That statement assumes the IoT is only the part that is exposed to consumers. It's also increasingly ICS/SCADA and other M2M technologies that as soon as they connect to the wider web are part of it. As @vdnkh points out below it is not new - just rebranding.
But the implications (especially for security) are huge. Not just because of new bugs or design flaws but also because the momentum (and media frenzy) it creates puts these old (buggy) technologies into the limelight of security researchers. E.g. stuff that was lurking in old protocols suddenly becomes relevant (want to stop a train? https://media.ccc.de/v/32c3-7490-the_great_train_cyber_robbe... ).
There are countless applications not just for BAC but also for logistics, power-grids, industrial automation, e-health, insurance, ... where the IoT is already actively pumping out use-cases, product ideas and actual products.
But the implications (especially for security) are huge. Not just because of new bugs or design flaws but also because the momentum (and media frenzy) it creates puts these old (buggy) technologies into the limelight of security researchers. E.g. stuff that was lurking in old protocols suddenly becomes relevant (want to stop a train? https://media.ccc.de/v/32c3-7490-the_great_train_cyber_robbe... ).
There are countless applications not just for BAC but also for logistics, power-grids, industrial automation, e-health, insurance, ... where the IoT is already actively pumping out use-cases, product ideas and actual products.