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More than half of Asia-Pacific enterprises plan to capitalize on the Internet of Things

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Sharath Kumar
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ILLINOIS, USA: More than half (59 pc) of Asia-Pacific organizations have plans to capitalize on the increase of connected devices known as the "Internet of Things." Nearly four in 10 (39 per cent) have already been impacted by this trend, according to the IT professionals surveyed in ISACA's 2013 IT Risk/Reward Barometer.

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Furthermore, 35 pc of the IT professionals surveyed in the Asia-Pacific region report that their enterprises have already achieved greater accessibility to information due to the Internet of Things, 32% have experienced improved services, and 24% have achieved increased customer satisfaction and employee productivity.

Conducted by ISACA, a global association of 110,000 IT security, assurance, governance and risk professionals, the IT Risk/Reward Barometer asked 2,013 IT professionals who are members of ISACA-including 343 from the Asia-Pacific region-about the risks and rewards of key trends, including the Internet of Things.

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. Fifty billion devices are expected to be connected to the Internet by 2020.

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While respondents from the Asia-Pacific region identified significant benefits from the Internet of Things, the risks involved with greater connectivity were also recognized, with increased security threats being the biggest governance concern to 38pc of IT professionals. Data privacy was a top concern for 32pc, followed by concerns around identity and access, which are most troubling to 8pc of respondents.

According to Jo Stewart-Rattray, CISA, CISM, CGEIT, CRISC, FACS CP, Director of Information Security and IT Assurance at BRM Holdich and International Director of ISACA: ""There are numerous benefits to greater connectivity, but organizations need to be aware of the increased risks that come with the Internet of Things. We're already seeing a distinct rise in cyberattacks and threats across the board-from accounts being hacked and credit card details stolen to remote entry being manipulated. Both public and private organizations need to ensure their systems are adequately protected and that they are prepared to deal with the inevitable increase in malicious attacks."

When asked about the risk and rewards of the Internet of Things for enterprises, 40 pc of respondents in the Asia-Pacific region say the benefits outweigh the risks. A further 34 pc believe the risks and benefits are equally balanced and one-quarter (26 pc) think the risks outweigh the benefits. Half (50pc) believe greater Internet connectivity is of more benefit than risk to consumers, though respondents do recognize some risk to consumers-particularly not knowing who has access to all the information being collected (40 pc) and not knowing how it is being used (28 pc).

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"The Internet of Things is only set to grow over the coming years, and organizations need to develop proactive strategies to ensure they benefit from the increase in connected devices," added Tony Hayes, CGEIT, AFCHSE, CHE, FACS, FCPA, FIIA, International President of ISACA. "However, increased connectivity also opens up a number of security risks, both externally and internally. Organizations need to determine how they will protect the data shared by their devices, while also measuring and communicating the benefits of increased connectivity."

5 Steps to Being Agile in a Connected World

ISACA recommends five steps enterprises can take to be agile in the Internet of Things era:

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  • Act quickly; enterprises cannot afford to be reactive.
  • Govern the initiative to ensure that data remain secure and risks are managed.
  • Identify expected benefits and how to measure them.
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  • Leverage internal technology steering committee to communicate benefits to the board.
  • Embrace creativity and encourage innovation.

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