IoT Security Challenges and Ways Forward

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Today 2.9 billion people, or 40% of the world's population are online. By 2020, at least 40 billion more devices will become smart via embedded processors. The impact of such Internet of Things (IoT) on our society will be extraordinary. It will influence most consumer and business sectors, impact education, healthcare and safety. However, it certainly will also pose a challenge from a security point of view. Not only will the devices themselves become more complex, also the interaction between devices, the networks and the variance in topology will grow. Finally, with increasing amounts of data and assets at stake the incentive for attackers will increase. The costs of cyber attacks in such setting are estimated to reach about 2 trillion USD by 2020.