7 ways to boost cyber resilience in the smart building industry

The document highlights the tension between the energy-saving potential of smart buildings and the increased cyber risks introduced by IoT technology. It notes that 57% of IoT devices are vulnerable to medium or high-severity attacks and that the global smart building market is expected to reach $127.09 billion by 2027. To mitigate these risks, the author proposes seven principles: establishing governance, securing the supply chain, integrating security into product development, increasing awareness, implementing vulnerability handling, adopting risk-based asset management, and complying with standards such as IEC 62443, ISO 27001, and the European NIS Directive.

• Smart buildings are essential for reducing energy consumption to address climate change and population growth, but their reliance on Internet of Things (IoT) technology increases vulnerability to cyber attacks. In the European Union, existing buildings account for 40% of energy consumption.
• The smart building market is experiencing rapid growth, with forecasts predicting it will reach $127.09 billion by 2027 at a compound annual growth rate of 12.5%. However, security remains a critical weakness, as 57% of IoT devices are susceptible to medium or high-severity attacks, impacting critical infrastructure like hotels, data centers, and hospitals.
• To enhance resilience, companies should adopt a lifecycle approach to security, integrating it into initial product design to reduce costs and utilizing independent third-party testing before product release.
• Effective cyber resilience requires a combination of internal governance, supply chain management, and adherence to specific regulatory standards. Key standards for the industry include ISO 27001, IEC 62443, and the European NIS Directive.

APA

Matyukhina, H. S. A. (2021). 7 ways to boost cyber resilience in the smart building industry. World Economic Forum. https://www.weforum.org/stories/energy-transition/7-ways-to-boost-cyber-resilience-in-the-smart-building-industry/

Chicago

Matyukhina, Henning Sandfort, Alina. 7 ways to boost cyber resilience in the smart building industry. World Economic Forum, 2021. https://www.weforum.org/stories/energy-transition/7-ways-to-boost-cyber-resilience-in-the-smart-building-industry/.

Wikipedia

{{cite report |last1=Matyukhina |first1=Henning Sandfort, Alina |title=7 ways to boost cyber resilience in the smart building industry |publisher=World Economic Forum |date=27 July 2021 |url=https://www.weforum.org/stories/energy-transition/7-ways-to-boost-cyber-resilience-in-the-smart-building-industry/ |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{matyukhina2021ways, author = {Matyukhina, Henning Sandfort, Alina}, title = {{7 ways to boost cyber resilience in the smart building industry}}, institution = {World Economic Forum}, year = {2021}, month = jul, url = {https://www.weforum.org/stories/energy-transition/7-ways-to-boost-cyber-resilience-in-the-smart-building-industry/}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }