A new report by the cyber arm of Auditing firm KPMG states that cybersecurity concerns may adversely affect the realization of the full potential of internet of things devices.
Titled, Consumer Loss Barometer, the report found that nearly a third of consumers have already limited their use of IoT-connected devices due to security concerns, and 61 percent said they would use more IoT-connected devices if they had greater confidence in their security.
Nearly three-fourths of millennials, who the report calls “the largest consumer group,” said they would use more IoT devices if they were more confident in their security. According to the report, 66 percent of consumers are concerned that emerging connected devices will be hacked.
“Today’s consumers understand that the more advanced Internet of things/connected devices become, the more data they acquire and the more valuable the data is to a hacker,” said Gary Matuszak, Global and U.S. Chair, KPMG Technology, Media and Telecommunications. “While consumers want more of this technology, their loyalty will be earned by technology companies that educate their consumers on how to protect themselves and is transparent on how this data is being collected and protected.”
“With more choices for consumers than ever for products and services, technology companies can’t afford to get cyber security wrong,” said Vijay Jajoo, Technology Leader for KPMG Cyber. “New products and services need to have cyber security engrained from the beginning of their development. With consumers clamoring for cyber protections, devices that are deemed unsecure or brands that have a reputation for poor security will fail quickly,” he added.