IoT is Moving Faster Than Regulations Can Keep Up With

Featured blog by Xander Schofield, Independent Technology Writer

The “Internet of Things” or (IoT) is growing at the speed of light and continues to expand at the same pace. According to Business Insider Intelligence, businesses are expected to comprise most of the growth in IoT-connected devices, with almost 10 billion devices being implemented in enterprise applications. Moreover, the number of installed IoT technologies is projected to spike from approximately 4.3 billion in 2015 to 23.4 billion by the end of 2019. With such a massive volume of data being exchanged among business using IoT-connected devices, it seems practical for businesses to determine how this data will be managed and thus regulated for both the short and long term.

How Businesses Can Adjust to IoT Growth

Businesses can adjust to massive IoT growth using log management software. Although there are some native log management functionalities integrated with Windows and Unix, or with networks such as Cisco, they lack the consolidating ability necessary to store data and archive it in an efficient way. However, third-party software that has comprehensive log management, offers integrated data consolidation, archiving, updating, monitoring and reporting that converts log data into insightful information. Some applications can be downgraded or upgraded to accommodate additional devices, networks or log sources with minimal to no configuration.

How Businesses Can Adjust to IoT Regulations

IoT regulations cover a broad spectrum, such as security, data protection, standards, spectrum management, licensing, privacy and competition. Businesses need to proactively familiarize themselves with all regulatory aspects of IoT technology that could significantly impact their infrastructure. A large IP address space is required to identify each connected object as provided by versions 6, IPv6, for example.

Privacy and security are two interrelated issues that need special attention when deploying large-scale IoT. Businesses located in smart cities are especially vulnerable to cyber attacks if there is a lack of IoT security. The suggestion of regulators to businesses found within this environment is to integrate security and privacy functionality into their devices from the launch of the IoT development process to maximize its effectiveness.

In addition, companies developing and operating IoT systems need to conduct pen testing and discern how security vulnerabilities discovered after devices are sold can be fixed during their lifespan. One of the most recent ways cyber attackers are performing espionage is using a drone and a mobile phone’s app (the phone’s app establishes a false access point) designed to divert documents transmitted to a vulnerable Wi-Fi printer. Overall, privacy regulators favor data minimization as a business solution for protecting privacy in consumer IoT devices; this means clamping down on the amount of personal data collected or archived which in turn minimizes the risk of data breaches and/or using data for an unintended purpose(s).

There are a variety of different IoT applications and stakeholders who all have different objectives and requirements. In light of this information, businesses will also need to seriously consider adopting an IoT standard that is accepted on a global scale. Presently, the ITU Telecommunication Standardization Sector (ITU–T) has developed a Global Standards Initiative on Internet of Things (IoT-GSI) to encourage unity amidst a rapidly developing IoT world. There are also application-specific frameworks such as the M/490 Smart Grid reference architecture designed to improve critical security risk-management processes.

The total global generation value of IoT technologies could reach anywhere from $2.7 trillion to $14.4 trillion by 2025. Spurred by the insightful 2015 journal written by Adam Thierer about emerging technology, a few groups are already urgently petitioning policymakers to limit or control IoT technologies due to hypothetically poor privacy or poor security issues that may arise in the near future.