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Security Experts Call For Regulation On IoT Cybersecurity
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RickStaples
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RickStaples,
User Rank: Strategist
11/17/2016 | 9:35:51 AM
The Market CAN and WILL fix this
--- "The market can't fix this," said Schneier, because "the buyer and seller don't care ... So I argue that government needs to get involved. That this is a market failure. And what I need are some good regulations." ---

I could not disagree more.  As a 30+ year IT professional I have seen security grow exponentially year over year.  Where was the regulation pushing it?  I don't know anyone who does not have some sort of firewall in their home.  A highly unregulated environment to say the least.  Security is on everyone's mind these days - both buyers and sellers.  I don't understand where Schneier gets the idea that the Free Market won't put substantial pressure to make things secure.  Reputation is everything in a highly competitive marketplace. And, consumer confidence (fear) is a significant driver.

Security is on everyone's mind these days - both buyers and sellers.  I don't understand where Schneier gets the idea that the Free Market won't put substantial pressure to make things secure.  Reputation is everything in a highly competitive marketplace. And, consumer confidence (fear) is a significant driver.

There is too much downside getting the Government involved and little or no upside that the Market can't manage.

IMHO

 

 
Bolgar
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Bolgar,
User Rank: Apprentice
11/18/2016 | 6:21:33 AM
Re: Pending Review
Thank for your article !
anacrophobic
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anacrophobic,
User Rank: Apprentice
12/2/2016 | 3:07:10 AM
Re: The Market CAN and WILL fix this
I think you're missing the depth of what they're saying.  It's not that companies and consumers aren't motivated toward security when they're aware that they need it, it's that companies and consumers aren't aware that they need it.  When someone's hacking your fridge, they're not doing it to negatively impact you, they're doing it to install a botnet, or piggyback off of it to other parts of your network.  These are invisible threats the consumer doesn't see and will never complain about.  Because they'll never complain about it, there's no reputation or market impact to the manufacturer for not doing security.  And because there's no positive market incentive for the manufacturer to properly secure their devices, many won't.  Some larger companies will, only because they've already made the investment in expertise to create other secure devices, but smaller companies won't because there's no positive market reinforcement and a huge negative market reinforcement in terms of cost to build proper security.

Cell phones are a good example, even though I don't generally consider them a part of the "Internet of Things".  Android phone manufacturers could create drivers for their old hardware for newer versions of Android, and Carriers could push OS updates (with those drivers) to older handsets to patch security holes and generally improve security.  But... why would they?  If they did, consumers might start keeping their older handsets longer, as they'd get the features of the new Android OS without having to upgrade.  Sure, they might be wowed by new bells and whistles on the phone, but the new OS is still a draw for some consumers.  So why would the free market encourage manufacturers and carriers to work together to make less money?

The only way this changes, honestly, is if high profile attacks with immediate and visible negative impacts for consumers start to occur.  That would create the consumer drive to implement better security, which would create the Brand Reputation impacts necessary to make security a good thing, rather than a bad thing, for the company's bottom line.  But until the consumer sees the negative impacts of an insecure Internet of Things, securing those devices will remain too expensive for the company.  If you can't quantify how your increased security will improve the company's bottom line, chances are you'll probably not get the management buy-in required to implement your mitigations.  After all, even larger companies have other things, even other security-related things, to spend that money on.
sonam11
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sonam11,
User Rank: Apprentice
4/1/2019 | 9:59:04 AM
Re: The Market CAN and WILL fix this
Thanks for the valuable information and insights you have so provided here.

 

 
sonam11
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sonam11,
User Rank: Apprentice
4/1/2019 | 10:00:09 AM
Re: The Market CAN and WILL fix this
Thanks for the valuable information and insights you have so provided here.

 
Ehanson005
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Ehanson005,
User Rank: Apprentice
11/17/2016 | 2:45:01 PM
Regulation is not the answer
Regulatiuon is not the answer.  The fact is most people dont realize that they are living in a world where they have a complex wired and wireless network inside their own home.  Long gone are the days were a person could be secure with a software firewall on their PC.  With the advent of wireless devices, tablets, phones, televisions etc... that all conntect to the internet through your home network a home firewall appliance is more necessary than ever.  This could be somthing built in to the existing cable or DSL modems and managed by the service provider.
Lily652
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Lily652,
User Rank: Moderator
12/11/2016 | 1:17:15 PM
prayer times

This is the type of information I've long been trying to find. Thank you for writing this information. 



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