The Internet of Things

October 14, 2015

As we rely more and more on network connected devices, our risks increase and diversify.

The evolution of the Internet of Things ( IoT) has the potential to be staggeringly transformational and has already changed the way people live, work and play. Its advantages are numerous and can be life changing and even lifesaving. IoT is only just in its very early stages but is already ubiquitous – though most people are unaware. Much more is still to come. The wave of changes from IoT also brings with it new and more complex risk and problems that have the potential to be highly disruptive to businesses and individuals.

This growing internetwork of “things” is comprised of physical objects with the capability to communicate in new ways—with each other, with their owners or operators, with their manufacturers or with others—to make people’s lives easier and enterprises more efficient and competitive. Possible use cases for IoT are extensive. Already, automobiles, household appliances, biomedical devices and other purpose-built devices are processing data, communicating with each other and performing other automated tasks, such as keeping themselves updated, notifying users of potential repair issues and so much more.

Other, lesser known network connected devices include smart utensils that help to monitor eating habits,[i] smart socks that measure pressure to help improve running performance[ii] and a smart diaper that notifies parents when it needs to be changed. [iii] These examples show that the sky is the limit with where IoT will go.

Only time will tell if these and other seemingly off-the-wall ideas make it or become the next pet rock.