Internet of Things (IoT): Safeguarding Electronic Devices from Cyber Threats

Internet of Things (IOT) has become an essential part of our modern life and workplace. Gartner predicts that nearly 20 billion IoT– connected devices will be online by 2020. The Internet of Things is definitely making life better for us as it prevents losses of information and keeps our material goods secure. The ability to use our phones to control our homes and our security is enough to call the recent technological revolution a win.

However, even though these advancements make our lives much better, they also have the potential to flip them upside down if the proper precautions are not taken. The recent expansion of the internet and accessibility to people all across the world will not only increase how much exposure there is on the internet, but it will also increase the number of exploitation access points across the globe.

Cyber risk management must be thoroughly intertwined with innovation while we accelerate IoT. As a growing amount of sensitive data is shared, the risk of exploitation increases exponentially. And the potential danger of malicious attacks could lead to catastrophic scenarios if security isn’t up to scratch. For example, a thermostat connected to your home network that is not properly secured could be a gateway to your identity, money, your address and other devices.

Not only is a breach of information a risk, but also someone taking control of a device and its functions. For instance, someone hacking your smart lock system may not steal information, but they may be able to unlock the doors and steal your belongings.

Another great example could be a disaster that may possibly occur if hackers were to gain control over connected vehicles. The compromise of connected cars is merely another example of the importance of IoT security. As healthcare systems, homes, and virtually every component of our society becomes connected, the lack of comprehensive security measures could lead to disastrous outcomes.

In 2017, Ponemon Institute conducted a survey on Mobile and Internet of Things Application Security sponsored by IBM and Arxan Technologies. The purpose of the research was to understand how companies are reducing the risk of mobile apps and Internet of Things (IoT) in the workplace. The risks created by mobile apps have been well researched and documented. This study reveals how companies are unprepared for risks created by vulnerabilities in IoT apps.

It is clear to see that there is still a major disconnect when it comes to IoT security. To ensure it is an integral part of the ongoing digital revolution, every stakeholder – from manufacturers to regulators – must ensure they understand the consequences of an unsecure IoT. The stakes are incredibly high, and each and every stakeholder has a responsibility to contribute what is necessary to achieve a safe and secure IoT – as failing to do so could have catastrophic life or death consequences for end-users.