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IoT To Connect 34 Billion Devices By 2020, Cyber Security To Cost $6 Trillion During The Same Period

January 22
2:40 AM 2016

The Internet of Things (IoT) has now been recognized as the next industrial revolution. It is now being represented as the changed mean to interact with the physical world for businesses, governments and consumers.

Analyzers now presume that 34 billion devices will be connected to the internet by 2020, somewhat 10 billion up from previous projection revealed in 2015. IoT devices are expected to account for 24 billion while traditional computing devices contribute for another 10 billion.  Traditional computing devices represent a wide range of products including smart phones, tablets, smart watches etc., reports Business Insider citing its own intelligence (BI Intelligence) report.

The IoT has appeared as an exciting new technological chapter. Since more and more devices are being connected and networked every day, Society is getting smarter.

Meanwhile, IBM has predicted that around 30 billion devices will be autonomously connected with internet by 2020. Connecting every new device to network opens new doors for hackers. The IoT provides them enormous opportunities for data gathering or changing from data centers used by individuals or companies, reports Gulf Business.

A trustworthy ecosystem is believed to be the key for IoT to gain market traction. Machines are definitely autonomous and may decide to collect data in a real time environment.

This rapid evolution has originated a new threat on privacy. Data security and data protection are two market arenas that may be targeted for expansion by digital identification, reports PR Newswire.

It has been assumed that around $6 trillion will be spent on IoT solutions like combating cyber attacks. Businesses will be the top adopter of IoT solutions.

IoT may improve the business bottom line by three means- a. lowering operating costs b) increasing productivity c) exploring new markets or creating new product offerings. However, governments will appear as the second largest adopters of IoT ecosystem.

Raising awareness for cyber security across the whole workforce is utmost requisite in both enterprise and government level. Employees need to understand own responsibilities in keeping corporate data and devices safe.

Business leaders across the HR, IT and executive functions will have to adopt more active approach in educating staff. Companies also have to develop their own behavior policies, enforcing strict guidelines on devices' use, purposes, security threats and precautionary measures.

With the expansion of network arena through Internet of Things (IoT), cyber security has appeared as a major concern for individuals, business enterprises and governments. According to a Business Insider (BI) intelligence report, around 34 billion devices will come under network coverage by 2020. Wider network arenas are the potential victim of cyber threats. Ensuring cyber security, a call of age, will cost around $6 trillion during the same period.

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