Broker Check

Who's Afraid of the IoT?

September 15, 2020

Steve King, board member at, posted some "eye opening" statistics:

  • The Internet of Things (IoT) market should reach $1.1 trillion by 2026. Most of the buyers are banking and financial services.
  • If estimates that by 2025 152,200 IoT devices will be connected every minute, almost 80 billion will be connected annually.
  • Ericsson forecasts 3.5 billion IoT cellular connections by 2023.
  •  According to Deloitte, digital transformation is a top strategic objective for 94% of executives, and 85% have project IoT budgets.
  • Fewer than 20% of risk professionals can identify a majority of their organization's IoT devices.
  • 75% of infected devices in IoT attacks are routers.
  • IoT devices are typically attacked in five minutes.
  • 55% of surveyed companies don't require third party IoT provider security and privacy compliance.

IoT is another industrial revolution. In King's view, we are "uniquely unprepared". We should all be afraid.