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Bill Would Standardize Government IoT Security

A recently introduced U.S. Senate bill that’s garnered bipartisan support is one of the first to address the Internet of Things, a booming segment entangled throughout industrial networks, consumer electronics and government infrastructure, among other applications.

IoT is a buzzword that covers any device connected to the internet or that enables machines to communicate with each other.

The IoT Cybersecurity Improvement Act of 2017 specifically takes aim at securing government networks by establishing security standards, such as eliminating nonencrypted passwords; requiring industry-tested encryption in communication, storage and servers; providing a secure way to update IoT devices; and certifying all vulnerabilities are eliminated, patched or repaired.

Government agencies using IoT devices must also maintain updated and accurate inventories.

“We think the legislation proposed can only help bring more awareness to this important issue and improve outcomes for all stakeholders who can benefit from a more secure Internet of Things,” said Shahram Mehraban, vice president of marketing for Lantronix Inc., an Irvine-based networking gear maker that’s initiated several operational and strategic turns in the past year or so to capture more of the IoT market, including government customers.

Jim Hunter, chief scientist and technology evangelist at Greenwave Systems, said he believes the bill is a step in the right direction in securing Internet of Government Things, but that it doesn’t do enough.

“The internet and its stability relies on much more than the IoGT. Many devices that have been ‘zombified’ in attacks are non-secured personal IoT devices, such as cameras and DVRs,” he said. “If a device is not secure, it should not be allowed on the internet.”

The Irvine-based company’s technology allows devices to talk to talk to each other, letting users easily program LED lighting systems, sensors and other products through a smartphone, tablet or web browser, and automate custom settings.

Global IoT sales are projected to hit $7.1 trillion for components and related equipment by 2020, according to Massachusetts-based market researcher International Data Corp. Morgan Stanley estimates that about 75 billion products, such as washing machines, lighting systems and body health sensors, will be connected to the internet by then.

TTM Money Move

Costa Mesa-based TTM Technologies Inc. plans to offer $375 million in senior notes in a private offering that coincides with a recently syndicated $350 million senior secured loan.

The notes, due in 2025, along with the term loan, will be used to refinance TTM’s existing debt of $650 million and pay down its revolving credit line of $80 million.

TTM is the country’s largest printed circuit board maker, with 2016 sales of $2.5 billion, up nearly 21% over 2015. It posted a profit of $34.8 million, compared to a $25.8 million loss a year earlier.

It’s the 14th largest public company in Orange County, with a recent market value of about $1.5 billion.

Beyer to Microsemi Board

Longtime industry executive Richard Beyer joined the board of directors of Aliso Viejo-based chipmaker Microsemi Corp. and will serve on its Governance and Nominating committee.

From 2008 to 2012, Beyer served as chairman and chief executive of Freescale Semiconductor Inc., a chipmaker in Austin that was acquired in 2015 for about $12 billion by NXP Semiconductors N.V. NXP is being pursued by former Broadcom rival Qualcomm Corp. in San Diego in a deal projected to top $38 billion.

Beyer was CEO and director at Milpitas-based Intersil Corp. from 2002 to 2008. He also held executive management roles at Elantec Semiconductor, FVC.com, VLSI Technology Inc. and National Semiconductor Corp.

Beyer, who served three years as an officer in the U.S. Marine Corps, is chairman at Dialog Semiconductor PLC and a board member at Micron Technology Inc. in Boise, Idaho.

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