Nearly half of U.S.-based companies using an Internet of Things network have been hit by a recent security breach, according to new survey data released by strategy consulting firm Altman Vilandrie & Company.

The April survey of 397 IT executives across 19 industries showed that 48 percent of organizations have experienced at least one IoT security breach. It revealed the significant financial exposure of weak IoT security for companies of all sizes, with nearly half of the businesses with annual revenues above $2 billion estimated the potential cost of one IoT breach at more than $20 million.

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