Regulations Needed for IoT to Reach Full Potential
The Internet of Things is becoming increasingly prevalent, but its regulation remains largely lacking. American regulators do not have the best track record when it comes to being proactive in the regulation of technology, and they do not appear to be in any particular hurry when it comes to the Internet of Things (IoT). In fact, there is still some uncertainty about which agency should be tasked with regulating the IoT in the first place.
While the EU has made slightly more progress in this regard, the new cybersecurity rules that have been established there could take several years before they actually go into effect.
All of this is concerning in light of the recent high-profile hacks and other problems surrounding the IoT. Hackers have shown that it’s possible to hack smart meters and create blackouts or to take over the controls of a car, possibly killing people. The potential for devastation is quite high, and healthcare is a particularly vulnerable target.
Last February, a hearing was held by the Senate Committee on Commerce, Science and Transportation to look into IoT regulation, while the House set a resolution to accelerate IoT use in a responsible manner last month. Official and comprehensive regulation still appears to be a long way off, however.
FTC Outlines Security Best Practices
According to a report by the Federal Trade Commission (FTC) on IoT security best practices, devices should have security measures built into them from the outset and offer an in-depth defense strategy with multiple layers of security. The FTC also suggests that employees be trained on the importance of IoT security. Nevertheless, the FTC Commissioner says that his organization is more likely to be an enforcer rather than the one laying out the regulations.
The government is moving slowly on this effort because the bulk of the IoT’s impact has not yet been felt. However, with the IDC predicting the global IoT market will more than double by the year 2020, the time for action is now.