The Internet of Things (IoT) market globally achieved $100 billion revenue for the first time in the year 2017, and this number is predicted to rise up to $1.6 trillion by the year 2025. The technology is predicted to step forward more than we can imagine. Alongside the increase in the popularity of IoT devices, there will also be a parallel boost in IoT app development and the related security challenges and issues as well.
Today, it is not only the interaction between humans and computers, but also various other “things” that interact with the Internet without the human intervention. IoT is amazing in many ways. But the fact remains that technology has not matured yet and neither it is entirely safe.
The whole IoT environment still encompasses many security threats of which we are throwing light on the 5 most important ones here –
I. Dearth of Agreement on the part of IoT manufacturers – The IoT world comes up with new devices daily with undetected susceptibilities. The primary source of most of the IoT Security related concerns is the lack of manufacturers’ time and resources. This therefore becomes IoT’s biggest security issue. Along with the inadequacy of universal IoT Security standards, manufacturers continue to create devices with poor security.
Following are some security risks in IoT devices from the manufacturer –
- Weak or in-built passwords
- Hardware concerns
- Lack of a reliable update mechanism
- Unreliable storage and data transfer
- Old and teared built-in software and operating systems
II. Missing user knowledge and awareness – although Internet users have now learned to avoid spam and phishing mails, and secure their systems by performing virus scans and their networks with strong passwords.
But IoT being relatively a new technology makes people unaware of its challenges.
Alongside manufacturers, business processes and users can also create big security risks. That is why Users ignorance and lack of knowledge becomes one of the biggest iot security risks.
III. Device update management – A vulnerable software or firmware is another big treat to IoT security. Though the manufacturer can sell devices with the most recent software updates, it is highly likely that new susceptibilities may arise.
Updates are integral to maintain the security of IoT devices. These should be updated as soon as any exposure is detected. Unlike most computers or smartphones that get updated automatically, some of the IoT devices are still being used without the necessary updates.
One more concern with device update is that the device will send its backup to the Cloud suffering short downtimes. During these downtimes, if the connection is not encrypted and the update files are unprotected, then hackers may be exposed to sensitive information.
Conclusion: IoT and security today don’t go hand-in-hand with each other always. And, with more discoveries in the IoT world, the security challenges will keep emerging. Organisations and the governments now need to create IoT standards that are accepted universally. This will help to control security in homes, cities, manufacturing plants, and other locations.
IoT is emerging as a trend in these last few years. List of smart devices that we never thought would need an internet connection are increasing like smart toothbrushes, mirrors, beds, pillows, tables and so on. The world continues to turn into a network of things collecting our personal sensitive information.
We are limited only by our imagination today. Alongside all these innovations, can we imagine the amount of important data that could be stolen by the hackers from these devices if there a security breach. So, today if we want our devices to be smart, we must secure them as well.
Is your organisation ready to shift the mindsets to get the maximum out of these IoT innovations. Reach out to us today to discuss how your business and you can start benefitting from this mystic world of IoT.