Government regulations and impact

A large majority of both decision makers (79%) and consumers (72%) agree that government intervention is important to IoT security. If consumer confidence in IoT security can be improved through government regulations, then this will continue to drive IoT adoption and offer a huge opportunity to organizations; all organizations need to do is take that opportunity.

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Approaching all (96%) decision makers think that there should be regulations regarding IoT security with nearly six in ten (57%) believing regulations to be very important.

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Despite potentially having less knowledge on the subject, a similar proportion (90%) of consumers also think that there should be regulations in place regarding IoT security and that they are very important (53%).

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Of the decision makers who think that there should be IoT security regulations, around half (52%) think that IT, technology and telecoms is an industry for which IoT security regulations are most necessary. Financial services (45%) and business and professional services (33%) are also amongst the industries that decision makers think IoT security regulations are most necessary for, which could be as a result of these industries storing sensitive and personal data.

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Around two thirds (65%) of decision maker respondents who think that there should be IoT security regulations say that the security methods to be used for data storage should be included within IoT security regulations. In addition, just over six in ten (61%) think that who is responsible for securing data at each stage of its journey should be included.

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Six in ten (60%) decision maker respondents think that IoT service providers should be responsible for abiding by IoT security regulations and more than half think that manufacturers of IoT products (53%) or cloud service providers (53%) should be responsible.