A recent study carried out by PSA Certified among 1038 decision makers and consultants from all over the world (21% North America, 49% Europe, 30% Asia) found security and product vulnerability were generally perceived as the biggest risk to the successful deployment of digital transformation.
Growth in Internet of Things (IoT) device connection is accelerating. 9% growth in 2021 is expected to reach 22% by 2025. A rate of expansion that has continued despite chip shortages and COVID-19.
However, trust is vital if IoT expansion is to succeed. For growth to continue, this lag must be closed. End users must trust their devices are safe and secure.
High profile hacks, consumer expectations and vulnerabilities from distributed working have led to an increased awareness of security issues. Cybersecurity is now a top three priority for many companies, with 83% of survey respondents stating they now look for specific security credentials when buying a connected product. For true trust to be achieved, these security credentials must be independently verified by means of recognized standards.
While the industry acknowledges the need for trust, there are barriers. The global compliance landscape is often unclear, lacking a common language. In addition, the industry lacks sufficient security specialists. Most survey respondents acknowledged inadequacies in their in-house security provision, creating the need for independent evaluation.
The market is looking for change. The survey found 96% of the market is interested in industry-led guidelines that would create a single language for security and a common set of goals and standards. It also disproved the perception that independent evaluations do not represent value for money. Seven in ten technology decision makers readily acknowledged they charged a premium for products that demonstrate security. At the same time, nearly a third of responders stated end users were now demanding third party certification.
While regulatory compliance remains the primary driver for third-party certification, market demands are shifting. To differentiate their products in a competitive market and engender trust in their products, silicon providers, software developers, system integrators and device manufacturers are now looking to independent evaluation as the ideal solution to IoT security.
PSA Certified is a framework for securing connected devices. Using standardized resources, it creates a common language for security that can be administered across the value chain. It helps developers build trust and enables the differentiation of their product in competitive markets.
Awarded ‘Ecosystem of the Year’ at the prestigious IoT Global Awards in 2021, PSA Certified is scaled to become of the fastest growing, most valued security ecosystems. It provides clarity and integrity and brings maturity to the digital landscape.
SGS Brightsight is the largest independent security evaluation company in the world, with a global network of seven accredited laboratories in Delft, Barcelona, Madrid, Meyreuil, Graz, Beijing and Taipei. As a founding member of PSA Certified, we proactively support the creation of a ‘security-first culture’ for business and the industry.