Survey Finds Businesses, Consumers Keen On Security Regulations for IoT

New Gemalto-commissioned research is pointing to the need for greater Internet of Things security.

Survey Finds Businesses, Consumers Keen On Security Regulations for IoTThe research was conducted by Vanson Bourne, which surveyed 1,050 “IT and business decision makers” and 10,500 consumers around the world this past July. The results point to serious concerns among businesses and the public at large, with 65 percent of consumers expressing concern about their IoT devices being hacked, and only 33 percent of businesses leaders believing that they have complete control over their IoT devices’ collection of data.

As for solutions, the study found a remarkable appetite for government regulation, with 90 percent of consumers and 96 percent of businesses saying such IoT security regulations should be implemented. And 61 percent of business respondents said that those regulations “should include who is responsible for securing data at each stage of the journey”, according to the report.

Both consumers and business respondents primarily favored encryption and password-based security, but substantial minorities also highlighted two-factor authentication and biometric technologies as important security options. Indeed, consumers appear to be more keen on these technologically sophisticated solutions than businesses, with 38 percent of consumers advocating for two-factor authentication compared to 35 percent of business respondents, and 35 percent of consumers in favor of biometrics compared to only 25 percent in the business sector.

That discrepancy could reflect the growing popularity of 2FA and biometric scanning in consumer-facing products and services, and for many security experts will point to the enterprise sector’s lag in addressing evolving security threats. But with business leaders eager for regulatory guidance, and regulatory authorities in at least some regions starting to embrace more sophisticated solutions, there is hope that IoT security could be much improved going forward.