The Internet of Things (IoT) is perhaps the most rapidly growing technology in recent years. The accelerated development of IoT technologies is enabling businesses to innovate on a never-before-seen scale, but it is also raising unprecedented cybersecurity concerns. Companies must now find a way to gain a competitive advantage through technological innovation while minimizing the security risks that IoT involves.
Understanding both the advantages and disadvantages associated with IoT systems can help you reap the benefits of this emerging technology, but also protect your business from potential threats.
What is the IoT?
The Internet of Things (IoT) refers to physical objects (or groups of objects) with sensors, processing capabilities, software, and other technologies that connect and exchange information with other devices and systems over the Internet or other communication networks.
Low-cost computing, the cloud, big data, analytics, and mobile technologies enable these devices to share and collect information with minimal human intervention. In this hyperconnected structure, digital systems can record, monitor, and adjust every interaction between connected things. Through the IoT, the physical world connects with the digital world and the two merge seamlessly in an infrastructure.
While the concept of IoT has been around for a long time, only recent advances in a number of technologies have made it functional. These technologies include machine learning and analytics, cloud computing platforms, conversational AI, and access to affordable and reliable sensor technology.
In recent years, IoT has emerged as one of the most prominent technologies of the 21st century, and it is still gaining ground. The IoT is growing rapidly and will continue to influence more and more areas of our lives in the coming years. The global Internet of Things market is expected to reach $437 billion by 2025, with a CAGR of 12.1%. This growth will be driven by the increasing use of location tracking, facial recognition, remote work, video-based applications, and the deployment of 5G technologies.
IoT from a Businesses Perspective
IoT continues to be one of the most interesting technologies for companies that want to succeed in today’s digital world. There are certain opportunities that may only be unlocked through the use of IoT technologies.
As the IoT becomes more prevalent, businesses across various industries are using it to perform more efficiently. From better understanding operations to optimizing processes to developing new revenue opportunities and features that add value for consumers, IoT knows no limits when it comes to innovation. Therefore, how each company uses the IoT in its particular industry and sector is an important choice.
While the IoT opens up tremendous opportunities for businesses, it also presents a number of drawbacks, the most critical of which has to do with security and data protection.
IoT Security Problems
As IoT devices evolve and become more prevalent, safeguarding the data they collect and transmit becomes increasingly challenging. There are 3 ways through which IoT devices can be compromised: by exploiting vulnerabilities of the device itself (memory, firmware, physical interface, web interface, and network services); by attacking the communication channels; and by targeting applications and software.
Another security concern is data privacy, especially when IoT systems are used in more sensitive industries, such as healthcare and finance. Fortunately, more and more data protection laws have come into effect in recent years, that not only raise awareness of the importance of securing data but also legally require companies to do so. A Juniper Research study found that spending on IoT cybersecurity solutions is set to reach over $6 billion globally by 2023. However, integrating encryption and security protocols across a large fleet of IoT devices can be difficult. The cost, time, and effort required to protect all devices can be prohibitive, leading some companies to use inappropriate platforms simply because they are more affordable. But as the IoT grows, so does the attack surface for cybercriminals, and the impact can be far-reaching and costly. So, the challenges associated with protecting the data security and privacy of IoT systems will only increase over time.
It’s hard to ignore security concerns when the number of IoT attacks in the world reached more than $10.8 million worldwide in October 2020, according to a report by Statista. Although according to the same source, the number of IoT attacks dropped to nearly six million attacks in the same month last year, it is still too big to be overlooked.
One of the most common security issues when it comes to IoT devices is represented by weak passwords. Statistics show that many devices have easy-to-guess passwords, such as admin, user, or enable. It would be easy for any hacker or attacker to gain access to these devices.
The lack of regular updates is also a common security issue. When developing IoT devices, connectivity, usability, and creativity are at the heart of the development process. Devices may be considered secure at the time of development, but they become vulnerable when hackers discover new weaknesses. If the software is not updated, IoT devices will become more vulnerable over time, and therefore more susceptible to malicious attacks.
Another important security issue with IoT systems is the lack of built-in data protection. IoT devices are capable of transmitting M2M (machine-to-machine) based communication, but the computing power of many devices lacks the ability to securely store data. When your organization collects or transmits information through an IoT device, the privacy of that information is at risk.
Strategies to Secure the IoT of Your Business
While there are no universal legal requirements for IoT security yet, there are effective action plans you can implement at the enterprise-level to secure your company’s IoT.
Get started with these 3 strategies that target the most common security issues to keep the IoT of your business secure while taking advantage of the opportunities this technology has to offer.
Use Strong Passwords
As mentioned earlier, one of the most common security challenges related to IoT is the use of default, weak passwords. These passwords can be guessed effortlessly and provide a simple gateway for hackers and attackers. Using strong passwords is the first step in protecting your IoT network. Some IoT devices also support multi-factor authentication (MFA), an authentication method that further protects your devices by introducing another layer of security.
Set Up IoT Devices Updates
Never assume that IoT software is automatically updated and able to counter threats. An active update strategy could take you a long way.
Start by installing all required security patches for IoT devices from the very beginning.
Disabling features that are not absolutely necessary is also a good idea. For example, network protocols such as Universal Plug and Play (UPnP) connectivity may be convenient at times, but it also makes it easier for hackers to find potential attack routes.
Monitor IoT Networks
Timely detection of unusual activity is critical to the security of your IoT network. Network monitoring allows you to track traffic across IoT nodes and detect unusual activity before attacks may occur.
Network security management systems provide tools to continuously monitor IoT network traffic, including all connected devices. Monitoring tools also enable security teams to establish a standard for normal network activity. This baseline serves as a guideline for anomaly detection.
