Market research firm Gartner has released a new report which predicts that Internet of Things (IoT) security spending will rise to $1.5 billion this year, a 28 percent increase from the $.2 billion spent in 2017. “In IoT initiatives, organizations often don’t have control over the source and nature of the software and hardware being utilized by smart connected devices,” Ruggero Contu, research director at Gartner, stated. “We expect to see demand for tools and services aimed at improving discovery and asset management, software and hardware security assessment, and penetration testing. In addition, organizations will look to increase their understanding of the implications of externalizing network connectivity.”
In related news, Microsoft announced plans to invest $5 billion in IoT. “The reason we are doing this is simple: Our goal is to give every customer the ability to transform their businesses, and the world at large, with connected solutions,” blogged Julia White, corporate vice president of Microsoft’s Azure cloud computing business.