It’s no secret that the IoT market still faces various challenges when it comes to security. The explosive increase in connected devices worldwide has gone hand in hand with a growing number of cyber incidents exposing their vulnerabilities. As the world continues to become more connected, IoT security – and evidence of the security capabilities of IT products in general – will only become more relevant to original equipment manufacturers, end-product manufacturers and service providers alike.
The value of security
From a developer perspective, security may seem complex or overwhelming. Designing and implementing security can be expensive, and it requires specific expertise that IoT manufacturers do not necessarily possess. Instead, they excel at developing their products and services, with the goal of bringing these to the market as quickly and efficiently as possible.
In this process, security is still often seen as a cost rather than an investment. However, the IoT industry is increasingly beginning to realise that security has great value, not just to consumers, but to businesses as well. Moreover, the ability to demonstrate the security features of products and services beyond the statement “Trust me” provides several major benefits. The three main benefits of being able to demonstrate the security capabilities and strength of IT products are outlined below.
Market access
One rather straightforward reason to invest in security evidence is compliance. Products often have to meet requirements imposed by various policy makers, from public to private and from national to international, demanding proof of specific security features and levels of security. In other words: in order to sell to certain parties, developers must demonstrate that their products are sufficiently secure and comply with the relevant standards or regulations. Evidence from security evaluations thus leads to compliance, which here translates into access to market.
Risk management
It’s not just about security compliance. Manufacturers with evidence of the security capabilities of their products will also see a clear return on investment in the area of risk management. It can serve as proof of due diligence, or help avoid security-related recalls – and the financial and reputational risks that come with them.
In addition, security evidence can have financial benefits for businesses in dealing with other parties concerned with risk management. As part of the underwriting process, for example, cyber insurance companies charge lower fees or provide higher liability coverage to developers who can show that their products are sufficiently secure. When a cyber incident happens, auditors will look at the evidence of proactive countermeasures taken by developers to prevent those kinds of incidents.
Market differentiation
Finally, security evidence is a great way for businesses to differentiate themselves in the market. Anyone can claim that their products are secure, after all. In order to keep ahead of the competition, developers need to be able to back up their claims. Offering evidence of the premium security features of their products also allows them to position themselves as a premium brand.
This last reason may be especially relevant for original equipment manufacturers, whose customers usually aren’t security experts themselves. To select the best secure parts and components for their purposes, they must instead rely on their OEM’s claim that the product in question offers the kind of security they need. Security evidence can help OEMs communicate this to their customers.
The next step: security evaluation
Being able to demonstrate that their products are secure can help OEMs, end-product manufacturers or service providers get access to markets; manage their financial and reputational risks; and even set themselves apart from their competitors. It’s a worthwhile investment.
Would you like to make sure that your products meet the latest security regulations and requirements – while still getting them to market in time? Brightsight, the largest independent security evaluation lab in the world, is here to support you every step of the way. With over 35 years of experience in evaluating IT products in different industries and an extensive list of accreditations, Brightsight has a short evaluation and certification timeline to get your products to market in time.