The Internet of Things movement is gaining speed, with the expectation that 80 billion devices will be connected by 2020, according to a new report by IDATE. Research conducted by Cisco reveals that the IoT represents a $14.4 trillion opportunity for businesses in increased revenues and efficiency gains.
But will security and privacy concerns derail IoT growth? The Federal Trade Commission, worried about the security of billions of connected devices, has scheduled a hearing on IoT and privacy for Nov. 19 in Washington D.C. This month, a manufacturer of Internet-connected home security video cameras settled with the FTC on charges that it failed to protect consumers privacy. It was the FTC’s first-ever Internet of Things-related settlement.
“Some companies won’t get it and there will be speed bumps,” says Kevin Ashton, a co-founder of the auto-ID Center at MIT who coined the phrase “Internet of Things” in 1999. “Not many, and they won’t slow things down much, but they will help make everybody adopt best practices to ensure privacy and security for the Internet of Things.”
Dan Caprio, former chief privacy officer for the Department of Commerce, will be the primary speaker at the FTC event, which hopes to hear testimony from industry and privacy advocates regarding the Internet of Things.
Stay tuned to Monday’s edition of the RFID 24-7 newsletter for more information on privacy concerns regarding RFID and the Internet of Things. (Sign up for RFID 24-7 here.)