So Internet Of Things continues to grow more and more and it is expected that more than 14 billion devices which are connected will be in use by the year-end and by 2021 it will reach to 25 billion. Through these devices, enterprises are able to unlock the great insights and value from the troves of data they collect. They also massively expand the cybersecurity attack landscape, according to the Indiana IoT Labs State of IoT report.
As per John Roach, who is the director of data analytics at KSM consulting, Research shows the vast majority of commonly used IoT devices contain vulnerabilities, including password security, encryption, and authentication issues.
The key to making IoT success is balancing innovation with security, Roach wrote. All technology involves the acceptance of rational risk, and IoT is no different. The value of IoT, which is increasing and strategic, must be balanced against its risk. An overemphasis on security can limit the potential of IoT and insight that can be derived. A careless or rushed implementation can put organizations and individuals at risk.
Developing an IoT ready cybersecurity system involves considering the organizations broader network, including clients, customers, suppliers, vendors, collaborators, business partners, and former employees, Roach wrote, as failing to protect every part of the business ecosystem can put everyone at risk.
Employees responsible for IoT cybersecurity should consider the following factors, according to Roach:
Designing and implementing a threat intelligence strategy to support business decisions
Fully understanding vital assets and the value of their protection
Using data analytics to anticipate where and when threats are most likely to occur
Implementing system architecture approaches that prevent unauthorized access in one area of the technology from proliferating through the entire system
Ensuring all those within the organization understand the need for strong governance, user controls, and personal accountability
Developing a well-functioning Security Operations Center to help detect threats, produce relevant reporting, and enable better decisionmaking, risk management, and business continuity
The most important premise to remember is this: When everything is connected, everything is at risk, Roach wrote. Those who successfully innovate with IoT will take all necessary precautions to ensure security and privacy implications are addressed and safeguarded for their benefit and for the common good.