IoT is everywhere. From smart mirrors to beacons for hyperlocal content. But if hacked, the same IoT could lead to a loss of consumer data and irreparable brand damage.
IoT devices and robotics have the potential to significantly change the retail sector. From smart cameras and personalized-tailored discounts to smart shelves and digital lockers, retail IoT is a vital component to existing and future retail operations. According to studies, BI Intelligence predicts 2.8 million enterprise robots to ship between 2016 and 2021.
According to Verizon’s Internet of Things report, 77 percent of retailers believe that IoT solutions help improve customer experience, 89 percent of early-movers in retail report that IoT enables retailers to gain increased insights into customer preferences, and 77 percent of early-movers in retail say that IoT technology helps better cooperate with partners in delivering quality products and services to customers.
Yet without the proper IoT security, the same devices could compromise customer data and damage retailer’s reputation.
A recent report by Capgemini has revealed that cybersecurity is a new source of competitive advantage for retailers. The report, “Cybersecurity: The New Source of Competitive Advantage for Retailers” demonstrates that consumers are increasingly aware of security breaches in retail and are willing to spend more with retailers who demonstrate robust cybersecurity capabilities. Based on average annual consumer spending, this equates to a potential annual revenue uplift of 5.4%.
But cyber security in the age of IoT is hard. An attack on security cameras or wireless routers can compromise sensitive information or lead to further attacks. If such IoT devices are compromised, the results could be disastrous.
Finite State believes organizations should be able to understand the implications and risk involved with deploying IoT devices across your network. Just as you provision employee computers and phones, so you know the baseline risk posed by these assets, you should be able to do the same with your IoT devices. Our platform enables you to look inside the black boxes that are IoT devices today — enabling your security team to protect them in the same way they’re already protecting the rest of your network.