The Internet of Things (IoT) describes the ecosystem that has been formed by the increased networking of machines of all kinds.
This is a future-facing development of the internet, where objects and systems are embedded with computing power and are able to communicate with each other.
The ever-increasing networking capabilities of machines includes everyday devices used in the home, office equipment, mobile and wearable technologies, vehicles, entire factories and supply chains and even urban infrastructure.
Until the concept of IoT was introduced, people, process, data and things used to work independently. But now that we have entered the era of coordination of machine-to-machine, people-to-machine and people-to-people, connections have become much easier.
However, information sharing and ease of accessibility via IoT makes businesses vulnerable to targeted cyber attacks, so the huge benefits must be weighed against the growing risks.
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Credit: EY
