Cisco has challenged the security community to propose practical security solutions and compete for up to $300,000 in prize money as part of its Internet of Things "Security Grand Challenge," according to a blog post by Chris Young, senior vice president at the Cisco Security Group.

Noting that as technology transforms the Internet of Things and offers new ways to share information, creating a new security model becomes critical. Inviting “visionaries, innovators and implementers” to develop solutions that secure the Internet of Things even while preserving the convenience that is its hallmark.

The proposals will be evaluated by a Cisco team of security experts, which will rank them based on criteria such as feasibility, scalability, performance, ease of use, technical maturity and applicability to multiple IT verticals. Up to six recipients will be selected.