• by Chuck Martin , March 21, 2018

Worldwide spending on Internet of Things security will reach $1.5 billion this year, according to a new forecast by Gartner.

The projected spending is a 28% increase from last year. By 2021, spending is expected to reach $3.1 billion.

Nearly 20% of organizations observed at least one IoT-based attack in the last three years, according to Gartner.

"In IoT initiatives, organizations often don't have control over the source and nature of the software and hardware being utilized by smart connected devices," stated Ruggero Contu, research director at Gartner. "Interest is growing in improving automation in operational processes through the deployment of intelligent connected devices, such as sensors, robots and remote connectivity, often through cloud-based services."

Technical standards for certain IoT security components are just starting to be addressed by entities including security standards bodies, consortium organizations and vendor alliances. 

Gartner expects more security by design approaches in the future especially in heavily regulated industries such as automotive and healthcare.