Cisco has launched a new competition and is calling on "visionaries, innovators, and implementers" to propose practical solutions for issues affecting security of the Internet of Things."We’re connecting more of our world every day through smart, IP-enabled devices ranging from home appliances, healthcare devices, and industrial equipment. These new connected devices are offering new ways to share information and are changing the way we live," says Christopher Young, senior VP for the security group at Cisco "Yet, as our connected lives grow and become richer, the need for a new security model becomes even more critical. It requires that we work together as a community to find innovative solutions to make sure that the IoT securely fulfills its potential and preserves the convenience that it represents."Young announced the Challenge last week in his keynote address at the RSA Conference , and has offered more details in a blog post The Internet of Things Security Grand Challenge has a prize pot of $300,000 - a maximum of 6 winners will receive awards from $50,000 to $75,000. Also good to know that all participants will have an opportunity for additional collaboration with Cisco beyond the challenge.The proposals' feasibility, scalability, performance, and ease of use will be assessed by an evaluation panel consisting of five Cisco engineers and scientists, including Dave Evans, the company's Chief Futurist.The deadline for submissions is June 17, 2014, and the winners will announced and their solutions showcased at the Internet of Things World Forum this fall.