IoT devices and ‘smart’ products aim to make our lives and homes more comfortable and efficient. For example, a coffee machine that knows when you wake up and brews a pot of coffee seems attractive, but are companies more concerned with innovation than on security itself when it comes to IoT devices and how much do consumers really trust these devices?
Cisco on IoT security perception in user study — “IoT Value / Trust Paradox”
The full article can be found here. In a nutshell though, the “IoT Value / Trust Paradox”, evaluates the ratio of trust versus insecurity with IoT product consumer usage. 3000 participants shared their opinions, beliefs and views on how integrated IoT is into their daily life and how much they trust (do not trust) the products themselves. The study revealed that in Germany, only 9% believed that their collected and shared over the Internet consumer data is safe. This lack of trust and simultaneous necessity for IoT forms the basis for the IoT Value / Trust Paradox.
Cisco’s report reveals that IoT is becoming so integrated into daily life that perceived risk holds less value than the perceived extraction of value from IoT. This means that people are more acceptant to use devices that they believe are not safe and possibly infringe on their privacy because these devices help them live life more efficiently or comfortably.
German participants argued that IoT is too integrated into their lives to give up. 42% said that the Internet of Things is too integrated into their daily lives to disassociate themselves from these devices and service, regardless of the perceived risk.
Across the IoT spectrum, the perceived value of the Internet of Things is quite high — 53% of respondents believe that the Internet of Things makes their lives more enjoyable. 47% also say they can make their lives more efficient with the Internet of Things.
IoT has become a service that we as consumers depend heavily on, however is it also a service that we as consumers cannot trust or are misinformed about. 15% of participants stated that they did not know enough about where their data is going or what happens to it.
Where does your data go?
With every click online, every internet search and every device you connect to the Internet you as a user are generating IoT data.
Data is pooled into large silos that are for the most part unaccessible or sold by large companies for advertising. However, this general lack of data usage is exactly what we at weeve aim to solve. It is our mission to change ownership of user data, empowering the Economy of Things where you as a device owner, and therefore a data generator, have the ability to take back control of your data and even sell it in a safe and trustworthy way on the weeve platform.
We will be releasing more on the weeve technology soon, however, if you would like more details, you can download our white paper that extensively outlines truthful digital data marketplaces through the combination of the Internet of Things and blockchain technology to empower the Economy of Things.
In case you missed it the first time, the full Cisco user case study titled, ‘IoT: lack of trust, but high acceptance’ written by Jürgen Hill can be found here.
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