The Challenges with Internet of Things for Business

Abstract: Many companies consider IoT as a central element for increasing competitiveness. Despite the growing number of cyberattacks on IoT devices and the importance of IoT security, no study has yet primarily focused on the impact of IoT security measures on the security challenges. This paper presents a review of the current state of security of IoT in companies that produce IoT products and have begun a transformation towards the digitalization of their products and the associated production processes. The analysis of challenges in IoT security was conducted based on the review of resources and reports on IoT security, while mapping the relevant solutions/measures for strengthening security to the existing challenges. This mapping assists stakeholders in understanding the IoT security initiatives regarding their business needs and issues. Based on the analysis, we conclude that almost all companies have an understanding of basic security measures as encryption, but do not understand threat surface and not aware of advanced methods of protecting data and devices. The analysis shows that most companies do not have internal experts in IoT security and prefer to outsource security operations to security providers.