The Internet of Things (IoT) keeps expanding, and IoT security concerns grow with it. Experts believe 50 billion items will be part of the IoT by 2020. Each object can connect with another, so connectivity issues multiply fast. These connections create ever-expanding networks with ever-expanding security concerns.
IoT security: the problem
Security is essential. The IoT will change how we communicate. It will also reach our electrical grids, homes, transportation systems, and cities. The benefits are large, including energy savings, better health, and a friendlier world. But the IoT also creates a huge potential for criminal activity and cybercrime. Each Internet connection is an opening for attacks on infrastructure, privacy, and financial data.
Forecasts call for the IoT security market to grow 55% over the next four years. The Federal Trade Commission (FTC) studied this in its report “Internet of Things: Privacy & Security in a Connected World.” It found that fewer than 10,000 connected homes could create 150 million new entry points every day.
Nearly every business uses IoT, so every business faces this risk. Even when your own systems are secure, the IoT systems of your vendors and users may not be. A breach anywhere along the line can cause business failure, data loss, theft, and network shutdowns.
Issues IoT security professionals are addressing
IoT security companies focus on many issues. These are just a few:
- Vulnerability to hacking. Security professionals look for new points of attack and the strategies criminals will use to exploit them.
- Securing all aspects of IoT processes. Protecting the hardware is not enough, since software applications, networks, sensors, and storage systems must also be secure.
- Public fears. Many consumers use IoT in everyday transactions, but a growing number worry about breaches of their personal information. IoT security professionals need to reassure the public that proper safeguards are in place.
- Privacy concerns. A major concern is intentional sharing, not a breach. The vendors and companies that work with the lead business may share consumer information on purpose. With IoT, sharing information becomes much easier, so privacy becomes a much bigger concern. Consumers have good reason to worry that their medical, financial, and personal data could reach others without consent.
- Home attacks and eavesdropping. Consumers use IoT devices to monitor their homes, set their thermostats, and regulate their electricity. That ability creates a danger, because criminals could monitor the activities inside someone’s home.
Businesses and organizations must prepare for IoT expansion
Most businesses see what IoT can bring: new customers, products, and services. However, they need to be aware of the risks, too. As IoT expands, attackers have too many ways to corrupt information systems. Companies need experienced IoT professionals who keep current with the latest criminal strategies and defenses. Want to understand the risks and how to manage them? Call Volico at (305) 735-8098 and speak with one of our IoT security professionals.
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