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Smart grid will remain the dominant application segment, followed by home & building
automation.

Demand for IoT security products will be highest in manufacturing and healthcare, with these
two industries collectively accounting for US$ 3.37 Bln revenues in 2018.

Western Europe, another lucrative market for IoT security products is projected to witness 9.1%
y-o-y growth and reach US$ 2.30 Bln in revenues.

As is the case in the North America market, smart grid will remain the leading application
segment.

Demand from manufacturing sector will sustain growth, whereas sales in healthcare will
increase at the highest y-o-y percentage.

IoT Security Shouldn’t be an Afterthought

In early 2017, the United States Department of Homeland Security identified a cybersecurity
flaw that can let hackers take control of a person’s defibrillator or pacemaker remotely.
Transmitters on implanted devices, which were used to send data to physicians through the use
of IoT technology, showed vulnerabilities that could be exploited by hackers.

By depleting the battery of these implanted devices, hackers can alter pacing of a person’s
heart, which could be highly-fatal.

Susceptibility of IoT devices to cyber attacks remain a key area of concern for businesses and
vendors.

Key factors why businesses are spending on IoT security include:

• Employing the Security & Vulnerability Management (SVM) model for detecting loopholes
in networks, way before hackers get a whiff of it

• Limiting the connectivity of IoT devices through endpoint security

• Managing messages, sensitive data, and authoritative information by monitoring emails and
web activities within an enterprise

• Using the Identification and Access Management (IAM) model to identify intruders and
barricade their entry by tightening up the access from all viable posterns

Bayshore Networks, Senrio and Cisco are at the forefront of expanding their presence on global
market by offering effective solutions on IoT network security.

64 Cyber Warnings E-Magazine – July 2017 Edition
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