The Internet of Things has the potential to touch nearly every aspect of life, but if it is to grow, then government should approach regulation of the technology carefully, the heads of four associations told federal lawmakers Wednesday.

"Overly prescriptive mandates will stymie growth and become outdated," Gary Shapiro, CEO of the Consumer Electronics Association, told members of the U.S. House Subcommittee on Courts, Intellectual Property and the Internet. "If governments must act, then such actions should be narrowly tailored to address tangible harms without creating roadblocks for future innovation."

The Internet of Things is the term for connecting a wide variety of electronics through networks, from household appliances to wearable tech like smartwatches. However, as more devices become interconnected, concerns are being raised about the loss of privacy and the potential for hackers to do more damage than ever before.

The technology also has the potential for good. Mitch Bainwol, CEO of the Alliance of Automobile Manufacturers, noted that research has shown that adding crash-avoidance technology to vehicles could eliminate up to 80 percent of all crashes involving non-impaired drivers.

"The future of driving safety is bright with promise, and with the right public policies put in place to support connectivity, industry and government, through working together, can advance safe mobility," he said.

Morgan Reed, executive director of ACT | The App Association, focused on the health care implications of having devices that could constantly monitor a person's vital signs. Imagine instead of annual appointments, patients could store a continuous record of vitals in the cloud and share that data with doctors.

"Patients and care providers must also know that their information is private and secure," he said. "Industry best practices around the treatment of sensitive health data, as well as a commitment from government to support these practices, are important to establish trust and push this industry forward."

Dean Garfield, CEO of the Information Technology Industry Council, called for the development of a strategic national plan for the Internet of Things. The plan would include an advisory council with government and private sector members, the creation of private-public partnerships to accelerate the adoption of the technology and the federal government making more broadband spectrum available for network infrastructure.

"The issue we are discussing today has the potential to positively transform our world more than perhaps any development since the invention of the Internet itself," Garfield said.

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