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Key Business Risks Need to be Mitigated for Internet of Things

The way Business operate is changing as a result of digitization. Because it is the fourth manufacturing revolution, this transformation is commonly referred to as the Fourth Industrial Revolution or Industry 4.0. Mechanisation was the first industrial revolution, followed by mass production and assembly lines powered by electricity, and finally, the introduction of computers and automation.

The Fourth Industrial Revolution has arrived, with firms undergoing a digital transformation characterised by automation, artificial intelligence (AI), and rapid technical innovation. With automation and data interchange, such as the Internet of Things (IoT) and the Industrial Internet of Things, industrial processes and machines are becoming smarter and more modular (IIoT).

These smart, always-connected devices give real-time contextual information with minimal overhead, allowing companies and individuals to optimise operations and improve how they interact, work, and live. It’s no surprise that McKinsey predicted that investments in IoT technology will expand at a 13.5 percent annual rate through 2022. The rise of the Internet of Things is contributing to a surge in manufacturing and industrial data.

This information is being gathered and analysed in order to boost productivity, track activities, and improve predictive maintenance. Because IoT and IIoT devices handle so much Business-critical data, companies must take precautions to protect their equipment. Cybercriminals have taken notice of digital, and are looking to exploit IoT and IIoT as weak links in the data chain. Even the finest organisations are challenged by the growing volume of structured and unstructured data created by these devices, as well as their frequently abnormal behaviour spanning worldwide ecosystems.

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