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.
The speakers ended the roundtable by affirming the importance of security investment as a way to improve brand value and trust in the market. André Sollner, the Global CFO and Head of Corporate Governance of Wizlynx Group, added, “Recovery for companies from a ransomware attack is not only a question of financials but also brand impact. Investment in security and seeing it as a competitive advantage is where I hope the trend is going. Looking back to the first mobile phones they were completely insecure, and today they are probably more secure than most IT systems, so this is my hope for the future.”
Ramkumar commented, “Building trust is one of the most important steps towards improving the security of connected devices. Companies like Tuya, who verify their products and processes against international security standards through independent third parties, are an example of how organizations can build trust with their customers to differentiate themselves in the market.
As a global IoT development platform service provider, Tuya Smart sees IoT security for customers and end-users as a top priority. Tuya has a strategic focus on data security and has taken a proactive approach to ensure its compliance with privacy protection laws worldwide. Tuya’s holds various third party authentications including the ISO27001/27017/27701 certificates and CSA Star Cloud Security certificate issued by the BSI. The Company has also successfully completed the validation programs for both the GDPR and the CCPA.
Tuya recently organized this roundtable as an effort in increasing industry and public awareness of IoT security. For hardware companies looking to launch IoT devices, the speakers emphasized the importance of addressing security proactively and following the guidance of security by design. The speakers emphasized that while regulations are necessary, the role of regulation is to create a baseline and that a more proactive embedding of security into products is needed with every step of the supply chain.
The roundtable was part of Tuya’s online forum “Global Smart Connectivity: Sharing, Openness, Opportunities,” that featured industry experts and distinguished partners from across the European region, including representatives from Orange, Sharp Europe, Calex, EPS, and UK Aurora. Tuya Smart hast launched a microsite to display discussions from the event and share the expert commentary. To view the security roundtable discussion and other sessions from the event please visit: https://www.tuya.com/activity/eur2021onlineforum
About Tuya Smart
Tuya Smart (NYSE: TUYA) is a leading technology company focused on making our lives smarter. Tuya does this through offering a cloud platform that connects a range of devices via the IoT. By building interconnectivity standards, Tuya bridges the intelligent needs of brands, OEMs, developers, and retail chains across a broad range of smart devices and industries. Tuya solutions empower partners and customers by improving the value of their products while making consumers’ lives more convenient through the application of technology. Through its growing commercial SaaS business, Tuya offers intelligent business solutions for a wide range of verticals. The Company’s platform is backed by industry-leading technology complete with rigorous data protection and security. Tuya partners with leading Fortune 500 companies from around the world to make things smarter, including Philips, Schneider Electric, Lenovo and many others.
