Cybersecurity skills are more and more essential for executives partly due to the expansion of the Internet of Things (IoT). Billions of devices, from refrigerators and TVs to ceiling fans and vacuums, are being added to the Internet of Things, bringing opportunities but also new vulnerabilities.
According to McKinsey, some conventional estimates show that we may reach 20 billion to 30 billion connected devices globally by 2020, which would be a 100 percent increase. The dilemma is that many of these devices have security risks.
With IoT, security challenges remain an issue through the entire product lifecycle, long after products have been sold. McKinsey conducted a multinational expert survey and the results indicate that, of the IoT-involved experts surveyed, 75 percent say that IoT security is either important or very important and that its relevance will increase. But only 16 percent say their company is well prepared for the challenge.
Learn more about McKinsey’s report and their recommendations for CEOs.