Security in the world of IoT (Internet of Things)

IoT happens to be the latest buzzword but there's a lot more to it than just a fancy name. We talk to Santosh Pillai, Director and Chief Technology Officer of 2020 Imaging India Ltd., about the more pressing matters around IoT, mainly focusing on its security aspects.
Digit: Looking at the IoT landscape in its current form, it is quite evident that there is a lack of standardization in terms of security protocols. Every device manufacturer is coming up with own implementation. To offset costs, compromising on security seems to be an avenue since there is nobody to keep an eye out. Even the FCC only recently overhauled RF rules (link) after 17 years. How long do you think it will be before a proper framework is established?