Security concerns are raising costs, with enterprises reporting that security was taking up between 10% and 30% of their IoT budgets.
Among 200 companies polled between January and March 2020, nearly half use private networks as part of their IoT security. An additional 40% of respondents to the Omdia-Syniverse IoT Enterprise Survey are considering using a private network to support IoT deployments.
Syniverse partnered with Omdia to evaluate the challenges faced by companies seeking to embrace and gain maximum value from implementing IoT. Industries represented included:
- Financial Services
See also: IoT Security Remains a Top Concern
“The risks with IoT potentially increase because of the diversity of deployments and technologies in IoT networks,” says Alexandra Rehak. The chief analyst with Omdia and head of its IoT arm says, “General enterprise security is much more standardized and so easier to deploy and keep updated.”
Manufacturing companies worried most about unauthorized network usage. Healthcare and finance companies identified regulatory compliance as their main concern.
Many challenges have raised concerns, including the top three challenges:
- Data, network, and device security
- Integration with legacy and IT networks
- Complexity of integrating with business processes
Enterprises reported that security required between 10% and 30% of their IoT budgets. Healthcare and retail companies reported a budget share of at least 20% to 30%.
Solutions and Responses
Companies have responded to the challenge by implementing:
- Network-based security policies
- Real-time monitoring
- Dedicated security teams
- End-to-end encryption
- Regular risk assessment
Fifty percent of respondents are putting their IoT devices on private networks isolated from the public internet. Forty percent are using LPWAN networks. Others have chosen LTE, 5G, or other types of connectivity.
Dan Klaeren, Senior Director of Product Management at Syniverse says that enterprises can control and manage all devices, monitor activities, apply policies to devices, and control all aspects of the network. However, enterprises that use public networks are restricted to using only the capabilities — like administration or policy applications — offered by the public network provider.