The Federal Trade Commission (FTC) on Wednesday announced a prize competition that challenges the public to create a tool that consumers can deploy to guard against security vulnerabilities in software on the IoT devices in their homes.
According to the FTC, the tool would, at a minimum, help protect consumers from security vulnerabilities caused by out-of-date software. Contestants have the option of adding features, such as those that would address hard-coded, factory default or easy-to-guess passwords.
Smart home platforms are beginning to proliferate across the marketplace, and while these smart devices enable enormous convenience and safety benefits, they can also create security risks.
The competition’s purpose is to stimulate innovation and progress in protecting and empowering consumers against security risks associated with IoT devices in the home, said the FTC.
The prize for the competition is up to $25,000, with $3,000 available for each honorable mention winner(s), and winners will be announced on or about July 27, 2017.