Why Compliance is needed for Internet of Things?

The Internet of Things (IoT) is a relatively new concept that has been coined and is now commonly used in the field of Information Technology (IT). This concept is defined as many things, but the simplest way to describe IoT is as the culmination of all of the new devices, systems, applications, technology, etc. that are connected and can transmit data without the need of a human or computer. This developing industry is expected to have billions of devices interconnected in the next few years. This growth is happening in all branches of traditional IT. Different divisions of IT, such as the financial division or medical division of IT, are already moving to the IoT. While this technological advancement is conceptually astounding, just like anything new in the world of IT, there arise many questions about the security of, or lack thereof, IoT. The main purpose of this paper is not to come up with a solution to the lack of security compliance of IoT but identify that the lack of compliance laws for IoT is a problem and that traditional IT compliance laws do not work for the IoT unless modified. Instead, new compliance standards should be established to cover the subject of IoT.