Fast track IOT adoption with secure and seamless connectivity whitepaper
As the Internet of Things (IoT) industry continues to expand, the possibility of cybercrimes also increases. According to Business Insider, the number of IoT-connected devices is predicted to grow to nearly 31 billion by 2025, for a combined annual growth rate (CAGR) of over 26%.
With this growth of IoT devices comes a drastic increase in opportunities for cybercriminals to penetrate a secure network. Each IoT device opens up a potential nonsecure entry point into a network once advertised as secure.
Manage cybersecurity and interoperability risks for IoT devices
As more businesses and consumers seek out connected devices, interoperability and cybersecurity are key enablers for IoT adoption. Manufacturers need to comply with safety, electromagnetic compatibility (EMC) and wireless regulations and requirements in order to be able to access their desired markets.
All around the world, governments are launching security initiatives to address cyber threats. As a result, device manufacturers are required to adopt cybersecurity standards during product development and design stages.
With the increase in required security often comes an increase in cost to the consumer. The good news is that customers are willing to pay for security. According to global consulting firm Bain & Company, consumers will spend an average of 22% more for secure IoT devices and buy an average of 70% more IoT devices if they are secure.
IoT devices: regulatory compliance and compatibility testing
UL Solutions is a global safety science leader that can support you with interoperability and cybersecurity testing and certification for your connected products. We can help evaluate whether your products comply with regulatory standards and operate seamlessly with other devices and major connectivity/IoT platforms. This will help you deliver more reliable, safer and more secure connected products to consumers, improving customer experience and brand reputation.