A buzz expression that you will hear being thrown around a lot in the technology world at the moment is the Internet of Things. Put simply, the Internet of Things (or IoT as it is commonly known) refers to the connection of everyday objects to the internet and to one another.
IoT is growing at a substantial rate – from 2 billion objects in 2006 to a projected 30 billion by 2020 and IoT 'smart objects' are now being used more frequently in factories, businesses and health care as a means of harnessing vast amounts of data and intelligence which can be used to drive new revenue opportunities.
As with any new technology however, IoT can be quite confusing and daunting, especially when you start to delve into the security and privacy implications.
IT Group experts, Jason Coyne and Tony Sykes, recently took back in a roundtable feature for Risk & Compliance magazine entitled 'The insurance implications of the Internet of Things'.
Alongside David Halliday of Baker & McKenzie and Matthew Lavy of 4 Pump Court, they answered questions and gave advice about the opportunities and challenges that are likely to surface as a result of the rapid expansion of the IoT and the risk considerations organisations shoud be taking.