Introduction

The Internet of Things (IoT) is often referred to as an industrial revolution. The amount of connected devices will grow rapidly over the next few years. If there is any disagreement among analysts, it is in the number of billions devices that will be connected. And the value for society is estimated to be in the range of 4 to 11 trillion dollars.In the race for time-to-market, proper security is inconvenient because it adds cost: development cost, component cost and complexity. At the same time, many traditional industries have not been exposed to security issues, but suddenly become hacking targets when their products become smart and connected. Finally, in many markets, having more security than your competitors is the key not to get hacked. The issue is that bad press and major security and privacy issues might temporarily or permanently slow down the adoption of IoT for improving our lives. Many are already skeptical to connect simple devices we rely on in our every day. And security researchers are calling IoT a catastrophe waiting to happen. In fact, quite recently there have been a number of highly publicized hacks that are gaining wide attention, so one could argue that the catastrophe is already on its way.