You probably know much of your financial and other data is stored on the cloud, if you render all your financial manipulations online and post personal information to the Internet. Now this personal information, connected with different devices, potentially poses a new threat to our privacy and can become a massive safety issue soon.
You may have noticed your big data helps different companies to advertise certain goods to you. Your phones and other devices related to your account also add to this. Whenever you go with your phone, depending on your location, you can get notifications about propositions or sales in the shop you are passing. Almost all your online history of purchases constructs your general picture as a buyer and provides a wide range of information about you, from your health condition, financial situation to your address.
There was an instance with Target retail chain that, due to their advertising based on the previous purchases of the girl, her father found out she was pregnant. Target simply analyzed the orders and offered similar production. The same analysis may stop credit card related crimes. However, lots of initially good things can be used with bad intentions. Big data might create more problems in terms of giving credits, jobs, household, and other spheres. Also, it overwhelms you when you realize these gadgets with smart technology can recognize your face or identity.
There was an instance with Target retail chain that, due to their advertising based on the previous purchases of the girl, her father found out she was pregnant. Target simply analyzed the orders and offered similar production. The same analysis may stop credit card related crimes. However, lots of initially good things can be used with bad intentions. Big data might create more problems in terms of giving credits, jobs, household, and other spheres. Also, it overwhelms you when you realize these gadgets with smart technology can recognize your face or identity.
The danger that really exists is the possibility of hackers’ attacks. It is not so likely that the devices in the IoT will join against humanity, but the danger from human beings with bad intentions is real. As you can understand, personal information managed by devices is huge, including cameras, location, and data from different sensors. The possibilities of blackmail, data theft, spying, and breaking systems are real. It gets more serious if you think a hacker has access to your devices and can create an accident in your smart–car or can turn on gas supply when you are not at home. There was a creepy instance of a hacker breaking into baby–monitor system to scare the baby and swear brutally.
Security breaches have been found in lots of small devices, like cameras, monitors, and even light bulbs. Some cannot influence anything, but others possess real danger. A security breach can cost you in loss of your private information or in using your data during another crime to set you up. Companies can also lose lots of money, reputation, private information, patents, and information on projects, which can cause billions of dollars of loss.
Security in the Internet will gain new meaning, and it will be vital for companies to make their devices safe and methods of encryption able to evolve; usual updating of software and continuous support and checks will become crucial for a brand’s survival. However, if the software and devices share one standard, they can share an advanced security system, supported and enhanced by all the companies with relation to connected devices. It makes the system more complicated and secure. Companies can divide the data of users and put different security mechanisms according to the type. Also, users have the right to decide which data can be used, processed, and stored. Some specialists offer another solution: to get only the information needed for the device to function, get rid of the outdated information, and make devices download updates automatically. Also, they want to program such devices to ‘destroy’ themselves, become blocked, or stop working when they are no longer in use, so the information is safe.
The IoT will influence the economy. Related devices can help cut expenses on credit card processing equipment or other technology for businesses of any size. Now, they may need only a tablet or smartphone with an app and internet access to handle their operations. Insurance can also be affected by the IoT, as trackers and sensors give unlimited security possibilities and promise more efficiency and ability to prevent issues or penalize automatically (if it is speed in the car).
The IoT opens great automation possibilities and leads to a new level of companies efficiency. If the defect of the good, equipment, or material can be detected from the very beginning by sensors, it eliminates additional expenses. The information from sensors is always relevant and will save lots of time for proper business decisions. Here, the monetization of data has another meaning, as they can save money having real-time information on preventable problems.
The consequences of automation will be not only the reduction of costs, but also the reduction of working places that involve manned work, like inventory check, monitoring of different activities, and utility checks. However, as it happened in the past, when machines were introduced to the factories, the amount of work doesn’t change; it gets only more complicated and demands more skillful workers. The situation may even turn out in more working places, where the work will be easier due to data collected from sensors. With the emergence of new connected devices, there will be a need to sell them, set them, develop and program them, provide analysis, security and maintenance support. Probably, more IT professionals will be needed to monitor and specialize in many different connected devices. Data centers and cloud services will increase in number and will look for more professionals to cope with the work.
Research was conducted on the cost of IoT, conducted by Machina, if in 2014 it cost 900 billion dollars, in 2024, it can be 4.3 trillion dollars. This number is impressive as this technology costs more than the money many countries have. According to their estimation, it will rise to 6.2 trillion dollars by 2025. The IoT provides huge possibilities, but needs major changes: new hardware and software, new universal standards, platform, changed business activities and processes, wider Internet expansion and its accessibility in good quality, data centers, powerful cloud services, and professionals who know how to support and make it work flawlessly. But it is worth all the investments, as it can multiply money put in it and can make everyday life, business, and manufacturing easier and safer.
If we speak not about its efficiency in the financial sphere, let’s think about homes and constructions with sensors that can predict possible danger, making more profitable choices when choosing the material and decreasing construction waste. As soon as the technology is acquired, we will experience a more organized and even ecological life. For individuals, IoT opens possibilities to get basic things easier, faster, and effortlessly, while developing in a professional field and giving time to things in life that matter or entertain us.
