Tuya Convenes High-Level European Roundtable to Discuss IoT Security

DUSSELDORF, Germany, Dec. 15, 2021 /PRNewswire/ -- Tuya Smart (NYSE: TUYA), a global IoT development platform service provider, hosted a high-level forum that included a roundtable with European data security experts to discuss the importance of security, security approaches, and policy implementation suggestions. The expert speakers deliberated recent trends in IoT security, the importance of private-public cooperation, the need for greater public education, and security as a branding imperative. The roundtable featured experts from TÜV SÜD, the German training, auditing, testing, and certification firm; Wizlynx Group, the global cybersecurity provider headquartered in Switzerland; and the British Standards Institution ("BSI"), the institution responsible for producing technical standards and certifications for a wide range of products.

With the rise of connected devices, IoT security is no longer contained to any specific industry or region. According to research by IDC, worldwide connected devices will reach 55.7 billion by 2025, with 75% of them connected to an IoT platform. However, as the number of connected devices has increased sharply, the speakers pointed out that public awareness of the importance of IoT security has yet to catch up. "This is a global issue, it doesn't have boundaries of organizations or market sectors or country. Stakeholders need to realize this is a global problem and embrace it proactively," said speaker David Mudd, Global Digital Product Director of BSI. 

"For security, you need regulation, consensus on best practice, excellence showcasing best practices, and driving things forward. All these things are needed. If you take your clients, investors, and everyone you do business with seriously you need to invest in security by design from the outset," said Mudd.

Looking to the future, the experts were optimistic that with comprehensive public-private cooperation, stakeholder engagement, and education, security will get the increased attention and outcomes that is warranted for this topic. "Compared with four years ago, as an industry, we've moved a long way forward. The next four years are going to be exciting. We'll see money flowing in for the right reasons," said Prabhu Ramkumar, VP and Global Head of Digital Services of TÜV SÜD.