The recent IoT Value/Trust Paradox report published by Cisco points out that while most consumers acknowledge that IoT is valuable, few of them are aware how IoT data is managed and secured. It has come to the fore that in spite of the ambiguity of IoT data management, consumers are reluctant to disconnect from IoT services, even temporarily. This report highlights the unwavering commitment consumers’ show towards IoT devices, which has become an integral part of their lives. While many surveys suggest that consumers are willing to trade security over convenience, they also desire transparency and visibility of their own data. In scenarios like this, organizations have to make cumulative effort to resolve this paradox in the best interest of their customers.
As more and more companies are building their businesses around IoT, it is imperative that they understand the value of educating customers how to manage, use, and share IoT data optimally without exposing to threats. That being said, there are various efforts that Cisco suggests can solidify the security measures of IoT-based companies. First off, companies must provide transparency of data showing clearly how it is being used and secured on their end as well as how these measures would aid in improving overall consumer experiences. Secondly, taking granular control of data, governing who gets what data, where, and when is a must. Lastly, companies should evaluate various service providers in their IoT value chain and enforce security standards and requirements to hold each one of them accountable in an unlikely event of a mishap.