With an installed base of 44 billion connected devices projected for 2023, the amount of data and information generated and shared will reach zettabytes of data, according to ABI Research.

“Much of that data will be sensitive, whether about an individual’s privacy or confidential business information. As such, it presents a lucrative opportunity for threat actors, as data has become a highly commoditized asset in modern societies.

“Add to that the potential of harnessing unprotected IoT devices for botnets, denial-of-service attacks, or even holding them hostage to ransomware, the imperative for security cannot be ignored,” emphasizes Michela Menting, Digital Security Research Director at ABI Research.