The Internet of Things (IoT) broadly refers to devices and equipment that are readable, recognizable, locatable, addressable and/or controllable via the internet. This includes everything from edge computing devices to home appliances, from wearable technology to cars. IoT represents the melding of the physical world and the digital worked, as sensors are not costly and wireless access is now ubiquitous. These days, if a device can be turned on, it can most likely be connected to the internet. Because of this, data can be shared quickly across a multitude of objects and devices, thereby increasing the rate of communications.

According to a recent EY (Ernst & Young) study, Cybersecurity and the Internet of Things, it is estimated that the number of connected devices globally will exceed 50 billion by 2020. Fulfillment of this forecast will give any business, no matter the industry, access to endless amounts of vital, real-time data about their company and customers.

Inside and outside the workplace, IoT has the capacity to greatly change the way we work and live. In terms of economic impact, the McKinsey Global Institute estimates that the Internet of Things has the potential to impact economies up to $6.2 trillion annually by the year 2025.

Unfortunately, there are some pressing cybersecurity challenges associated with IoT. According to a study conducted in April of 2017 by The Altman Vilandrie & Company, nearly half of U.S. firms using the Internet of Things have experienced cybersecurity breaches. The study surmised that the cost of the breaches represented 13.4% of the total revenues for companies with revenues under $5 million annually and tens of millions of dollars for the largest firms. Nearly half of firms with annual revenues above $2 billion estimated the potential cost of one IoT breach at more than $20 million.

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