As home security systems become more commonplace among consumers, so does the competition. New innovations and products create competition and some also with security concerns worth noting. Here is the latest rundown of what’s happening in home security systems:
SimpliSafe Makes it UK Debut
Consumers have a new option for keeping their homes safe with SimpliSafe’s DIY home security system. The Boston-based company’s international presence helps it expand its offerings in new markets with less competition. With the U.K.’s rising burglary rates, consumers are looking towards customizable home security systems as a way to protect their homes. SimpliSafe’s home security system also offers an affordable rate for consumers as well as the option to enhance its professional monitoring services with accessories, such as video doorbells and smart locks. This is a strategic move that companies in the home security system category should pay attention to as it presents an opportunity to be an early player in a new market.
ADT Enhances its Leadership with Addition of Former Trip Advisor Executive
Boca Raton, Florida-based ADT enhances its strategic position with a new addition to its executive leadership team by appointing Elliot Cohen as its senior vice president of business development.
ADT created this new role with the goal to support its growth in the security systems market. Cohen is no stranger to technology. TripAdvisor acquired the company he founded, CityMaps, back in 2016. This gave Cohen the opportunity to lead TripAdvisor as vice president overseeing Citymaps. Cohen brings more 20 years of experience in venture capital, technology and real estate to the ADT executive team. Cohen will be responsible for helping the company grow via new segments and revenue sources. Cohen’s addition to ADT is essential for leaders in the home security systems industry to pay attention to as ADT continues to ramp up its offerings and increase its competitive advantage.
Discovery of Zero Day Vulnerability in Smart Home Hub HIghlights Home Security System Risks
A recent zero-day vulnerability discovery in a popular smart home hub puts the spotlight on rare security vulnerabilities in home security systems that have the potential to make a big impact on consumer safety. Google security researcher Matthew Garrett found the vulnerability in the TP-Link SR20 router smart home hub and contacted the makers of the hub with no response. The flaw lacks a patch or resolution. This all-in-one smart home hub and router enables integration, connection and management of smart home security devices and smart home automation.
The vulnerability has the potential to allow hackers to exploit the router and force it to use a connection that lacks encryption.
The discovery of this vulnerability serves as an important reminder to companies in the home security systems sector about the need for enhanced preventative measures to detect and patch vulnerabilities in home security systems and reduce security risks.
Google’s Goof Reviews Potential New Product
Google recent mishap offered a glimpse into what the tech giant has in store for smart hubs and displays. The company’s unannounced leak hinted to the existence of the Nest Hub Max—a potential new Nest product. The existence of this new Nest product was unknown to the public before the leak but shows promise to offer up more competition for players in the home security system sector. While the specifications of the product are not confirmed, the marketing images suggested the smart display may feature security monitoring via a built-in Nest camera with motion and sound alerts. The hub also appeared to feature a 10-inch HD screen and stereo speakers for integration with Nest products. With the popularity of smart home accessories and smart home security systems, a new Nest product with innovative and convenient features will heighten competition in the home security system market.