FTC Announces $25,000 Cash Prize for Solution to Insecure Consumer IoT Devices

To help address security vulnerabilities from outdated software in consumer IoT devices, the FTC is offering a $25,000 cash prize for the best technical solution, said the agency in a Wednesday news release. Contestants can develop a physical device, which consumers can plug into their home networks to check for and install updates, or an app or cloud-based service, dashboard or other interface, the commission said. Contestants can also add features that "address hard-coded, factory default or easy-to-guess passwords," it added. “Consumers want these devices to be secure, so we’re asking for creativity from the public -- the tinkerers, thinkers and entrepreneurs -- to help them keep device software up-to-date,” said Consumer Protection Bureau Director Jessica Rich. Submissions are due May 22. Winners will be announced around July 27. An NTIA multistakeholder group is also addressing the issue of IoT security upgrades and patching (see 1610190051).