US networking giant Cisco has put up a bounty of US$300,000 for any company that can offer security solutions for Internet of Things-enabled devices.
Cisco’s Internet of Things Grand Security Challenge is open to anyone who can offer a solution that meets set criteria such as addressing multiple verticals, technical maturity and feasibility, scalability, performance and ease of use.
The company is offering six prizes of between US$50,000 and US$75,000 each.
Chris Young, senior vice president of the security group at Cisco, said: “We’re connecting more of our world every day through smart, IP-enabled devices offering new ways to share information and changing the way we live.
“Yet, as our connected lives grow and become richer, the need for a new security model becomes even more critical.”
The deadline for submissions is June 17 2014, and winners will be announced in the US in autumn.
Internet of Things security is a big issue following the recent first proven spam attack launched from smart appliances, including a refrigerator.