In the past decades, the internet of things, better known as IoT has developed rapidly. Since its first introduction in 1999 (Vision of Humanity, n.d.), the IoT market has reached a value of 478.36 billion dollars in 2022 and is expected to grow to 2465.26 billion dollars in 2029 (Fortune Business Insights, 2022). In a nutshell, IoT could be described as a network of connected devices and people (Clark, 2016). This connectivity brings multiple benefits, such as reducing waste, reducing fraud-related costs and increasing customer trust (Brous, et al., 2020). An example of how IoT could contribute to reducing waste is the smart thermostat (Bigirimana, 2018). With the smart thermostat, users can put the heating off through an app on their phone when they leave the house and put it on again when they are heading home.
However, this trend does not only bring benefits to its customers, there are also certain risks involved (Javaid, 2020). One of the risks is that not all the products are well protected against hackers (Wheelus, 2020). With the growing trend of IoT, the risks grow exponential (Deloitte, n.d.). But how bad is it to be hacked? This depends on the user, but it could lead to serious damage. Imagen, you have connected most of your security devices with your keys, to increase the convenience of opening and locking your home. However, the moment someone hacks your garage key, that person has also the chance to get into your alarm system (Deloitte, n.d.). Another vulnerable product related to IoT is the automotive car. Hackers were able to hack 1.4 million cars through the infotainment system of the Jeep Cherokee (Beale & Berris, n.d.). According to Beale and Berris (n.d.), hackers can even bring it to another level by hacking aeroplanes through USB ports at an airline seat.
All with all there can be concluded that IoT brings multiple benefits, but that those benefits are not without risks. The answer to the question: “Is the internet of things good or bad?” depends on who you ask the question. However, everyone who is using those products must be aware of the risks.
Beale, S. S. & Berris, P., n.d. Hacking the internet of things: vulnerabilities, dangers, and legal responses, s.l.: s.n.
Bigirimana, S., 2018. Managing Waste through the Internet of Things (IoT), Zimbabwe: Africa University.
Brous, P., Janssen, M. & Herder, P., 2020. The dual effects of the Internet of Things (IoT): A systematic review of the benefits and risks of IoT adoption by organizations. International Journal of Information Management, April, p. 3&4.
Clark, J., 2016. What is the Internet of Things (IoT)?. [Online]
Available at: https://www.ibm.com/blogs/internet-of-things/what-is-the-iot/
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Deloitte, n.d. Cyber risk in an Internet of Things world. [Online]
Available at: https://www2.deloitte.com/us/en/pages/technology-media-and-telecommunications/articles/cyber-risk-in-an-internet-of-things-world-emerging-trends.html
[Accessed 24 October 2022].
Fortune Business Insights, 2022. With 26.4% CAGR, Internet of Things (IoT) Market Worth USD 2465.26 Billion by 2029. [Online]
Available at: https://www.globenewswire.com/news-release/2022/08/03/2491076/0/en/With-26-4-CAGR-Internet-of-Things-IoT-Market-Worth-USD-2465-26-Billion-by-2029.html#:~:text=Fortune%20Business%20Insights%E2%84%A2%20has,USD%20384.70%20billion%20in%202021.
[Accessed 23 October 2022].
Javaid, A., 2020. The Implications of IoT, Risks and Opportunities. [Online]
Available at: https://www.linkedin.com/pulse/implications-iot-risks-opportunities-ahmad-javaid-cisa-crisc/
[Accessed 25 October 2022].
Vision of Humanity, n.d. IoT Technologies Explained: History, Examples, Risks & Future. [Online]
Available at: https://www.visionofhumanity.org/what-is-the-internet-of-things/#:~:text=The%20term%20’Internet%20of%20Things,them%20through%20a%20supply%20chain.
[Accessed 24 October 2022].
Wheelus, C., 2020. IoT Network Security: Threats, Risks, and a Data-Driven Defense Framework, s.l.: Research Gate.
That is an interesting take on IoT’s benefit and challenges. With how fast the adoption is for IoT we need to be especially aware of the potential risk that exist. Although I believe that IoT is opening up a whole world of functionality that we couldn’t have anticipated before, but is becoming an integral part of the system. If we look at IoT usage in healthcare for example, its allowing remote patient monitoring leading to a decreased burden on the current infrastructure. So I believe that we need to find a way to navigate the risk without hampering the functionality or even slowing down the adoption.
Would love to know what you think about the same.