Cybersecurity concerns are major barriers to the success of the Internet of Things. Sourcing and vendor management leaders must ensure that cybersecurity policies address the risks of IoT and, by working closely with procurement teams, create an approved list of IoT providers.
Impacts and Recommendations
- Existing cybersecurity policies and procedures will undergo changes to support the adoption of the IoT, introducing new cybersecurity challenges for sourcing and vendor management leaders
- Increased competition will drive enterprises toward rapid adoption of the IoT with shorter procurement and sourcing cycles, leaving less time for sourcing and vendor management leaders to address cybersecurity
- Fragmented demand and a proliferation of suppliers, coupled with faster supply chain expectations and a myriad of IoT products, will increase sourcing complexity related to cybersecurity for sourcing and vendor management leaders in stitching demand and supply together
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