Business meetings hail the IoT as a game-changer, yet behind closed doors, it’s often hushed as a data security nightmare.
IoT delivers new ways to boost business efficiency and leverage valuable business insights but also creates frightening new vulnerabilities. According to a report, 96% of surveyed organizations are struggling to secure their IoT and connected devices to some degree. While 89% say their organization’s IoT and connected products have been hit by cyberattacks at an average cost of $250k.
Is your business fully prepared to tackle IoT security challenges? If not, IoT-related breaches and outages can disrupt your operations, negatively affect customer trust, and even damage your company’s reputation! The stakes are high and the room to make mistakes is minimal. It’s time you know the key challenges of securing IoT devices and the best practices to secure the devices, data, and networks within your IoT environments.
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Connected devices lack robust security which increases the risk of internet of things security problems. The term IoT Security covers different techniques, processes, and practices designed to shield IoT devices from security breaches and address problems like:
Enterprises need robust IoT security strategies that cover:
The recent Keyfactor report states that IoT connections are likely to grow from $16.7 billion in 2023 to $29 billion IoT connections by 2027. With critical sectors as diverse as healthcare, manufacturing, financial services, smart cities, and government rapidly depending on connected devices to conduct their daily operations, it is no surprise that security has become a top priority. The growing number of IoT-connected devices are equipped to share sensitive data across a broad network which could pose a serious threat for individuals, companies and nations if compromised.
Here are compelling reasons why IoT security issues should be a top priority:
Traditionally, IoT security has three main goals, also known as the CIA Triad:
Our ultimate guide on IoT testing explores the benefits, challenges, and framework underpinning the IoT testing process to help you mitigate potential IoT security risks.
We can help you determine the most suitable IoT security measures to protect your IoT app against threats and vulnerabilities.
In 2018 the incidents of IoT cyberattacks were only 32 million but by 2022, this number reached 112 million globally. By 2023, the weekly attacks targeting IoT devices increased by 41% as compared to the previous year. Not prioritizing cybersecurity when developing IoT solutions can prove to be costly and critical for your products and users.
To ensure the security of connected systems, you must be fully aware of potential IoT security risks. Below is an overview of the prevalent challenges of securing IoT devices:
Many device installation executives often overlook the critical step of changing default logins and passwords for IoT devices. Default credentials, frequently left unchanged, expose IoT devices and networks to high risks. Therefore, weak and default passwords are a primary concern, as hackers exploit preset passwords and use brute force techniques to gain unauthorized access to IoT devices. This can compromise the safety of the entire connected network.
In the creation of expansive networks of IoT devices, the aspect of ensuring security compatibility among these devices is often neglected. Several reasons such as unpatched vulnerabilities, lack of visibility and control often act as backdoors for attackers to exploit and blind spots, making it difficult to track suspicious activity. Various sectors, such as maritime, mining, healthcare, and retail, host numerous IoT devices with diverse manufacturers, firmware, and security requirements. Legacy devices, often integrated into these complex networks, become a major source of IoT security concerns. Hackers exploit such devices to infiltrate the network.
Outdated firmware, insecure update deployment, and legacy operating systems pose a major threat to the entire network. This can give rise to IoT security issues and create opportunities for large-scale attacks. Enterprises using third-party hardware and software in the supply chain are particularly susceptible due to deprecated libraries and insecure software components. They can compromise both the device and its connected network. The absence of regular security patches and firmware updates can make the situation even worse.
Despite significant investments in establishing efficient IoT networks and operations, many enterprises face a skills gap among their employees that adversely impacts business operations. Lacking the necessary skills to manage, monitor, and extract maximum benefits from IoT devices can also expose digital assets to various IoT security challenges.
Data, often referred to as the new oil, attracts hackers seeking vulnerabilities in networks. Poorly managed data with inadequate protection becomes an easy target for independent hackers and groups. This can lead to data exfiltration, ransom demands, or public exposure.
Proper authorization and authentication of devices are crucial for an enterprise’s IoT network. Unauthenticated devices infiltrating enterprise networks pose a significant threat, as seen in cases involving tech giants like Tesla and heightened challenges in the healthcare sector.
IoT systems often face security concerns due to a lack of computing resources for security functions. IoT security risks arise from various factors, including weak access control, limited budgets for testing and improving firmware security, infrequent patches and updates, user neglect in updating devices, and poor protection from physical attacks during assembly. Malicious actors leverage these loopholes to compromise communications, install malware, and steal valuable data.
Common IoT devices susceptible to malware attacks include smart home appliances, security cameras, and medical devices. IP cameras are particularly risky due to their constant exposure to the internet and often weak passwords. If malware infiltrates an IoT system, it can compromise functionality, collect personal data, and launch various attacks.
Companies must constantly track the processing power their IoT devices use. Since IoT devices have less robust security, hackers are now creating large IoT botnets for cryptocurrency mining. They inject malware into IoT devices, harnessing their combined power for intensive mining. The hidden nature of cryptojacking poses a big threat to all kinds of businesses.
Enhancing the security of your IoT systems involves implementing best practices to bolster the three core components: devices, networks, and data. Understanding the intricacies of your infrastructure, including devices and servers, while continuously monitoring their statuses, is the key. Here are key best practices for IoT security to protect your IoT systems:
Ensure the security of your smart devices by implementing the following measures:
Overcome the challenges of diverse protocols with the following strategies:
Uphold the integrity, confidentiality, and availability of data across IoT environments:
Mitigate IoT security concerns by securing device firmware on multiple levels:
Utilize telemetry data for real-time analysis to detect anomalies and ensure a robust IoT ecosystem:
Protect cloud APIs and harden IoT devices against potential threats:
Safeguard sensitive data generated by IoT devices:
As an experienced internet of things application development company, we have a team of seasoned professionals specializing in embedded and IoT application development. We provide a comprehensive range of services to meet the specific needs of your business or to develop a custom IoT system tailored to your unique specifications. With a commitment to delivering the most secure results for your business, we assure you a comprehensive solution aligned with industry best practices.
Our IoT security practices start with safeguarding your devices and extend seamlessly into your network environment. Once an IoT device is secured and seamlessly integrated into the network, our holistic approach ensures coordinated protection across all network elements. This encompasses secure connectivity between devices, foolproof data storage, and safeguarding IT environments, whether on-premise or in the cloud. Rishabh Software stands as your trusted partner, ready to shield your digital ecosystem against potential threats and vulnerabilities inherent in IoT systems.
We assist you in establishing a strong defense against hackers, malware, and potential cyber breaches with robust security practices for your IoT application.
A: Treating IoT security as an afterthought or inability to address IoT security challenges can have the following results:
A: The most susceptible potential targets are:
A: The most common examples of attack on IoT devices include: