One thing that sets IoT entirely apart from the traditional internet is that for starters, IoT doesn’t rely on human intervention to function. With IoT connected devices, sensors and will collect all of the relevant information, communicate, analyze, and take action based on the inputs. This creates a whole new way for technology, business, and media to create value and make for an efficient experience for the customer.
Nonetheless, with IoT allowing this level of connectivity, there is the constant worry of data to be compromised. Not only is more data being transferred among the numerous participants, but the data is getting more and more sensitive. The risk is getting exponentially greater. Take the smart home with its numerous IoT dependences, as an example. The garage door opener now has the added functionality to be able to deactivate the house alarm upon opening it. This is convenient for homeowners to quickly get in and out of the house if they are in a hurry. However, the issue here is that the home alarm could potentially be deactivated if the garage door opener is compromised.
This is only one of the many examples you can come up with. A broad range of IoT connected devices from thermostats to TVs, smart home hubs, door alarms and so on, means that there are numerous ways in which someone with ill intent can gain entry into your IoT ecosystem and wreak havoc. For businesses, this lack of proper IoT cyber security features would mean that hackers can find entry points to access customer information or make it through the manufacturer’s back-end system.
How Businesses Are Responding To The Threat
This decentralized approach is forcing many enterprises and businesses to rethink and adapt. Safeguarding the IoT is complicated by the scope and the scale of the data that is being collected and generated, also the data that is accessed by third-party devices. The wider the net of IoT connected devices, the more robust the security must be to close in loopholes and chinks in its armor.
An umbrella level cyber risk paradigm is now being adopted by leaders, which is effectively raising the standards of cyber risk in every facet of the organization. The plan of action is pre-threat and post-event. This means that preventing and anticipating IoT cyber-attacks through constantly monitoring and neutralizing threats as they are in play. This helps in restoring the status quo as soon as possible, in the aftermath of an attack.