The internet of things (IoT) promises unprecedented levels of efficiency, automation and co-ordination, but it will fail if the security risks are not addressed early, a report warns.

Defence against cyber crime is lagging behind the pace of IoT development, with potentially dire consequences for producers and consumers alike, according to the report by Telefónica.

IoT presents significant opportunities for greater control over technology and access to information, but needs to be trusted and secured if it is to realise that potential, the report said.

“Privacy and security need to be raised the moment there is mass, normalised consumption,” said Chema Alonso, global head of security at Telefónica and one of the report’s contributors.

“Let’s not commit the same mistakes of the past,” he wrote in the foreword to the report, which is entitled: Scope, scale and risk like never before: securing the internet of things.

Attackers see “a host of new opportunities” in the IoT, and although IoT devices have limited resources, the challenge needs to be met to ensure security is not sacrificed, said Alonso.

“Let’s understand the problem before it is too late, and guarantee we are able to offer a complete protection plan, taking advantage of all the knowledge that has been developed,” he wrote.