Cybersecurity investment to reach $400 million due to IoT threats

May 19, 2016

The cybersecurity industry could see a boost in venture capital, thanks to new threats the Internet of Things (IoT) provide to smart homes, autonomous cars, and future factories.

Investment in cybersecurity rose by 78 percent in 2015 to $228 million and Lux Research expects it to reach $400 million this year, in part because of the rapid adoption of IoT devices.

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“Connected consumer and business products have begun flooding the market, but security has been an afterthought. The world now has to figure out how to secure the multitude of things that have recently become connected,” said Lux Research Vice President, Mark Bünger.

Security for IoT systems is critical, especially in situations where an entire grid of devices could be turned offline. Security services are cropping up all across the globe to tackle the issues raised from IoT and a growing reliance on computers handling product management and logistics.

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