IoT Growth and Cyber Security

The Internet of Things represents a significant and growing target area for cyber criminals requiring new security controls.

Nigel Pugh · Venture Insights1 November 2017Period: November 20178 min read

Last updated 10 June 2026

18.1 billion↑

Forecasted global IoT devices by 2022

25%→

Companies with a formal IoT security strategy

Locked

Companies covered:EricssonDeloitteBoston Consulting GroupForeScoutWontokSymantecKaspersky

Abstract

This report analyses the rapid expansion of the Internet of Things (IoT) ecosystem and the corresponding rise in cyber security risks. Globally, IoT devices are forecast to grow from 5.6 billion in 2016 to 18.1 billion by 2022, creating a massive increase in potential attack vectors. Despite this growth, 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 surge from 5.6 billion in 2016 to 18.1 billion by 2022.
A critical security gap exists as only 25% of firms have a formal IoT 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.

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Frequently Asked Questions

The global IoT ecosystem is projected to reach 18.1 billion devices by 2022, a significant increase from 5.6 billion in 2016. This rapid proliferation creates a massive volume of new attack vectors that most organizations are currently unequipped to manage.

There is a critical strategy gap in the market, as only 25% of companies have a formal IoT security strategy despite 71% having one for traditional IT. This lack of preparation is a primary driver for the 60% of organizations already experiencing tangible business impacts from cyber compromises.

Security is often compromised by low-cost hardware and limited update capabilities, with 88% of all IoT devices relying on short-range wireless networks like Wi-Fi and Bluetooth. These vulnerabilities facilitate risks ranging from global botnet attacks to major infrastructure disruptions and potential loss of life.

IoT Growth and Cyber Security

Abstract

Key Takeaways

Frequently Asked Questions

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