This research on LinkedIn highlights some of the risks and challenges in the world of IoB. Since the most important input in IoB is the all-pervasive data collected from the IoT device/ consumer handheld or social dust, many times the data is collected unobtrusively at random, and without the express knowledge or approval of the customer. This coupled with lack of mature frameworks for data use and navigation, humongous sensitive personal and financial data, potential cyber risks and ever-increasing sophistication of hackers and cyber criminals, has also contributed to the rise in phishing and ransomware incidences. In the near future, Quantum Computing’s ability to instantly decrypt or break Public Key Encryption could also pose big risks and threats.
It also remains to be seen as to how the IoB ecosystem would evolve in the light of the EU GDPR, NIST and other privacy and security guidelines. There would certainly be different considerations and impacts across countries. Enterprises would also be wary of the significant fine and penalties for breaches and leakage of customer sensitive data, especially in the COVID times.