Trend Micro Survey Confirms A Disregard for the Risk of an IoT Breach and Finds Loss of Trust As Biggest Potential Consequence

LONDON–(BUSINESS WIRE)–Trend
Micro Incorporated
(TYO:
4704
;
TSE: 4704
), a global leader in cybersecurity solutions, today
released survey findings that show businesses are most concerned about
losing customer trust in the event of an Internet of Things (IoT)
related cyber attack, however they remain unprepared. The survey, which
was issued to 1,150 IT and security decision makers across the globe,1
indicates major discrepancy between the investment in IoT systems and
security to protect them.

As the growing number of connected devices opens businesses up to
additional cyber threats, close to half (43%) of IT decision makers and
security decision makers say that security is an afterthought when
implementing IoT projects (peaking at 46% in Germany). In addition,
while nearly two-thirds (63%) agree that IoT-related cybersecurity
threats have increased over the past 12 months (rising to 71% in the UK
and the US), only about half (53%) think connected devices are a threat
to their own organisation (75% in Japan).

Additionally, the results suggest there could be minimal testing taking
place ahead of implementation to ensure new devices added to corporate
environments are secured. The survey also showed businesses are
experiencing an average of three attacks on connected devices in the
last 12 months. Thirty-eight percent of those that have already
implemented, or plan to implement, an IoT solution enlist security
decision-makers in the implementation process. This falls to one in
three for smart factory implementation (32%), with a similar proportion
enlisting the help of security teams for the roll out of smart utility
(31%) and wearables (30%) projects. This suggests that a significant
proportion of businesses globally could be unwittingly opening
themselves up to a range of threats.

“IoT systems are the future for businesses and many new types of
connected devices are being introduced to corporate networks,” said
Kevin Simzer, chief operating officer, Trend Micro. “While this is
beneficial for business operations, the embedded operating systems of
IoT devices aren’t designed for easy patching, which creates a universal
cyber risk problem. The investment in security measures should mirror
the investment in system upgrades to best mitigate the risk of a breach
that would have a major impact on both the bottom line and customer
trust.”

Security, responsibility, reputation, and business impact

According to businesses, the top consequences as a result of a breach
include loss of customer trust (52%) closely followed by monetary loss
(49%). Despite the recent introduction of GDPR making it top of mind for
many, the following consequences were ranked significantly lower. Some
of the areas businesses think an IoT breach would impact are:

  • Customer trust (52%)
  • Monetary loss (49%)
  • Loss of personally identifiable information (32%)
  • Being fined by regulators (31%)
  • Breaking data security regulations (28%)

With breaches having the potential for a significant impact on business
operations – such as jeopardising GDPR compliance or taking critical
networks offline – the research confirms that cybersecurity cannot be an
afterthought and it must be key to the IoT implementation process from
the offset.

Simzer at Trend Micro continued: “The significant investment in this
technology across the globe is testament to the fact that IoT solutions
can bring many advantages to businesses. But if security is not baked
into the design of IoT solutions, and SDMs aren’t involved in the IoT
implementation process, businesses could face damages far greater than
the benefits this connected tech delivers.”

The findings show significant investment is going toward IoT systems,
with businesses spending over $2.5 million on average each year. Given
the substantial financial investment, and the significant impact to
organizations that could come from a cyber attack against these systems,
security must be equally prioritized to mitigate this risk.

About the research

The findings are based on joint research with Vanson Bourne. Between 1
April and 25 May 2018, 1,150 online interviews were conducted with IT
and Security decision makers from businesses with 500+ employees in five
countries, including USA, UK, France, Germany and Japan. Respondents
held either C-Level, senior management or middle management decisions,
and work in organisations operating in multiple sectors, including
retail, financial services, public sector, media and construction.

About Trend Micro

Trend Micro Incorporated, a global leader in cybersecurity solutions,
helps to make the world safe for exchanging digital information. Our
innovative solutions for consumers, businesses, and governments provide
layered security for data centers, cloud environments, networks, and
endpoints. All our products work together to seamlessly share threat
intelligence and provide a connected threat defense with centralized
visibility and control, enabling better, faster protection. With more
than 6,000 employees in over 50 countries and the world’s most advanced
global threat intelligence, Trend Micro secures your connected world.
For more information, visit www.trendmicro.com.

About Vanson Bourne

Vanson Bourne is an independent specialist in market research for the
technology sector. Their reputation for robust and credible
research-based analysis is founded upon rigorous research principles and
their ability to seek the opinions of senior decision makers across
technical and business functions, in all business sectors and all major
markets. For more information, visit


www.vansonbourne.com

.

All product and company names herein may be trademarks of their
registered owners.

1 Research carried out by Vanson Bourne with 1,150 IT and
Security decision makers across five countries, including USA, UK,
France, Germany and Japan, between 1 April and 25 May 2018.