The Internet of Things: What Is It and Why Should Internal Audit Care?

Internal Audit and Internet of Things

The Internet of Things: What Is It and Why Should Internal Audit Care?

The Internet of Things (IoT) is evolving rapidly, with a wide array of “smart” systems, mobile apps, personal communication devices and other platforms already networked together. Research firm IDC projects that there will be 30 billion connected things by 2020.1 And to paraphrase Forbesin defining the IoT, if something can be connected to the internet, it’s only a matter of time before it will be.

In an increasingly digital world, internal auditors need to be keen observers of all technological change that could potentially impact the business and its risk profile — a conclusion drawn from Protiviti’s latest round of interviews for our most recent edition of Internal Auditing Around the World. The IoT is exactly that type of disruptive change. Internal auditors therefore must be prepared to quickly identify the signs of IoT change and any related implications to the business model or strategic objectives of the organization.