Managing Vendor Cybersecurity Risk in IoT Contracting

Use of IoT devices continues to grow exponentially as companies leverage the impressive data collection abilities of technology to drive exciting developments. It is estimated that by 2025, there will be over 64 billion IoT devices in use worldwide. Expansion is further fueled by the remote working environment arising out of the COVID-19 pandemic. Necessitated out of stay-at-home orders and social distancing requirements, vast numbers of workers whose jobs revolve around digital communication devices are logging into systems, and interacting with colleagues and clients, from their homes or other remote locations. As the infrastructure for remote working is implemented and improved, the chances of a return to the pre-COVID-19 status quo becomes less likely.