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The last decade has seen unprecedented development of the Internet of Things (IoT) landscape, enabled by new distributed network technologies. McKinsey estimates that by 2025, the world will own 50 billion networked devices, up 400% from 2010, and contributing US$11 trillion (€10 trillion) to economies.

As IoT botnet attacks continue to grow in size and effectiveness in 2018, the damage they cause will force the IoT manufacturing industry to add stronger security to their products or eventually result in governments addressing IoT security with regulation, according to researchers at WatchGuard Technologies.

Smart devices have arguably made consumers’ lives easier, and as they become more affordable, more of us are investing in the IoT. However, all too often, these smart devices are being manufactured with affordability in mind and security as an afterthought.

By 2020 it is estimated that the global Internet of Things (IoT) market will have grown to more than $1.7 trillion. According to a study by Gartner, by the end of this year alone the number of IoT devices on the planet will have reached more than 4 billion.

In today’s market, segments of the broader IoT ecosystem have been under-served, especially small-to-medium businesses (SMBs) and mid-sized cities. However, this oversight will change over the next several years as these entities seek to embrace the efficiencies and cost reductions that enterprises and government agencies are achieving through IoT implementations.