John Chambers, Cisco’s CEO, argued in January 2014 that the Internet of Things had a seventeen trillion dollar potential market, which would pack way more impact on society than the whole Internet itself, and a lot of people laughed at the remark.
The truth is that now in 2016, Cisco’s CEO and his statements seem to be considered less farfetched as technology evolves and the Internet of Everything begins to show how it is becoming a huge phenomenon.
While there is no arguing that this is true, we have to consider that such potential also comes with substantial risks, since all of that added efficiency also brings extra vulnerabilities, vulnerabilities that can be tackled by hackers an cyber criminals, and those attacks may come with substantial costs for the ones being hit, as the Internet now starts to be a pool of sensitive information.
In fact, it is estimated that cyber security failures will have a cost of up to three billion U. S. dollars by the year of 2020, so there is a huge demand for new cyber security technologies – the current ones are getting outscaled by the sheer amount of devices and programs they have to protect, with the number of connected devices estimated to hit 20.8 billion by the same year.
One of the major flaws in today’s cyber security programs and software is the fact that developers always seem to be focused on patrolling data exchanges, and preventing data movements from being intercepted, while there are still dire vulnerabilities when the data is at rest, deposited on the cloud or simply sitting on a server.
Only the next couple of years will tell us whether the trend will change or not, and whether do we evolve our cyber security protocols or settle with the occasional hits.