It’s 2017. Everyone around you is using smart devices such as cell phones and virtual assistants. Along with these products, people are also using internet-enabled devices such as smart TVs, smart thermostats, smart light bulbs, and more. Even children’s toys can come internet enabled. This is what is called the Internet of Things (IoT).
Most high-level IoT devices such as gaming consoles or cell phones come with relatively high amounts of security to keep people out of your devices. However, many of the lower-level IoT devices such as smart TVs and smart bulbs can be shy of these security measures — whether it’s due to lack of space, lack of time, or lack of functionality in the device. That does not mean that hackers cannot take advantage of these devices, however. In fact, in October 2016 a hacker or group of hackers did just that, taking advantage of countless IoT devices to perform a distributed denial of service (DDoS) attack on a server company named Dyn who serves many websites.
Along with these cyber security fears, companies also often fear being hacked. Remember how HBO was hacked and blackmailed for Game of Thrones episodes? Or, even worse, earlier in the year when Equifax was hacked and millions of Americans were at risk for their information being stolen? The internet can be a scary place, and it’s important to protect yourself and your company against cyber attacks.
If you’re planning to adapt IoT devices into your business strategy or plan to market IoT devices to your customers, it’s important to make sure that those devices are secure. Since IoT breaches can lead to angry customers, you want to take that first step in making sure that your devices (and your customer’s devices) are secure, maintaining your business reputation and keeping your customers safe.
In addition, if your company is involved in developing new or improved products, processes or software in this area, you may be eligible for funding from federal and state research credit programs as well. Call us at 508-842-3232 to find out how.
We’re here to guide you to cost-saving measures that can help grow your business. If you’re ready for a consultation, contact Tax Credit Advisors today. Don’t leave money laying on the table — claim your tax credits today.
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Don't believe the myths - no business is too small to claim their portion of research and development tax credits. We can help you see if money is owed to you at no obligation to you. Schedule your complementary consultation today.