Despite reservations surrounding the risk and vulnerabilities involved in everything being connected to the internet, the emerging market of the connected home is expanding to include connected living, which combines the connected home, workspace and city. And risk is expanding with it, given the number of service providers that are stepping up to hone in on the opportunity.
According to Frost & Sullivan, over the last decade, digitally advanced home environments have progressed into communication-rich living spaces. This progression has enabled a host of smart experiences for the consumer—energy management, interactive home devices, connected appliances and real time security solutions—among other things. However, this step forward has also allowed unprecedented access to a variety of service providers. In a smart-device world, their networks are opened up via millions of consumer touchpoints.
That means that the current and potential magnitude of threats for connected homes could expose important data not only for home owners, but technology vendors and service providers as well. These are potential damages that consumers should be aware of, and create credible perceptions of cybersecurity through.
"Although meant to enable connected experiences, allowing third parties open access to home networks exposes both the consumer as well as the service providers to the potential vulnerabilities of cyberspace,” noted Frost & Sullivan principal consultant for energy and environment, Konkana Khaund.
Ongoing discussions on industry issues among the members of the Continental Automated Buildings Association (CABA), through its Connected Home Council (CHC) emphasize the need for security against potential connected home threats.
"Connected homes are prime examples of innovative applications of technology that usher in new convenience for consumers," said CABA president and CEO, Ronald J. Zimmer. "Industry however has acknowledged that associated with such convenience is risk. CABA is therefore pleased to commission a research project that will provide industry with insightful intelligence concerning the nature and acuity of these 'cybersecurity' risks."
In lieu of the benefits that connected homes may bring, risks acquired via cyber-threats have the potential to compromise the industry as a whole.
“It is critical to understand that cyber threats require collective responsibility and accountability sharing from all stakeholders involved,” said Khaund.