The era of absolute connectivity
This is the age of Internet of Things (IoT) which increases the connectivity of everything, everyone, everywhere. And India is building a vibrant IoT ecosystem which is changing the way things are done.
According to Nasscom, the IoT market in India is poised to reach USD 15 billion by 2020, accounting for nearly 5 percent of the total global market. IoT will make a huge impact on four main segments: lifestyle/ wearables, embedded computing, industrial internet and connected homes.
Today there are over 120 IoT firms in India that hold the capability to drive an IoT revolution in the country and bring a huge impact in sectors like industrial manufacturing, energy, agriculture, utilities, transport, and logistics. Smart Cities is the future where seamless communication will be the key not only amongst humans but between machines and machines to humans.
Furthermore, cloud computing and analytics is improving decision making and data analysis capabilities and bringing in an evolution in the way industries will function in future.
However, everything comes at a price. And the price of IoT evolution is cyber security. While IoT aims to connect billions of devices, targeted attack groups are increasingly focusing on IoT based ecosystem as a soft entry point to destroy devices, steal credentials and data, and intercept organisations classified communications.
According to a report by Indian digital services firm Subex, India ranked highest globally in IoT cybersecurity attacks in Q2 2019 with 22 percent rise in attacks on IoT deployments in the country.
Reportedly, there is a high level of hacker interest in Indian projects and a large number of sophisticated and unique malwares are being deployed by hackers in the Indian IoT landscape. Smart cities, financial services, transportation and critical infrastructure projects are high on the radar of cyberattacks as IoT projects are being targeted right from the proof of concept stage.
According to reports, cybercrime damages will cost the world $6 trillion annually by 2021 and India stands at the most vulnerable spot placing the nation’s security, economy, and public safety at high risk.
Concreate cyber security measures are the need of the hour and these solutions need to be in sync with IoT deployments right from its inception. There is a need to have an ecosystem of cyber security solutions which is both multi-layered and multi-faceted. This would plug every possible entry point and secure organisation’s assets and credibility.