UK Government launches £400,000 IoT cybersecurity funds to fight increasing cybercrime. The money comes from DCMS (Department of Digital, Culture, Media, and Sport) to strengthen the security of internet-connected devices. Ideally, such a fund would also boost the IoT sector by setting a standard for IoT cybersecurity. Basically, the money would go to smoothen the transition towards an assurance cybersecurity market. Indeed, the UK government wants to kickstart an assurance market for consumer IoT devices. We’re talking about wearables, IoT appliances, smart doorbells and Alexa-like devices. The wearable market grew at 29.7% YoY in Q1 2020. This data is impressive, especially considering COVID-19.
Producers of IoT devices aiming to provide a higher sense of security could protect their products with insurance. Provided they meet certain requirements of course. If this idea takes off and consumers favour ensured devices, manufacturers will have to comply. Eventually, the positive feedback loop would nudge IoT networks to offer more secure options. Or, at least, that’s the idea.
Alongside this fund, the UK government is going to establish three new rules for IoT devices:
With these new rules, the government hopes to lay the foundation for a more secure digital economy. Would the plan succeed, the UK would be well-positioned to attract venture capital for IoT businesses.
According to a report from telecoms company Syniverse based on a 200-executives poll, half of businesses are moving from IoT to private networks in fear of malware and data theft. Half of respondent candidly admitted to have no dedicated IoT cybersecurity team. Interestingly, 44% of respondents cited the lack of interoperability as a big source of issue. Business process integration is challenging for 40% of businesses. It seems evident that many enterprises have jumped on the IoT bandwagon with little preparation. And little preparation when dealing with people’s data is often the anteroom of disaster.