IoT transforms consumer electronics
IoT in Consumer Electronics Market will be worth US $124 Billion by 2023.
No sector in our economy has been transformed more than consumer electronics. While this revolutionary transformation has been led by smartphones, many of the consumer electronics get smarter by the day. Consumer electronics have led to easy IoT adoption in multiple areas of our lives.
Consumer electronics have become IoT devices
The IoT devices that we use everyday are getting smarter and smarter. Smartphones, home automation, and wearable technology are just a few categories among the deluge of consumer electronics that we consume and interact with on a daily basis.
We as a society use these devices to navigate, update, and interact with a world of user-generated data that is now being mined to provide valuable insights into our interconnected world.
Consumer electronics are the hub of our digital life.
When we have something valuable people will go after it. As the hub of our lives, consumer electronics pose a tempting opportunity for hackers and a threat to the rest of us.
In 2017, a trove of documents were leaked detailing the methods the CIA has used to hack IoT devices and to spy on terrorists for national security. Unfortunately, these documents were made public, which opened up such methods to others who seek to profit from misfortunes.
In 2018, Under Armour’s MyFitnessPal app was accessed by an “unauthorized party.” Payment information was not released, but Under Armour says usernames, emails, and encrypted passwords were affected. More than 150 million consumers information was likely compromised.
Consumer electronics are the first thing we pick up in the morning and the last we put away at night. They have become integral to our lives. As consumers we assume that IoT vendors will make us safe; unfortunately, this is not always true, which is why we started NOVAM.
NOVAM will protect against firmware and software changes on IoT devices, by automatically monitoring and mitigating malware and ransomware.
For more information visit https://www.novam.ai.
For partnership opportunities, please send us an email at [email protected]