The internet of things (IoT) is key to smart cities in order to make them more intelligent, efficient and sustainable. However, digital security investments in smart cities are struggling to keep pace, leaving the potential for future vulnerabilities to the IoT ecosystem, according to a new report from ABI Research.
Smart city security spending coming from financial, information and communication technologies (ICT) and defense industries will account for 56% of the projected $135 billion in total cybersecurity critical infrastructure in 2024, ABI Research forecasts. The remaining 44% of the spending will be split between energy, healthcare, public security, transport, and water and waste sectors. This spending will leave IoT woefully underfunded and vulnerable to cyberattacks.