The “Internet of Things” (IoT) is a revolution with the potential to improve industrial and business efficiency, customer satisfaction, and company profitability. However with new technologies come unfamiliar business risks — risks that must be managed and mitigated.
The IoT consists of a wide variety of data collecting and control sensors that are connected to the internet. These include thermometers, cameras, GPS devices, security devices, sensors and a host of other “smart” devices. The applications for IoT in business are rapidly expanding.
As valuable as IoT systems are, they are also vulnerable. When a device is hacked or fails, there’s usually a business — and sometimes a human — cost to pay. Just a few examples are:
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