The Internet of Things (IoT) has become the front and center pioneer of innovative technology, as well as one of the most popular market trends today. Smart devices that can communicate with each other and provide consumers with remarkable experiences have become widely spread across the world.
Almost every household today has one or a few smart devices, ranging from a smart assistant to smart appliances. In addition, it’s also predicted that there will be around 64 billion IoT devices connected worldwide by 2025. However, as convenient as these devices may be, the cyber threats associated with IoT are also growing alongside the number of connected devices. Here are a few examples of these new threats and how to overcome them.
New doors for cybercriminals
It’s no secret that IoT devices became very popular shortly after they entered the market. Moreover, they quickly entered mainstream adoption by both enterprises and individual consumers. However, security concerns were left unattended which opened new doors for cybercriminals to explore.
This resulted in one of the largest DDoS (Distributed Denial of Service) attacks in the U.S. and the world back in 2016.
As a matter of fact, cybercriminals used the so-called Mirai malware to turn thousands of IoT devices into botnets that will distribute the attack. A regular PC would slow down or glitch, which is the first sign of a potential infection, whereas businesses that leverage IoT could be a part of a botnet network without even realizing it.
Advanced security on both sides
IoT devices have proven to be prone to malfunctions and cyber attacks. Enterprises that leverage these devices to both gather big data and extract valuable information from it or provide a seamless customer experience must make an extra effort to improve their security measures.
On the other hand, manufacturers must work on implementing proper cybersecurity measures into the device design.
One of the ways enterprises can protect themselves and their customers’ sensitive data is by opting for enterprise cloud solutions which will cover all business aspects, including security. With IoT devices being able to process vast quantities of data, there simply needs to be a security measure that will ensure no vulnerabilities are present in both the device and its activity.
Lack of encryption
IoT devices are not the same as computers, laptops or even smartphones we use every day. Even though they’re regarded as smart devices, they lack the capacity, processing ability and storage to properly encrypt the data they process.
This makes it easy for cybercriminals to manipulate the algorithms within the device itself to do their bidding.
Enterprises must find a solution for this challenge or risk a data breach. To make matters worse, even an 11-year-old child was able to hack into one of these devices without too much effort. You can imagine what an experienced cybercriminal can do when an opportunity presents itself.
Free flow for malware
As more IoT devices emerge, it’s estimated that these devices will be able to produce around 600 ZB (Zettabyte) of data annually by 2020. Even though nothing can be stored within IoT devices, they still lack the proper security measures that should’ve been built in from the start.
New devices are being developed with security in mind but the existing ones have flooded the market and there’s no reliable way to patch these devices and their vulnerabilities. With such quantities of information generated end exchanged between IoT devices, malware can freely flow throughout the entire network of IoT devices unnoticed.
IoT devices certainly have the potential to revolutionize the business world but they also pose a major security threat as well. With more devices entering the market, the challenge of overcoming security threats presented by the IoT is becoming greater for all enterprises.