"The IoT threat landscape is expanding rapidly, yet few companies are addressing third party risk factors"
There is a dramatic increase in IoT-related data breaches specifically due to an unsecured IoT device or application since 2017. It has jumped from 15 percent to 26 percent, and the results might actually be greater, because most organizations are not aware of every unsecured IoT device or application in their environment or from third party vendors. Most organizations surveyed have no centralized accountability to address or manage IoT risks. Less than half of company board members approve programs intended to reduce third party risk and only 21 percent of board members are highly engaged in security practices and understand third party and cybersecurity risks in general. Companies will have too take all risks, including IoT risks seriously if they want to lessen the chances of a breach occurring.