to conducting external lab testing.

Only 31% of technology decision makers feel “very satisfied” with their level of security expertise in-house and ‘a lack of security specialists’ ranked in the top three barriers to IoT security.

Education on the importance of IoT security adoption was a major factor highlighted in the report, with guidance on implementation being a focal point.

Around 96% of respondents also said they would be interested in an industry-led set of guidelines on IoT best practices.

This is higher than the 84% in 2021, indicating a shift towards a positive outlook for security adoption and underlining the importance of education and support in shaping a more secure IoT.

Findings also pointed to the need for a common language around security. Three quarters of respondents look for specific security credentials when buying on behalf of their company, but 68% admitted that they don’t know which to look for.

Maidment continued: “Security concerns represent the biggest perceived risk to successful digital transformation according to our research. Yet, the cost of IoT insecurity remains higher than it’s ever been.

“As we reach a positive turning point for IoT security, best practice guidelines, a common language around security and the use of trusted components will help streamline costs and further level the security playing field in 2022.”

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