The Internet of Things (IoT) is constantly expanding. Experts believe that by 2020, 50 billion items will be part of the IOT. As expansion increases, connectivity issues increase exponentially because each object is capable of being connected with another object. These connections create ever-expanding networks with ever-expanding security concerns.
IoT security: the problem
The need for security is essential, as the IoT will affect the ways we communicate with each other, our electronic grids, our homes, our transportation systems, our cities, and just about every aspect of our lives. The benefits of IoT can make a vast contribution to society, including energy savings, better health, and a friendlier world. But IoT also creates a huge potential for criminal activities and cybercrime. Each Internet connection is also an opening for a cyberattack on crucial infrastructure components, privacy, financial and personal information, and many other dangers.
The market for IoT security needs is expected to grow by 55% of the next four years. A Federal Trade Commission (FTC) study report, “Internet of Things: Privacy & Security in a Connected World” found that fewer than 10,000 connected homes could create 150 million new entry points every day.
Businesses that use IoT—which is virtually all businesses—need to be aware that, even if their own systems are secure, the IoT systems of their vendors and users may not be. A breach anywhere along the line can cause business failure, data loss, theft, and cessation of network operations.
Issues IoT security professionals are addressing
The issues IoT security companies are the focus on are many. These are just a few:
- Vulnerability to hacking. Security professionals identify new points of attack and the strategies that will be employed to create those attacks.
- Securing all aspects of IoT processes. Protecting the hardware is not enough. Software applications, networks, sensors, and storage systems, among other aspects, must also be secure.
- Public fears. While many consumers are using IoT in everyday transactions, there is a growing concern among the public that their personal information may be breached. IoT security professionals need to reassure the public that the proper security measures are in place to protect against these breaches.
- Privacy concerns. A major concern of many consumers is that their information is being shared—intentionally, as opposed to being breached—by the various vendors and companies that do business with the lead business. With IoT, sharing information becomes much easier – and privacy becomes a much bigger concern. Consumers have a right to be concerned at the risk that their medical information, financial information, personal background data, and other information could be given out to people and companies without their consent.
- Home attacks and eavesdropping. IoT devices are used by consumers to monitor their homes, set their thermostats, and regulate their electricity. With this ability arises the danger that criminals could actually monitor the activities in someone’s house.
Businesses and organizations must prepare for IoT expansion
While most businesses are beginning to appreciate the possibilities IoT brings for new customers, products, and services, they need to be aware of the risks, too. There are too many ways information systems can be corrupted as IoT expands. Companies need the help of experienced IoT professionals who can keep current with the latest criminal strategies and the latest defenses to those strategies. To fully understand the risks and what can be done to prevent and manage them, call Volico at 888-865-4261 and speak with one of our IoT security professionals.
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