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What is the price of security to consumers?

Security, especially data security, continues to be an area of concern for everyone, especially consumers. The Internet of Things (IoT) “brings internet connectivity to everyday electronic devices, allowing them to collect and share data over networks.”  Home security, activity trackers and smart farming are just a few examples of where IoT -enabled devices are being used.

Security will continue to be a concern when specifically looking at IoT products and rightfully so.  They bring “a unique challenge due to the fact that many are low powered devices with limited processing capacity”, they are utilized in uncontrolled environments and each product is very different/diverse in its development and features.  One proposal from policymakers is the role of labeling schemes to “provide consumers with information about the security of a device.”  Research shows that consumers are willing to pay for devices that note enhanced security features, but it is not yet clear how consumers value IoT security next to functionality and also what type if labeling has the biggest impact on purchasing decisions. Learn more

As consumers, we often look at labeling as only the informational necessities of product name, description, and price.  Cybersecurity rating may soon be another necessity for labels and Pragmatyxs is your trusted advisor to help implement rapid labeling changes.