According to industry estimates, there are presently over eight billion of these devices connected to the network, and by the year 2025, this number will rise to over 25 billion. New use cases for network technologies have been made possible by the growing deployment of these devices. IoT systems frequently connect highly specialized devices created for specific purposes with only a limited degree of programmability and customizability, in contrast to traditional cyber systems that connect general-purpose computers. In addition, as opposed to the highly centralized strategy of combining storage and processing capacity in big data centers, IoT systems frequently store and analyze data in a distributed manner. IoT systems are also sometimes referred to as cyber-physical systems because, in contrast to exclusively cyber systems, they also contain sensors that gather information from the real world. From the perspective of security and privacy, the distributed nature and the existence of physical sensors present both new potentials and problems. However, to date, the business world, end users, and the academic world have only recently started to understand what the rapidly expanding deployment of this technology would mean and to research how to get ready for the difficulties presented by this brand-new technical environment.

 The increasingly personal nature of the information gathered is one of the IoT’s most distinctive features. By connecting automobiles to the network, people will be able to follow their whereabouts and how they are driven. The adoption of smart gadgets in houses can provide a wealth of information about the routines and lifestyles of its occupants. Connecting medical equipment to the network can produce a huge amount of private data regarding people’s medical care. A surprising amount of personal information about users of IoT devices can be inferred by interested parties by combining data from various sources and applying predictive analytics to the resulting data. Interestingly, a survey of US consumers indicated that they are the most concerned about the sharing of information that reveals their habits. The frequency with which data is locally saved and processed is another distinction between IoT systems and conventional systems. Because many IoT systems have a low tolerance for latency, they frequently handle numerous data-related tasks locally rather than sending all data to a centralized place, such as a data center. Distributed data processing and storing have both benefits and drawbacks. A single huge repository holding the data of several individuals reduces the possibility of a large, alluring target with a single attack surface that could attract hackers. Decentralized storage also increases the risk that certain locations won’t regularly uphold the required standards of security hygiene. 

Distributed storage and processing rely on the vigilance of individual users to maintain the integrity of the system rather than a single, hardened point maintained by a small cadre of highly skilled security specialists. Additionally, because there is no centralized control, every system architect must consider the fact that the incentives of various system actors will inevitably change. Decentralized decision-making frequently produces results that maximize the advantages of the system, although it does not always do so. In some situations, it may be in the self-interest of one actor to input false data into the system to maximize advantages or minimize costs. Individual actors might decide to differ from their anticipated response to the data even if all actors provided accurate information. IoT systems, therefore, require a method for ensuring the origin and accuracy of data as well as for monitoring whether decentralized decision-makers are operating in a manner that is consistent with the correct operation of the system. IoT is changing the way we perceive the world and interact with it. But it is especially impactful in businesses such as manufacturing where it has ushered in huge gains in efficiency and cost reduction and has led to the creation of new products and services at a fraction of traditional R&D cost and time. Entrepreneurs need help in navigating new challenges as well as navigating an ever-changing business landscape and the current disruption it is causing. And because IoT will change the way we work, there are several things today’s entrepreneurs should consider when preparing for this new paradigm and taking advantage of what IoT has to offer.