One critical question explored by IoT providers is “To what degree are consumer fears about data security inhibiting adoption of smart home products and services?” While consumer concerns are sometimes overridden by an even stronger penchant for technology or convenience, the level of a consumer’s security concern has a strong logical connection to purchasing behavior.

Turning to consumer views, Parks Associates data indicates that 44% of U.S. broadband households are “very concerned” about hackers getting control of connected devices. Since adoption is growing year-to-year, albeit slowly, these concerns are not yet enough to dissuade early adopters of the value of smart home technology. These concerns may, however, be slowing the adoption rate if they serve as a barrier to wider mass market acceptance. In addition to measuring consumer attitudes about hacker threats, Parks Associates also measures consumer attitudes toward companies that collect and manage their data.

Over 60% of consumers prefer to “keep tight control” over access to their data (Figure 1). A similar portion believe it is impossible to keep data private from the companies from which they purchase goods and services. Many consumers generally do not trust companies with their data, nor do they believe they receive adequate value for sharing data. Thirty-seven percent do not trust companies to keep their data safe, and 26% do not believe they get a lot in return for sharing access to data.

What solutions exist to address each attack vector of vulnerability? Business opportunities from security solutions exist throughout the value chain. Starting at the base of the value chain, semiconductor manufacturers have the opportunity to bake security into the hardware of IoT devices. Networking protocols are critical to securing the home network as they determine the security of data in motion among end devices and to/from devices to/from the controller or IP access point and beyond security software applications. The product portfolios of the leading security software application developers include layered solutions for cloud, ISP networks, home networks, and endpoints.

Moderated by Patrice Samuels, the CONNECTIONS™ this session at Parks Associates annual CONNECTIONS Conference, Data Security and Privacy: Empowering Consumers, takes place on Wednesday, May 22 from 1:15 p.m. to  2:15 p.m.. Speakers include:

• Marcio Avillez, SVP of Business Development, CUJO AI
• Dan Berte, Director, IoT, Bitdefender
• Gary Davis, Chief Consumer Security Evangelist, McAfee
• Paul Palmer, Director, Business Development, Consumer Business Unit, F-Secure Inc.
• Moti Shkolnik, Co-founder & CEO, Firedome

For more information visit  www.connectionsus.com