Cyber insurance premiums could act as a significant driver towards developing standards for the Internet of Things . which could reduce costs and effort . Cyber insurance is still a new business and not likely to adopt data security standards . Therefore , enterprises ' premiums could go up or down depending on whether their insurer recognises their underlying technology . This move towards standardisation could affect hardware designs , data formats and data security . Having standards in place helps streamline the development of the industry , making information and data available to anyone .
Cyber insurance premiums could act as a significant driver towards developing standards for the Internet of Things. which could save costs and effort. Cyber insurance is still a growing business and looks likely to adopt data security standards. Therefore, enterprises' premiums could go up or down depending on whether their insurer recognises their security technologies. This move towards standardisation would benefit hardware designs, data formats and data security. Having standards in place helps streamline the development of the industry, making information and data available to anyone.