IoT has enormous potential to change daily life and the workplace. Simply put, the Internet of Things (IoT) is the nexus of the digital and physical worlds, with a wide range of devices utilizing interconnectivity to offer smooth experiences to businesses and consumers.
However, the Internet of Things is currently at a turning point. Will it unlock enormous potential as a fully integrated IoT ecosystem, or will it continue to offer incremental benefits within fragmented clusters? The shift to a fully integrated IoT network within and across industrial verticals is necessary for that “unlock” and, consequently, the response to that query.
To create such a network, fundamental challenges must be addressed. The most significant of them is cybersecurity risk, which impedes the trust required to integrate IoT networks and applications. IoT and cybersecurity convergence-the merging of any technical, functional, or business aspect of IoT and cybersecurity to create a new, cohesive whole-is the answer. The importance of this discovery for important applications (such as cars, healthcare, and smart cities) should not be understated.
The Landscape of Cybersecurity and IoT
Technology professionals frequently ask: What are the main obstacles preventing the widespread adoption of IoT today? We investigated the IoT landscape to better understand the barriers to widespread IoT adoption and potential solutions, motivated by our belief that the confluence of the IoT and cybersecurity can generate a vast amount of new value.
IoT applications are growing across industry sectors, and there has been a change from isolated IoT device clusters to interconnected IoT environments. This is particularly noticeable in environments like automobiles and industrial floors.
But as of yet, the Internet of Things has not grown as rapidly as anticipated, and the industry has not developed a seamless experience where devices enter and exit physical spaces and are recognized, trusted, and controlled without requiring additional (and occasionally manual) verification procedures.
Opportunities for various value chain participants are created by the growth of connected devices and the complexity of IoT use cases (such as autonomous systems and transportation). However, it also raises the possibility of weaknesses that could have disastrous results.
Given the IoT’s control over physical processes, many IoT systems have higher risk profiles than enterprise IT. Therefore, a foundation of digital trust, the functional convergence of cybersecurity and the IoT, and early cybersecurity integration in the architecture design and pilot phase are necessary for a smooth IoT experience.
The sector may reap huge benefits if it can successfully integrate cybersecurity with IoT. In a baseline scenario, the market for IoT vendors is projected to grow to almost $500 billion by 2030. Executives would raise IoT spending by an average of 20 to 40 percent if cybersecurity concerns were fully addressed. Furthermore, new and developing use cases may unleash an extra five to ten percentage points of value for IoT providers. This suggests that the total addressable market (TAM) value for IoT vendors across all industries may be between $625 billion and $750 billion.
What are the Security Risks in IoT?
Threats to your IoT system may vary depending on your industry, security laws, and connected devices.
The following are typical cyber threats and security issues:
1. Absence of Encryption
Any data sent between IoT devices is still susceptible to eavesdropping as many of them do not encrypt data by default. Data exposure can be disastrous if your IoT network sends sensitive data, which is the situation in many industrial, critical infrastructure, and healthcare contexts.
2. Ecosystems that lack security
Devices are still vulnerable to malware and other intrusions if the interface is insecure and the company has not implemented physical hardening to restrict access. It is crucial to implement digital and physical security measures for Internet of Things devices. Data security and device management are examples of controls.
3. Problems with authentication
Attackers can exploit weak authentication, such as using weak passwords or not using multi-factor authentication. Hackers and botnets can get access to the Internet of Things network by brute-forcing simple and default passwords.
4. Ransomware
Attacks using ransomware prevent users from accessing the system. This attack may hinder the entire functionality of your operating systems and network if your IoT devices are required for key use cases.
5. Attacks known as denial-of-service
Device functioning is disrupted by a denial-of-service (DoS) assault, which is also known as a distributed denial-of-service attack, or DDoS attack. Cybercriminals may use botnets to overwhelm your system by crashing the IoT devices if your IoT network is unprotected and can receive data transmission from anywhere.
How do you increase the security of your IoT network?
The following security steps will help you create a more secure IoT network, regardless of whether you need to fortify it because of regulatory changes or just to keep possible attackers from snooping about.
1. Evaluate the hazards associated with IoT
It’s important to know the possible risks when adding new hardware and software to your network. In a corporate setting, procurement staff can collaborate with the security team to guarantee that any new software and devices joining your supply chain are thoroughly risk-assessed. Your Third-Party Risk Management policy should specify recommended practices for this first review and any follow-up evaluations negotiated as part of a contract with a third-party IoT service provider.
2. Create an IoT network map
Keep track of your IoT-connected devices’ network map, especially if your company employs them to exchange data for predictive maintenance. By ensuring that no IoT device is left untracked or unmonitored, visibility and device management tools assist you in keeping an eye on your whole threat surface.
You can monitor the data packets and any unusual activity if you are familiar with every device in the network and how they interact with one another. Any anomalies in data or energy usage should be assessed right away for industrial IoT ecosystems.
3. Segment the IoT network
Think about segmenting your network for your Internet of Things devices. By creating a separate network just for IoT development technology, you can keep an eye on behavior across all linked devices and prevent any threats that your IoT toolchain might pose. Because you can only give the IoT network the resources and permissions it needs, separating your IoT-connected devices can also enhance data privacy and network functionality overall.
4. Authentication is Necessary to access IoT networks
Establish access control procedures for the IoT network after it has been divided. Access management protocols ensure device security throughout your IoT surface and safe data storage for information shared by your IoT devices by preventing hackers from gaining unwanted access to the network. Network access controls specify the validation procedures needed to connect to the network and who can access data.
5. Set up alerts on your Internet of Things network
Real-time alerting keeps you updated on any unexpected activity occurring throughout your networks. You can also configure particular alert triggers for your IoT network alone if you keep it isolated from the rest of your infrastructure. Numerous integration options are available to guarantee that information reaches your communication channels immediately, and there are numerous automation solutions accessible to alert your organization. To help your notification system prioritize warnings, a continuous monitoring security solution keeps tabs on security threats and activity.
Conclusion
Organizations using IoT technology have significant challenges with cyber security; security needs to be given top priority. Businesses with IoT security in place will be able to return their attention to the main objectives of IoT, which include process optimization, boosting customer satisfaction, enhancing quality of service, and cutting expenses.
We will continue to live with IoT and ICS/OT devices for some time to come. Cybersecurity experts are responsible for ensuring that these gadgets continue to help us live our lives and do business, rather than becoming a hindrance.
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