Research conducted by global IT association ISACA shows that the majority of consumers worry that their information will be stolen. But many still conduct risky behaviours, such as using the same two or three passwords across multiple accounts and websites.

The research also shows a lack of institutional trust amongst consumers across the globe. In particular, app makers did not rate highly (US: 1%, UK: 4%). Employers did not receive a strong vote of trust either but 5-10% of consumers said that they trusted their employers most among the institutions surveyed.

Conducted by ISACA, a global association of 110,000 IT security, assurance, governance and risk professionals, the IT Risk/Reward Barometer examines the risks and rewards of key trends, including the Internet of Things, Big Data and Bring Your Own Device (BYOD). The Barometer consists of two components:

A survey of 2,013 IT professionals and ISACA members from around the world

A survey of more than 4,000 consumers in four countries

The term “Internet of Things” refers to machines, devices, sensors, cars, cameras and other items that are connected to the Internet and often to each other. CISCO estimates that there will be 50 billion connected devices that make up the Internet of Things by the year 2020.

In the US, where Internet of Things devices are readily available, fewer than one in five Americans (16%) are aware of the term “Internet of Things”. Yet many have used Internet of Things devices, such as a GPS system (62%), electronic toll devices on their cars (28%) and smart TVs (20%).

IT professionals worldwide say the benefits of the Internet of Things are many. In fact, about half (51%) of institutions have plans to capitalise on the Internet of Things and 31% say their enterprises already have benefited from the increased access to information it provides. More than half say they hope to achieve greater efficiency and increased customer satisfaction as a result of the Internet of Things.

Increased security threats are perceived as the biggest governance issue (38%), followed by data privacy at 28%.

“In today’s broadly connected digital world, an increasing number of everyday objects have the ability to collect and transmit data through the use of embedded devices or sensors that connect with networks. These devices have the potential to reap numerous rewards, such as greater efficiency and customer satisfaction. However, the Internet of Things poses a number of risks as well, such as more entry points for hackers, espionage and theft of intellectual property,” said Vladimiro Comodini, President of ISACA Malta Chapter. 

“The rapid increase in connectivity, via the Internet of Things, is fundamentally changing the way we live, work, play and behave. What this survey clearly shows is the shift in perception about risk and privacy as the world becomes increasingly connected,” said Comodini. 

For full survey results, including related infographics, visit www.isaca.org/risk-reward-barometer.