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Current State of Internet of Things (IoT) Security
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Abstract
People now live in a linked world that may have a harmful or beneficial impact on
practically every area of their lives. The Internet of Things (IoT) is a phrase that refers to all
smart devices that can connect to the Internet. Advocates have referred to the IoT as "the first
true evolution of the Internet," as it has the potential to enhance people's lives in areas such as
education, work, health care, entertainment, and so on. However, the Internet of Things comes at
a price, particularly in terms of security and privacy. It also creates major legal issues that must
be addressed. How did these smart gadgets produce, store, and gather data, for example? Who is
the owner of the data? And who will be held liable if something goes wrong? This study aims to
examine the Internet of Things (IoT) from a variety of perspectives, including its benefits and
drawbacks, in order to explain the word as it is used by professionals and researchers. In
addition, the study goes on to discuss the legal problems that the Internet of Things poses to
privacy. Last but not least, the report gives advice on how to maintain privacy while making use
of the benefits of IoT. Furthermore, it is believed that research like this would benefit academic
debate since it examines IoT from one of its most problematic sides (privacy problems) that
might stymie advancement.
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Contents
Introduction ..................................................................................................................................... 4
Brief history .................................................................................................................................... 4
IoT Penetration in Market ............................................................................................................... 6
Application Insights .................................................................................................................... 6
Component Insights..................................................................................................................... 7
Regional Insights ......................................................................................................................... 7
Competitive Market Share Insights ............................................................................................. 8
Market Growth Factors: .............................................................................................................. 8
Marketing Restraining Factor...................................................................................................... 9
Internet of things breaches ............................................................................................................ 10
Ring home- security camera breach .......................................................................................... 10
Access control system breach at Nortek security & control ..................................................... 11
The jeep hack ............................................................................................................................ 11
Security outlook for IoT ............................................................................................................ 12
Personal Connection ..................................................................................................................... 19
Conclusion .................................................................................................................................... 21
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Introduction
Technology is reshaping the world in unprecedented ways. India's government and
corporate leaders must seize the opportunities presented by technology and consider its
implications for the future of labour. COVID-19, as well as the geopolitical fallout, has made it
much more critical for corporate executives to guarantee that India is prepared to adapt to the
new normal. They must also guarantee that the country is able to take advantage of opportunities
to expand its market share in the global industrial industry. COVID-19 has shifted the attention
of businesses to Industry 4.0. Focusing on digital technologies that comprise the Industrial 4.0
revolution, as well as investing in new goods and services that enable them to prosper in the fastchanging economic climate, are two things that have become increasingly vital for businesses
today (Ashton, 2019). The Internet of things (IoT) is a network of internet-connected items. With
the aid of sensors built inside them, these items may collect and exchange data. With a limited
degree of programmability and customizability, IoT systems can bring together specialized
devices that were built for specific reasons. IoT systems may also store and handle data in a
distributed fashion. This study examines why we believe IoT, the most important technology of
the Industrial 4.0 revolution, has a future despite ongoing market hurdles. It discusses upcoming
drivers that strengthen the argument for the technology. We'll also talk about how technology
may help market participants by opening up new revenue streams and generating new business
models.
Brief history
"A few MIT professors described the Internet of Things (IoT) over 20 years ago, which is
a world in which networked Internet-enabled objects or "things" have the capacity to gather and
exchange data without human involvement." To further understand what the Internet of Things
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is, think of it as a massive system that allows people all over the world to communicate with one
another and send and receive data on just about any topic you can think of. When you consider
what the Internet of Things can accomplish, it's truly very astounding. The Internet of Things is a
truly incredible thing, allowing you to communicate with and even view relatives and friends
who live in another nation, as well as your yoga mat informing you how many calories you burnt
and other information. There are several methods for consumers and companies to profit from
the Internet of Things, as well as things that have yet to be imagined, all of which are and will be
highly valuable and crucial for our future.
"By 2025, 43 per cent of all IoT data will be handled at the edge before being delivered to
a data centre, 38 per cent of potential IoT economic effect would need interoperability across IoT
devices, and 85 per cent of enterprises will have implemented IoT" according to Hewlett Packard
Enterprise. " Knowing this knowledge, one may envision what the Internet of Things has brought
us and what it will bring us in the future. In the last few decades, the Internet of Things has gone
a long way. It has given us Smart Thermostats, which provide homes with real-time information
about their energy usage, as well as Smart Diapers, which have sensors that signal a caregiver if
there is anything worrying about a baby checking their urine; things like renal issues,
dehydration, and even symptoms of infection are just a few of the things that the diaper would
alert a caregiver about. Another item that the Internet of Things has given us is smart tennis
rackets, which are conventional, functional tennis rackets that collect data from each and every
hit and communicate it to the user's smartphone or computer. What else the Internet of Things
has in store for humanity is unknown.
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IoT Penetration in Market
In 2014, the worldwide Internet of Things (IoT) market was worth USD 605.69 billion.
Over the next seven years, the entire industry is expected to be driven by technological
advancements and increased investment. The industry's expansion has been aided by remarkable
advancements in telecommunications, as well as the rising adoption of broadband serv...