It takes 4-5 years to grant a patent, but the underlying technology that gets patented becomes obsolete in the same 4-5 years. Regulatory lags are creating vulnerabilities that have deep implications for customers, a case in point being IoT.
IoT has become a raging term in short notice. It is not easy to draw clear boundaries as to whether a device can be grouped under it or not. It is easier, however, to summarize the state of security for such devices because it is either non-existent or exists as an afterthought.