I believe that the biggest security risks of IoT are data exposure, the lack of a standardized framework, and devices being manufactured in multiple ways. Due to more devices being involved in a system, it creates more data that needs to be accounted for and secure. Furthermore, without a standard framework, complications arise in managing the overall system which makes IoT more susceptible to malware attacks. The final risk is how different vendors and companies are manufacturing IoT devices. Having multiple devices with differing configurations can complicate integration into a system by not being suited functionally.

Several challenges need to be overcome within the IoT industry such as the cost of power, effective functionality and availability of devices, and integration into existing IoT systems. With the addition of more devices being connected to the internet, there will be a significant drain and cost of power when IoT devices run on batteries. Moreover, an increase in batteries also affects the environment due to energy waste. A challenge of functionality comes from having to route and connect every device to one system as well as have proper storage. Finally, integrating new devices into an existing IoT system will be a challenge for proper functionality without ruining the overall performance of the system. In summary, several risks come with large integrations of IoT, as well as many challenges that will slow down overall development.

Lawal, & Rafsanjani, H. N. (2022). Trends, benefits, risks, and challenges of IoT implementation in residential and commercial buildings. Energy and Built Environment, 3(3), 251–266. https://doi.org/10.1016/j.enbenv.2021.01.009