Devices such as smartphones, smart TVs, fitness trackers, personal assistants, and even smart fridges are all examples of internet-connected devices. IoT has become a part of your daily life, providing remote control and monitoring of devices.
While more connections lead to convenience and power, they also lead to various kinds of security issues.
As more devices are connected, the risks associated with IoT security continue to grow. It is no surprise that the IoT security industry is growing just as fast. [IoT security market size] (https://www.gmiresearch.com/report/global-iot-security-market/
) estimates say that by 2032, it will reach 106.5 billions dollars (GMI Research). The simple truth about the growing industry is that we need more protection for connected devices.
Understanding IoT
Digitization of everyday objects/ devices allows for the collection of data, sharing of information, and autonomous response to certain actions. For businesses, this automation will lead to increased efficiency and decreased costs. For the consumer, it will lead to a smarter and more seamless service.
Although connected products can appear to be as simple as a connected Wi-Fi chip, it is more complicated. Each device leaves a new opportunity for cyber threats. Many businesses will rush to market without considering a comprehensive security focus and that is where issues will start.
Industry Problems
Encryption is Weak
A large number of IoT devices are made with unprotected data encryption. It is easy for a hacker to manipulate as private information is easy to steal.
Inadequate Testing and Infrequent Updates
In the rush to get their products to market, the security testing that the product goes through is often incomplete, leading to greater exposure to vulnerabilities that aren’t even patched in a timely manner.
Default Passwords
Many devices are sold with basic passwords that are easy to guess, leaving devices vulnerable to anyone who wants to try and compromise them.
Ransomware and Malware Attacks
Cybercriminals are capable of taking control of connected devices and then locking them until a ransom is paid. In some cases, they even use the device’s camera to record the victim and extort them for further payment.
Weak Device Protection
Numerous smart device products lack sufficient protections, and when paired without a good password and lack of security updates, they have no defense.
Botnets and Crypto Attacks
Some attackers can weaponize numerous infected devices to create a botnet that can then be used to assault cryptocurrency platforms and other sizable web systems.
Lack of Standardization
The absence of ubiquity in the Internet of Things devices results in insecure communications between devices when it could provide security.
Network Vulnerabilities
When networks are not secured, the connected devices are no longer safe. A single weakness in a network can compromise everything.
Unprotected Data Transmission
When smart devices transfer data, it can be retrieved and exploited. Smart devices increase the likelihood of data being sent in unprotected ways.
Data Protection
Almost everyone that owns a smart device worries about the privacy and ownership of the information that gets collected while using the device. This concern is justified, and the information gets collected regardless of any transparency discussed by the manufacturer.
Current Solutions to This Problem
At least a few quick, effective responses to the concern have developed recently.
The secure communication of devices is managed through private networks and cellular communication. Companies are able to remotely update their software to eliminate or reduce the exposure of their software. New network technologies provide better connectivity without additional exposure or risk.
Manufacturers are also designing devices that have the ability to modularly add or remove ‘security/update’ components. Shared security standards are also being adopted and communicated to allow devices to function together.
Even the use of satellites is being utilized to allow secure communication devices in inaccessible locations.
The purpose of these technologies is to safely document and connect as many devices as possible.
The Future and Its Challenges
Automation in connected healthcare, smart cities, and smart home technology are all advancing quickly. Not to mention the rapid expansion of industrial automation. With these changes also come the risk of increasingly sophisticated cyber attacks.
Companies that take the automation of IoT seriously and in a secure manner will earn reliability. Companies that take the lack of security will find it exceedingly difficult to maintain their positions in a competitive market.
The Convenience and Threat of the IoT
The connectivity of the IoT is a double-edged sword.
Better security policies, stronger encryption, more sophisticated software, more testing and updates, and openness about data privacy and policies will all bring needed security to IoT devices.