There seems to be a paradox in the Internet of Things. While consumers see the value in IoT services, they also are concerned about the security of their data and how it's being used. The majority (53%) of consumers say the Internet of Things makes their life easier, but only 9% have a high level of trust that their data collected and shared via IoT is secure, according to a survey of 3,000 U.S. and Canadian consumers conducted by Cisco.

Starting a connected device business can be tough. This is emphasized at each annual CES in Las Vegas, where countless startups show the fruits of their work, some of which will never reach the market for any number of reasons. Now the maker of a high-end smart lock is calling it quits just before CES. California-based Otto, which showed its smart lock in late summer, just announced it is suspending operations after a deal to be acquired fell through at the last minute.