For a long time, machine-to-machine security has relied on industry-specific technologies and "security through obscurity," resulting in easily hackable systems. 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 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 .