Proving the Business Case for the Internet of Things

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Is Security Your Biggest IoT Concern? You’re Not Alone

47% of IoT industry leaders say they are very concerned about the security of their IoT devices, with 22% listing themselves as extremely concerned.

 

They should be. Subex, a leading software and security solutions provider, registered over three million attacks a day on average across their network of individual honeypots. According to a report from IBM, the average cost of a data breach for organizations is $3.92 million.

 

One of the issues is that IoT devices are notoriously challenging to secure. Their basic

interfaces cannot support simple network security features such as two-factor authentication, firewalls or software patches. 

 

On top of this, many IoT devices are rushed to market. The primary concerns during their development are to be able to offer the product at an attractive price and to reach market before their competitors. This means that security is a half-hearted afterthought (at best). 

 

IoT devices are vulnerable and there are people out there ready and willing to exploit those vulnerabilities. According to a report released in Q2 2019 by Subex, cyberattacks on IoT devices increased by 13% while recce attacks were up 22% on the previous quarter.

 

So, if the devices themselves cannot be adequately secured and we know they are a target for hackers, what can be done to protect IoT applications?

 

We recommend reviewing your existing security system, implementing comprehensive security protocols, thoroughly training staff, and monitoring the security of your network. 

 

Although it is difficult to secure IoT devices themselves it is possible to secure and monitor the network they operate on. By using heuristic learning it is possible for a network security system to learn what traffic is normal for your devices and to alert you to anything suspicious. In this way, you get detailed oversight of the traffic on your network and can stay on top of what is happening.

 

Most importantly, don't wait to secure your IoT application until it is too late. Companies often implement gold standard security systems... after they've been hacked. As Eric Pinkerton, Director at Hivint, says, "If you want a secure company today, find a company that was hacked last month.”

 

Take a minute to contemplate the damage a large scale hack could do to your company's reputation and bottom line. Then begin securing as if it already has.