With an expected 500 billion connected devices in 2022, we can't secure the Internet of Things on the device level, said Professor Frank Fitzek at the first day of Electronica 2016 in Munich. Security needs to be implemented at a network level.

Together with the CEOs from NXP, STMicroelectronics and Infineon, Fitzek kicked off the largest electronics trade fair in Europe with a panel discussion on the safety and security of the connected world. They all agreed on one point: without security, there will be no multi-billion dollar IoT market.

Networked critical infrastructure, e-Health, Industry 4.0, smart grids, automated driving. The predicted growth of the IoT is premised on the assumption that domains fundamental to society will become networked. For that to happen, security is essential.

Where opinions among the panelists diverged, however, is how a secure IoT is best accomplished.

Richard Clemmer, President and CEO of NXP, insisted that branding is key. Consumers want to be sure their connected vehicle does not get hacked. They'll go with the brand that has an immaculate track record. 'Security is a requirement to go to market', he said.

'Security is the responsibility of the industry', said Stefan Auerbach, member of the Management Board of Giesecke & Devrient. By forming alliances and aided by the right regulations, the industry should work toward standardization. 'We have global standards for secure mobile transactions', he said. 'As a result, the SIM card has not been hacked even though 5 billion SIM cards are shipped every year. Because of the level of security adversaries don't attack the card itself but the IT systems surrounding it.' G&D has manufactured SIM cards for over 20 years and contributed to establishing the security standards.