Close To Half of Cos That Use IoT Are Hacked
Close to half of companies in the U.S. that use an Internet of Things network have reported being hit by a security breach.
That’s according to a new report by strategy consulting firm Altman Vilandrie & Company. In a press release highlighting the results of about 400 IT executives across 19 industries, the consulting firm found that anything with an Internet connection can be hacked, creating serious financial and legal exposure for companies and safety concerns for workers and consumers.
The survey showed that 48 percent of firms have experienced at least one IoT security breach. What’s more, the survey revealed the cost of the breaches represented 13.4 percent of the total revenues for companies with revenues under $5 million annually and tens of millions of dollars for the largest firms. Nearly half of firms with annual revenue above $2 billion estimated the potential cost of one IoT breach at more than $20 million, the firm said. Read more…