By 2020, the nebulous network of interconnected items known as the Internet of Things (IoT) will include around 50 billion objects, from smart cars to smart homes and beyond, predicts the technology conglomerate Cisco. By then, the IoT market will be worth an estimated $7.1 trillion, according to International Data Corporation.
But not only does global connectedness highlight opportunities, it reveals and amplifies vulnerabilities. In 2013, for example, a large retailer was breached when hackers entered its network via the company's HVAC (heating, ventilation and air-conditioning) system. And researchers recently found their way into an automobile's controls via the vehicle's CD playback system.
Each new connectable technology that hits the mainstream — each new headline about a cybersecurity breach or a climate-change-fueled natural disaster — reminds us how vulnerable our physical and intellectual property is, and just how important a global perspective is for property and casualty insurers looking to protect customers and themselves.
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