So last week, we have learnt about what is Internet of Things and how big is it. (If you have not read about it, click here.)

Let us now see the security breach and other benefits of Internet of Things for business owners as well as consumers.

Benefits of the Internet of Things for business-

Known as the Industrial Internet of Things (IIoT), the benefits of the IoT for business particularly depend on the implementation. The main key being that enterprises should have access to more data about their own products and internal systems for a greater ability to make changes and see positive results.

Manufacturers are adding sensors to the components of their products to collect the transmitted data back about how they are performing. This helps companies to spot when a component is likely to fail and to swap it out before it causes damage. Companies can also use the data generated by these sensors to make their systems and their supply chains more efficient, because they will have much more accurate data.

IoT for Enterprise use can be divided into two segments –

• industry-specific offerings like sensors in a generating plant

• real-time location devices for healthcare

 IoT devices can be used in all industries; could be smart air conditioning systems or security systems.

Benefits of the Internet of Things for Consumers-

The IoT makes our environment, our homes and offices and vehicles smarter, more measurable, and chattier. Smart speakers like Amazon's Echo and OK Google make it easier to play music, set timers, or get information. Home security system make it easier to monitor what is going on inside and outside, or to see and talk to visitors virtually.

Meanwhile, smart thermostats help us heat our homes before we arrive, and smart light bulbs make it look like we are home even when we are out. For consumers, the smart home is where they will come into contact with internet-enabled things. However, many of these innovations could have major implications for our personal privacy. But having a point of view from home applicants, they may be helpful in making older people more independent making it easier for family.

How do Internet of Things devices connect?

IoT devices use a lot of methods to connect and share data – For Houses and offices purpose, use standard wi-fi or Bluetooth Low Energy or Ethernet (if they aren't mobile); for other devices LTE or satellite connections can be used to communicate.

Security and Privacy –

Security is the biggest issue with the IoT. The sensors which are helping us connected to various devices are also collecting extremely sensitive data – For example, what you say and do in your own home. Keeping in mind that the security is supposed to be very vital to gain consumers trust, but so far the IoT's security record has been extremely poor. IoT devices give a very little thought to basics of security.

Flaws in software used are discovered on a regular basis, but many IoT devices lack the capability of securing the data, making it easier for hackers and risking the users’ private life. Hackers are now targeting IoT devices such as routers and webcams because of their lack of security.

With all those sensors collecting data, the IoT is gives a vast privacy headache. It can tell from when your day starts to when it ends; when you wake up to when you sleep by sensing the usage of smart devices timings.

Consumers need to understand the exchange they are making for their comfort and decide if they are happy with that. Some of the same issues apply to business: would an executive team be happy to discuss about a merge in a meeting room which is equipped with smart speakers and cameras?

Now, we can say that IoT device is not any less than a security time bomb.

Just like how every invent has its pros and cons, so does Internet of Things. It is always advisable to consider all the cons before taking the final step. However, Use of minimal IoT devices does no harm rather it might outwit your competitors who provide more facilities but less or no security.