Lack of Critical Infrastructure Cybersecurity Investments in Smart Cities Will Seed the Future IoT Vulnerabilities



Urban population is on the rise worldwide and smart city development projects are harnessing the power of the Internet of Things (IoT) to develop more intelligent, efficient, and sustainable solutions. However, digital security investments in smart cities are severely lagging, thus seeding the future vulnerabilities of the IoT ecosystem. The Financial, Information and Communication Technologies (ICT), and defense industries will account for 56% of the US$135 billion projected total cyber security spend in critical infrastructure in 2024, finds global tech market advisory firm ABI Research. The remaining 44% of the 2024 spend will be split between the Energy, Healthcare, Public Security, Transport and Water & Waste sectors – leaving them woefully underfunded and incredibly vulnerable to cyberattacks.

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