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In the last few years, this emerging domain for the Internet of Things has been attracting the significant interest, and will continue for the years to come. It would be a $20 Trillion Market over the next several years, but Security and privacy are the key issues for such applications, and still face some enormous challenges.
Cisco has announced a global and industry-wide initiative to bring the Security community and Researchers together to contribute in securing the Internet of Things (IoT) and launched a contest called the "Internet of Things Grand Security Challenge", offering prizes of up to $300,000 for winners.
Since Smart devices are growing at an exponential pace with increase in connecting devices embedded in cars, retail systems, refrigerators, televisions and countless other things people use in everyday life and is expected to grow to 50 billion by 2020. So, in an effort to deliver the security solutions necessary to protect the increasing range of connected devices in the Internet of Things, Cisco has challenged security experts around the world.