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I don't think there is an S in IoT?..

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Right - the saying indicates that IoT stuff is well known for ignoring security.

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Went right over my head :)

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Where I work, the saying is, "The H in ABC stands for Happiness."

(Also, "We're not happy until you're not happy.")

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Thank you for your astute observation. :)

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Exactly

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And the P in IoT stands Privacy, and the Q for quality.

The K, of course, stands for Ka-ching!