Cybersecurity Impact on Smart Home Growth

A whitepaper by Dr. Wacks
written as
Contributing Analyst to Parks Associates

Abstract

The press regularly reports incidents where consumer data have been lost or stolen. Consumers are concerned about data breaches. The term cybersecurity has been the common label for protecting the transmission of consumer data.

Product developers may offer features that depend on consumers providing personal data. Privacy protection is no longer an abstract concept but can be enabled with appropriate policies, technologies, and products.

There are emerging standards for technologies that allow consumers and service providers to choose and enforce cybersecurity and privacy options. It is now up to designers and manufacturers to incorporate these technologies into products and for service providers to offer privacy choices with opt-in provisions.

Consumers need products with technology that can protect security and privacy. Building in cybersecurity during product design and monitoring system operations for cybersecurity breaches are less costly for manufacturers than fixing problems later and compensating consumers for breaches.

Cybersecurity vulnerabilities influence purchase decisions. Manufacturers who embrace new and advanced cybersecurity measures will be differentiated from competitors and gain a key advantage in reaching out to consumers in this crowded market.

Click here for the Parks Associates whitepaper.