Seven in 10 security professionals in a recent survey say they believe less than a quarter of smart devices have adequate security, while half say that only one in 10 has proper security.
Almost three-quarters say the biggest challenge facing IoT security is the absence of designing the security in the products.
Consumers would trust IoT devices more if manufacturers introduced minimum security standards and mandatory product recalls, updates or injunctions.
Some 83% believe public disclosure of vulnerabilities is not enough and some form of regulatory action would be more effective in improving IoT security.
Security is also the main concern for almost half of the developers of IoT solutions, with interoperability and connectivity coming second and third, as HOTforSecurity previously noted.
The IoT security budget will rise 23.7 percent to $348 million in 2016 and reach $547 million by 2018, according to a Gartner report.
The survey by IOActive was conducted in March 2016.