Smart cities’ are harnessing the Internet of Things (IoT) to make more intelligent, efficient, and sustainable transport and other services. However, digital security investments in smart cities are severely lagging thus seeding the future vulnerabilities of the IoT ecosystem, it is claimed.
The Financial, Information and Communication Technologies (ICT), and defence industries will account for more than half, 56pc of the US$135 billion projected total cyber security spend in critical infrastructure in 2024, finds the market advisory firm ABI Research. The remaining 44pc of the 2024 spend will be split between the energy, healthcare, public security, transport and ‘water and waste’ sectors – leaving them woefully underfunded and incredibly vulnerable to cyberattacks, according to the research report.