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As enterprises embark on their cellular IoT journeys, one of the first – and most vital – decisions they must make is around IoT security spending allocation. Cybersecurity threats like malware represent a significant risk to all cellular IoT projects, especially at the device level. These intrusions are costly to organizations, and once a threat accesses a single device in a cellular IoT implementation, the entire network is at risk.
With those considerations in mind, organizations must decide how much of their IT budgets they will earmark for IoT security solutions. How do enterprises decide where to allocate their spending? That depends entirely on your organization, its technology stack, and cellular IoT implementation.
New research from ABI Research drawing on 150 North American and European enterprises’ security spending processes uncovers how organizations are managing their cybersecurity spending. Here is just one preview of what that research tells us.
Length of Security Remediation
The attack surface for IoT devices is growing as the total number of devices deployed in the field increases around the globe and across all business sectors. IoT devices are notoriously difficult to secure for a variety of reasons, including limited hardware capabilities, finite storage options, and the remote nature of these devices after they are deployed.
One of the aspects ABI Research and Aeris examined was the estimated average time an IoT security remediation event took. While the length reported by surveyed enterprises ran from minutes to years, the most popular response – with 40% of organizations responding – was in days. The research also examined which industries were the fastest and slowest to respond to security events, and consequently which verticals are experiencing higher cost with IoT security breach incidents.
The full cellular IoT security spending research study will be unveiled on June 22 at 10:00 AM CT / 3:00 PM GMT during a webinar, “Getting IoT Security Right: How Successful Enterprises Achieve Better ROI,” co-hosted by Aeris and ABI Research. During the online event, we’ll dive deeper into the survey findings, including more insights into organizations’ spending allocations, spending drivers, and overall cybersecurity investment. Attendees will also hear from industry experts discussing the IoT security buying journey, primary IoT security spend drivers, associated costs, and key stakeholder inputs in the enterprise IoT security budget decision-making process.