The Business Case for IoT Security: Beecham Research Highlights the Growing Risks & Opportunities
Discover key IoT security insights from Beecham Research, feat. Finite State. Learn about rising threats, regulations & ROI of secure products.
Finite State Team
With billions of connected devices powering critical infrastructure, industrial systems, and consumer applications, the attack surface has never been larger—or more vulnerable. A new report from Beecham Research, Locking in Value with IoT Security: Building Trust, Protecting Profits, underscores the growing importance of securing IoT ecosystems and the real-world financial and operational risks at stake.
The report features insights from Finite State CEO Matt Wyckhouse, who discusses the increasing risks facing connected devices, the growing regulatory pressure on manufacturers, and why a proactive security approach is now essential rather than optional.
Key Insights from the Report
The Rising Threat Landscape
- In the first five months of 2024 alone, IoT security attacks surged by 107% compared to the previous year.
- More than half of organizations face attempted IoT cyberattacks on a weekly basis.
- The top concerns are supply chain vulnerabilities, insecure device configurations, and ransomware.
Security as a Competitive Advantage
- Businesses are shifting their mindset: IoT security is not just a cost but a value driver.
- 80% of business leaders say building security into products is essential for their bottom line.
- Organizations that invest in IoT security see an average return on investment of over 30%, while those that don’t see an average negative return of -5.6%.
Regulations Are Raising the Stakes
- New and evolving laws, such as the EU Cyber Resilience Act (CRA) and the PSTI Act, are making IoT security compliance non-negotiable.
- Non-compliance can result in fines of up to $15 million or 4% of global revenue and reputational damage.
Download the Full Report
This report is essential reading for product security teams, CISOs, and industry leaders looking to stay ahead of evolving IoT threats. Download your free copy today to gain insights and strategies for securing your IoT ecosystem.
Finite State Team
The Finite State team brings together experts in cybersecurity, embedded systems, and software supply chain risk to help connected device manufacturers secure their products and comply with evolving global regulations.