IoT Market Growing Amid Privacy Concerns

Chances are, youEUll hear a lot more about the Internet of Things (IoT) in 2015 -- and it might not all be good. Although IoT is clearly gaining momentum, consumers are concerned about privacy and security.

Nearly 65 percent of American consumers are moderately or extremely interested in adopting smart home solutions, according to new research from the Internet of Things Consortium (IoTC). And 71 percent of those consumers buy smart home products and services based on word-of-mouth referrals from people they trust or in-store employee recommendations.

"This survey highlights that IoT is moving towards mass adoption, but that industry leaders must make their connected home solutions intuitive, simple and cost-effective to put into play," said Nate Williams, CMO of Greenwave Systems, a global IoT software and services company. "Consumers don't really care how they manage their smart devices, but they want a frictionless experience -- ideally with a solution that someone else installs for free -- that saves them money and improves their quality of life over the long-term."

Security Threats Emerge

That said, two-thirds of respondents are concerned about privacy. In fact, across age, gender and income, 66 percent of survey respondents express concern about privacy. Researchers say this finding highlights the need for industry participants to mitigate privacy and security concerns to drive the industry forward.

"Data security and identity protection are clearly top of mind for consumers looking at IoT products and services," said Jack Ogawa, Director of Marketing for NXP Semiconductors. "The developing IoT industry has an opportunity to utilize state of the art software and semiconductor technology to set the standard for secure connections, both in the Cloud and in the connected IoT products themselves."

We caught up with Adam Kujawa, head of malware Intelligence at anti-malware and Internet security software firm Malwarebytes, to get his thoughts on...

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