Goldman Sachs: Security Worries Could Hamper Internet of Things

A report from the financial service giant Goldman Sachs is bullish on the growth of Internet of Things, calling the explosive growth of connected devices a third phase in the development of the Internet – and perhaps the biggest yet. Those are heady words – especially considering the market hype and hysteria that surrounded the first “dotcom” phase.

But there’s a catch, apparently: security. According to the web site Valuewalk, concerns about security and privacy are real obstacles to IoT technology adoption.

“Security concerns escalate to a whole new level with the Internet of Things,” the Goldman Sachs report notes, citing high profile incidents of hackable home monitoring cameras. (See our coverage of vulnerabilities in the IZON cameras as one example.)

Alas, the solution to the insecure devices problem is not simple. Problems range from poor application security during the design phase, to insecure default configurations that leave devices exposed to Internet-based scans. Especially in the consumer space, a lack of technical expertise and security awareness by customers is also an issue.

Read more about the GS report here: Internet of Things To Become Biggest Mega Trend Yet.

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