Internet of things causes major security breeches

02-Aug-2017

'A new survey has found that nearly half of the U.S. firms using an Internet of Things (IoT) network have seen security breaches in the recent past. The resulting costs can be extreme, sucking up as much as 13 percent of smaller firms’ annual revenues.

The April 2017 study comes from strategy consulting firm Altman Vilandrie & Company, and compiles responses on IoT security from 397 IT decision-makers. Here’s what they found.

“The cost of the breaches represented 13.4 percent of the total revenues for companies with revenues under $5 million annually and tens of millions of dollars for the largest firms. Nearly half of firms with annual revenues above $2 billon estimated the potential cost of one IoT breach at more than $20 million.”

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