"Global Consensus Emerges to Secure Internet-Connected Home and Wearable Devices"
The global market size of the consumer Internet of Things (IoT) is expected to grow from $45 billion in 2022 to $154 billion by 2028. In conjunction with the increasing use of connected devices is the growth in cyber threats as new products introduce vulnerabilities that can lead to hacking and the leakage of personal data. The World Economic Forum's Council on the Connected World established a multistakeholder coalition composed of business leaders, government officials, and technology experts to develop a consensus on baseline security protections in order to address this challenge. The stakeholders agreed on five security requirements for consumer-facing IoT devices, which align with the interests of industry, consumers, white hat hackers, and governments. This article continues to discuss the global consensus to improve the security of Internet-connected home and wearable devices.