Benefits of Connected Devices Outweigh Risks to New Zealand

Press Release:
Benefits of Connected Devices Outweigh Risks to New Zealand and Australian Organisations: ISACA Survey
More than half of enterprises have plans to capitalise on the Internet of Things

6 November 2013 — More than half (52%) of New Zealand and Australian organisations have plans to capitalise on the increase of connected devices known as the “Internet of Things.” And, 47% have already been impacted by such technology, according to the IT professionals surveyed in ISACA’s 2013 IT Risk/Reward Barometer.

Furthermore, just over one-third (36%) of the IT professionals surveyed indicated their enterprises have already achieved greater accessibility to information due to the Internet of Things, 31% have experienced improved services and 20% have achieved greater efficiency, lower costs and increased customer satisfaction.

Conducted by ISACA, a global association of 110,000 IT security, assurance, governance and risk professionals, the IT Risk/Reward Barometer asked 2,013 IT professionals who are members of ISACA about the risks and rewards of key trends, including the Internet of Things.

The term “Internet of Things” refers to machines, devices, sensors, cars, cameras and other items that are connected to the Internet and often to each other. Fifty billion devices are expected to be connected to the Internet by 2020.*

While respondents from Australia and New Zealand identified significant benefits from the Internet of Things, the risks involved with greater connectivity were also recognised, with increased security threats being the biggest governance concern to 28% of IT professionals. Data privacy was highlighted by 27%, followed by concerns around identity and access, which are most troubling to 17% of respondents.

“There are numerous benefits to greater connectivity, but organisations need to be aware of the increased risks that come with the Internet of Things.  We’re already seeing a distinct rise in cyber-attacks and threats across the board – from accounts being hacked and credit card details stolen to remote entry being manipulated,” said Jo Stewart-Rattray, CISA, CISM, CGEIT, CRISC, FACS CP, Director of Information Security and IT Assurance at BRM Holdich and International Director of ISACA. “Both public and private organisations need to ensure their systems are adequately protected and that they are prepared to deal with the inevitable increase in malicious attacks.”

When asked about the risk and rewards of the Internet of Things for enterprises, the majority of respondents (45%) believe the benefits outweigh the risks. A further 31% believe the risks and benefits are equally balanced and one-quarter think the risks outweigh the benefits. More than half (53%) believe greater internet connectivity is of more benefit than risk to consumers, though respondents do recognise some risk to consumers—particularly not knowing who has access to all the information being collected (38%) and not knowing how it is being used (38%).

“The Internet of Things is only set to grow over the coming years, and organisations need to develop proactive strategies to ensure they benefit from the increase in connected devices,” added Tony Hayes, CGEIT, AFCHSE, CHE, FACS, FCPA, FIIA, International President of ISACA. “However, increased connectivity also opens up a number of security risks, both externally and internally. Organisations need to determine how they will protect the data shared by their devices, while also measuring and communicating the benefits of increased connectivity.” 

5 Steps to Being Agile in a Connected World
ISACA recommends five steps enterprises can take to be agile in the Internet of Things era:

1.       Act quickly; enterprises cannot afford to be reactive.
2.       Govern the initiative to ensure that data remain secure and risks are managed.
3.       Identify expected benefits and how to measure them.
4.       Leverage internal technology steering committee to communicate benefits to the board.
5.       Embrace creativity and encourage innovation.

For full survey results, including related infographics, visit http://www.isaca.org/risk-reward-barometer.

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ENDS

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