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The $6trn importance of security standards and regulation in the IoT era

March 16, 2020 / ANASIA D'MELLO

We live in an era of digital transformation where more and more devices are connecting to bring new and innovative levels of service and efficiency. This transformation spans across all markets and the rate of progress is breath-taking, says David Maidment, director, secure device ecosystem at Arm.This change brings huge benefits, but it also brings threats in the shape of an expanding cybercrime footprint. Every connected device is a hack potential. Rather than attacking traditional IT equipment, the cybercrime threats start to move to all aspects of our lives. It is predicted that by 2021 there will already be US$6 trillion (€5.37 trillion) of cybercrime damage (Source: Cybersecurity Ventures Official Annual Cybercrime Report), which is a staggering number pinned against financial loss for businesses, without considering the damage to reputation and other harder-to-measure statistics.