Before begining this topic if you are not familiar with IoT then you can read about IoT here.
The Internet of Things (IoT) presents endless growth opportunities for all industries. IoT is already allowing industries like energy, healthcares, homes and automotive, where sensors, robots and other devices are becoming more connected. However, despite the prospect of IoT transforming businesses, implementing an IoT solution can be fraught with complexities.
IoT challenges need to be dealt with effectively, and potential challenges and security issues need to be overcome to ensure IoT success.
The factors that leads to it's disadvantages are :-
Despite being a modern technology from a technical perspective, the reality is that IoT is often fragmented and lacks interoperability.
Overcoming compatibility issues is a significant IoT hurdle, but emerging companies are starting to enable increased interoperability through open-source development.
IoT implementations are collecting large amounts of data that could potentially be sensitive or harmful if exposed. Suppose, in the case of home automation if someone breaches the system, then they would be aware of when i am at home or not which arises the concern of privacy and security.
On the regulatory side, privacy concerns, such as clarifying who can access IoT data and how that data is used, must be addressed to gain trust among the consumers.
The rolling out of IoT projects can be a long and costly endeavour for businesses. They are quite costly and rapid changes in technology means that companies run the risk of any new technology system becoming obsolete even as it is being installed.
Since they are costly they must also ensure that they partner with competent service providers that can meet their technology needs and enable complete solutions.
IoT devices are quite vulnerable to security breaches because of poor design like the example of an automated home. This can have a major impact on company data security, as well as putting costly IoT-related equipment at risk.
For this reason, IoT needs strong authentication methods, encrypted data and a platform that can track irregularities on a network. If we take an exaple of mobile banking generally we aren't reluctant to use it because we know that there is security provided by the bank and we can trust it totally. So if companies are transparent on how IoT data is collected and used, consumer confidence in IoT will also grow.
The potential economic impact and a future of using of IoT is huge, but the journey to IoT adoption is not a seamless one. There are many challenges that face companies looking to implement IoT solutions. However, the risks and disadvantages associated with IoT can be overcome. But most importantly we must be ready to accept change and a way to move with it.