As corporations across industries look to leverage the Internet of Things (IoT) for improved customer interaction, risk management and more, securing the influx of data from smart devices is becoming a top priority.

Gartner predicts that spending on IoT security will reach $348 million worldwide in 2016, nearly 25% more than was spent last year. Spending is expected to grow at that rate until at least 2020, the analyst firm believes.

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