Security breaches are worrying consumers
AN ESTIMATED 1.5 trillion objects around the world could one day connect to the internet – everything from simple housewares to vehicles. In the so-called internet of things, each of them will be capable of sending and receiving data… just as our laptops, smartphones, tablets and TVs do today.
But if internet-connected wearables or smart home-devices didn’t make your holiday-shopping list this year, it may be because of growing concerns about how careless the makers seem to be with the data their devices collect.
So far, smart things have proven to be pretty stupid. In their rush to get intelligent fitness-trackers, mattresses and Christmas-tree lights to market, developers just aren’t paying enough attention to privacy and security issues. That oversight now seems to be slowing consumer adoption.
According to an Accenture Consulting survey released earlier this year, growth in connected devices has been slower than expected, a finding partly explained by a perceived lack of value and confusion caused by competing and incompatible standards. But 47 percent of respondents cited privacy and security concerns as a reason they’re not buying more such products.
That’s bad news for everyone. The internet of things will transform our homes, cars, cities, office-buildings and infrastructure by adding digital intelligence and creating smart devices. According to its promoters, the IoT will customise our experiences, simplify our lives and greatly improve the efficiency and sustainability of modern life.
With all that potential value to society, it’s no surprise the internet of things has attracted investors and entrepreneurs around the world. Already, that market is generating $200 billion (R2.7 trillion) in revenue, a number expected to triple over the next 10 years. Market-research firm Grand View estimates it could be a $2 trillion industry by 2022. And it’s not just start-ups.
In 2014, Google paid more than $3bn to acquire smart thermostat start-up Nest, and the company has since built a formidable home automation business around it. Broadband providers, including Comcast, Verizon and AT&T, likewise are all investing heavily in the internet of things.
But consumers have been slow to adopt connected devices, put off, perhaps, by embarrassing security breaches. – Washington Post