Whither the Internet Of Things? Markets, as we've repeatedly learned over the past century, are terrible mechanisms for improving the safety of products and services. It was true for automobile, food, restaurant, airplane, fire, and financial-instrument safety. The reasons are complicated, but basically, sellers don't compete on safety features because buyers can't efficiently differentiate products based on safety considerations. The race-to-the-bottom mechanism that markets use to minimize prices also minimizes quality. Without government intervention, the IoT remains dangerously insecure. The US government has no appetite for intervention, so we won't see serious safety and security regulations, a new federal agency, or better liability laws. We might have a better chance in the EU. Depending on how the General Data Protection Regulation on data privacy pans out, the EU might pass a similar security law in 5 years. No other country has a large enough market share to make a difference. <https://www.schneier.com/blog/archives/2017/10/iot_cybersecuri.html>