Approximately half of agencies using Internet of Things struck by breaches

Almost half of U.S.-based companies using an Internet of Things (IoT) network have been struck by a recent security breach, in accordance with a new survey data released by strategy consulting firm Altman Vilandrie & Company.

The April survey of 397 IT executives across nineteen industries showed that 48% of agencies have experienced at least one IoT security breach. It disclosed the significant financial exposure of weak IoT security for companies of all sizes, with almost half of the businesses with yearly revenues above $2 billion assumed the potential cost of one Internet of Things breach at more than $20 million.

“While traditional cyber security has grabbed the nation’s attention, Internet of Things (IoT) security has been somewhat under the radar, even for few companies that have a lot to lose through a breach,” claimed Stefan Bewley, director of Altman Vilandrie and author of the study.

“IoT attacks reveal companies to the loss of information and services and can render connected devices dangerous to customers, workers and the public at large,” Bewley said. “The potential vulnerabilities for firms of all sizes will sustain to grow as more devices become Internet dependent.”

The study demonstrated that preparedness helps. Companies that haven’t experienced a security incursion have invested 65% more on IoT security than those who have been breached. Other key findings: 68% of respondents think about IoT security as a distinct category, yet only 43% have a standalone budget.