IoT – What is it, Do I use it, and what are the risks?

The term “Internet of Things” (IoT) is perhaps the biggest buzzword, in the telecom industry, with the worst name. Its predecessors “telemetry” and “machine-to-machine” (M2M) were much better descriptions of what “IoT” actually is.

So what is IoT?

At its core, the Internet of Things (IoT) refers to the concept of connecting everyday devices to the Internet and each other. You are probably interacting with IoT and not even realizing it by wearing wearables, using smart home devices (i.e. Alexa – I just found out Alexa will tell you what sound every animal makes), and perhaps even partaking in remote healthcare (rising in popularity since Covid).

AIoT is a new addition to the IoT landscape combining AI and IoT technologies, where IoT devices collect vast data and then AI processes it to deliver insights and automate tasks. I believe this to be the future of IoT and we are just now seeing the impact of AI. More on that in a bit.

Although IoT brings us automation and simplifies our lives, there are inherent risks involved.

Security is a big concern. Many IoT devices come with vulnerabilities that cybercriminals can exploit. Weak passwords, outdated software, and the lack of encryption are the usual suspects here.

Privacy is another major issue. With the vast amounts of data being collected, often in real-time, there’s always a question of how this data is being used, who has access to it, and what they’re doing with it.

Data management ties into privacy and security fears. Most of the data from IoT devices ends up stored in the cloud, which can be vulnerable to hacked passwords and data leaks. Many of us have had our data leaked in some form.

It’s easy to focus on the hardware when thinking about IoT, but the software behind these devices is just as important, if not more so. Software is what processes your data, delivers analytics, and makes predictions. Keeping your software up-to-date and secure is essential to ensure everything runs smoothly and safely.

Being vigilant in ensuring firmware is updated and using strong passwords will mitigate the risks. Treating this no differently than your phone or PC security will allow you to enjoy all the benefits that IoT offers.

What I am most excited about with IoT?

There are many things to be excited about in the future of IoT, such as Smart Cities (they will eventually be more rampant), Retail behavior, and Transportation.  However, what I am most excited about is what AIoT can potentially do for the Healthcare sector. When I think about remote patient monitoring, I believe this will morph into predictive diagnostics that could help prevent illnesses before they occur, or at the very least, find them quicker than ever previously thought possible. 

Just how big of a role does IoT play in our everyday lives?

Now that we know more about IoT, the importance, and the risks involved, let’s look at some eye-opening statistics on the industry:

• In 2000, considered the infancy of IoT, there were an estimated 200 million connected devices globally.
• In 2030, there is a projected 100 Billion (yes that is Billion) devices that will be connected.
• The IoT market is expected to hit $14 Trillion by 2030.
• You are already seeing a huge expansion in job creation around IoT, such as cybersecurity, data analysis, and system integrations, which makes sense because these are the industries that can help reduce the vulnerabilities in IoT.