By: By: Razvan Muresan Some 47% of consumers in 28 countries avoid buying IoT devices because they lack security and pose privacy risks, while 62% think they are too expensive, a survey shows. Security has moved from being a nagging problem to a top barrier as consumers are now choosing to abandon IoT devices and services over security concerns, the report notes. More than two-thirds of the consumers surveyed are aware of the recent security breaches such as hacker attacks resulting in stolen data or malfunction. Out of the consumers aware of hacker attacks and owning or planning to own IoT devices in the next five years, 18 percent decided to terminate the use of the devices and related services until they get safety guarantees. Full Article: http://www.hotforsecurity.com/blog/half-of-consumers-perceive-security-and-privacy-as-obstacles-to-iot-adoption-13218.html
I think a lot of the problem with the price has more to do with perceived value. It's all about WIIFM (What's In It For Me). Why should I pay a premium for and Internet connected toaster? Is it going to cook my toast better or faster? What are the benefits? Obviously, security is a big concern, especially when privacy is involved, the biggest problem with the manufactures however, is that while people want security, they also want it to be transparent. If you have to use three factor authentication (e.g. password, key card and fingerprint scan) every time you want to toast some bread, nobody is going to buy your product.
