Tech companies have pushed smart home devices and technologies for years. And while we’ve finally reached a point where smart solutions are considered mainstream, we haven’t quite reached total adoption. The biggest factors that are holding millions of households back? Privacy and security concerns.
Security: The Final Hurdle
Research suggests that the size of the global smart home market reached US$35.9 billion in 2019. It’s anticipated that the market will scale to $53.45 billion by 2022. But in order for this sort of growth to occur, privacy and security concerns – the last major constraint in the marketplace – must be addressed head-on.
“Smart home devices promise convenience, ubiquity, round-the-clock connectivity and control. But for consumers, security, privacy and reliability matter the most,” Mocana explains. “Nearly 70% of consumers worry about device security and privacy risks. According to Accenture, almost a quarter of consumers postponed buying Internet of Things (IoT) devices and about 20% ‘terminated an IoT device or service’ due to security fears. Thirty-seven percent of consumers have become ‘more cautious when using IoT devices and services.’”
The good news is there’s a proactive push among smart tech manufacturers on both the hardware and software fronts, as well as retailers, to promote greater security and consumer-friendly privacy features. Whether improvements are made sooner rather than later remains to be seen.
Four Security Concerns
With all of the powerful smart home devices, systems, and platforms on the market, there’s so much potential for good. But there’s also the possibility for risks and abuse.
Here are the major concerns homeowners and consumers have:
1. Security vs. Surveillance
In certain situations, security devices may feel more like surveillance devices. This is especially true in rental homes, apartments and other setups where one or more of the residents don’t own the property.
As Green Residential explains, “Video doorbells can keep packages from being stolen, allow tenants to screen visitors, and smart locks are typically more secure than standard tumbler locks. But, while smart home devices can make your property safer, some of those safety-enhancing features are the same ones generating concerns among tenants.”
This will always be a point of contention – especially as facial recognition technology improves. And while the potential for abuse abounds, it’s up to property owners to be smart about how and where they integrate smart home solutions.
2. Device Hijacking
With device hijacking, an attacker breaches the device and effectively takes control of it. Unfortunately, these attacks are hard to detect. Everything looks and functions the same – except for the fact that someone is watching, listening, or accessing data.
Device hijacking is creepy and costly. It can even lead to situations where a hacker leverages personal information against the homeowners. More network and device-level security is needed to prevent these attacks.
3. Data and Identity Theft
It’s not always the direct video or audio feed that worries homeowners. Many are concerned about the trail of data they’re producing and how it can be used against them – particularly with identity theft.
People want to know that devices are only collecting data that’s absolutely necessary. Furthermore, they want to see that the data being collected is safely stored and properly destroyed after its useful life comes to an end.
4. Lateral Attacks
Connected devices can make things convenient for homeowners, but they also increase the risks associated with cyber attacks.
“A compromised smart device often times has enough processing power and memory to house malware that can propagate to other devices on the home networks,” Mocana mentions. “For example, if a hacker gained access to a surveillance camera and reloaded the firmware with malware, like the Mirai virus, that new software program could begin attacking other devices, exploiting vulnerabilities in Microsoft’s operating system to infect personal computers and steal information or install ransomware.”
The burden is on smart device manufacturers and security practitioners to deliver better security on each device. Features like multi-factor authentication are a must in 2020 and beyond.
Adding it All Up
Consumers no longer just want fast, innovative and versatile smart technology. When it comes to their homes, they also want to make sure they’re integrating solutions that are safe and secure. The sooner vulnerabilities and threats are dealt with, the faster demand will grow. This is the last major constraint, and a little improvement will go a long way.