IoT Growth and Cyber Security

The massive growth in IoT devices presents a major increase in attack vectors through which cybercriminals can enter networks.

Nigel Pugh · Venture Insights1 December 2019Period: December 20198 min read

Last updated 10 June 2026

18.1 billion↑

Forecasted global IoT devices (2022)

25%→

Companies with formal IoT security strategies (2019)

Locked

Companies covered:EricssonDeloitteBoston Consulting GroupForeScoutWontokSymantecPonemon Institute

Abstract

This report analyses the expected growth of the Internet of Things (IoT) and the associated cyber security risks to individuals, businesses, and society. Globally, IoT devices are forecast to grow from 5.6 billion in 2016 to 18.1 billion by 2022, with 88% of these being short-range devices. Despite this expansion, only 25% of companies have a formal strategy for securing IoT, compared to 71% for traditional cyber security. The brief explores vulnerabilities such as low-cost hardware, standard passwords, and limited update capabilities.

Key Takeaways

Global IoT device counts are projected to reach 18.1 billion by 2022, a significant increase from 5.6 billion in 2016.
A critical security gap exists as only 25% of companies maintain a formal IoT security strategy despite 71% having traditional cyber plans.
Short-range wireless networks like Wi-Fi and Bluetooth will account for 88% of all IoT device connections by 2022.

stakeholder implications · PDF download

Frequently Asked Questions

The global IoT footprint is scaling from 5.6 billion devices in 2016 to 18.1 billion by 2022. Short-range hardware represents the primary growth engine, accounting for 88% of all forecasted devices.

Enterprise readiness is currently insufficient, as only 25% of companies have a formal IoT security strategy in place. This represents a significant gap compared to traditional cyber security, where 71% of organizations maintain formal protocols.

The threat is already materializing, with 60% of organizations reporting tangible impacts from attempted compromises. Risks extend beyond data privacy to include global botnet attacks and major infrastructure disruption.

The proliferation of 18.1 billion devices by 2022 introduces systemic risk through low-cost hardware and standard passwords. These devices often lack the necessary update capabilities to patch emerging threats, leaving networks exposed.

IoT Growth and Cyber Security

Abstract

Key Takeaways

Frequently Asked Questions

Unlock the full report

Free

Lite

Team