86 percent of businesses are looking into IoT adoption

According to a new AT&T Cybersecurity report, 85% of businesses are considering, exploring, or implementing IoT, but just 14% have a formal audit process to understand how many devices they have and whether these devices are secure.

However, findings unveils that only 17% of businesses involve their boards when considering IoT security. Board involvement is crucial - 96% of companies that did involve their boards felt confident in the security of their connected devices.

A single cyberattack could inflict millions of dollars in damage. The annual estimated average financial loss, per cybersecurity incident in 2014 was USD 2.7 million. That is 34% higher than a year earlier. Experts have seen a 458% increase in the number of times attackers scanned IoT devices for vulnerabilities over the past 2 years. The security of these new connected devices is essential.