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Fortify the IoT With Cybersecurity and R&D Tax Credits
As manufacturers adapt Internet of Things strategies to their business models, they should weigh these two often-overlooked elements.
Nov 05, 2017—
No manufacturer, regardless of size or ingenuity, is immune to technology disruption. The question companies need to ask themselves isn't whether they can afford to invest in the future of manufacturing—it's whether they can afford not to.
The MPI Internet of Things Study, sponsored by BDO, demonstrates the powerful opportunity the Internet of Things presents for modern manufacturers. In 2016, 72 percent of manufacturers improved their productivity and 69 percent increased their profitability thanks to IoT implementation in their plants and processes.
As manufacturers adapt IoT strategies to their business models, our study found they should weigh two elements that are often overlooked: cybersecurity and research and development (R&D) credits.
Laying a Secure Foundation
A data breach can result in angry customers and lost business, particularly if the victim company is deemed cyber-negligent. And for manufacturers that sell to highly regulated industries, including the government, an insufficient cyber posture—even if they haven't had a data breach—can knock them out of the running for new business or result in terminated contracts.
So when exactly should manufacturers begin to prioritize cybersecurity? The ideal moment is during the product conceptualization and design stage, which is when nearly half (47 percent) of manufacturers surveyed look to curb potential security issues. The Department of Homeland Security agrees: In November 2016, the agency ranked "Incorporate security in their design phase" as the first cybersecurity principle for the IoT.
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