Internet of Things (IoT) is fueling convergence and connectivity among everything. In the midst of new technology and constantly evolving developments, IoT intricately interweaves businesses and their customers in a modern digitally-driven world.
Yet, at the same it also connects the ever-changing crowd of hackers and attackers who are responsible for data breaches.
It’s not a secret that companies see IoT as a major driver of growth but due to the absence in security controls and checks the emerging technology could turn out to be a threat.
It will most likely cause data loss at an early phase, but as waves spread, it will result in a variety of losses, both intangible and tangible.
So, in a moment where all kinds of data — business employees as well as customers, infrastructure and many others–are at risk of dangers, it’s essential to develop measures to improve the security of the millions of devices and networks that are connected to the internet of things IoT.
The Future of IoT and the necessity to Secure IoT device Security
If you think about how the technology will evolve in the coming years of IoT is bright, it appears to be awe-inspiring. From manufacturing, healthcare retail, agriculture, the oil industry as well as BFSI sector 4.0 is poised to capitalize on the opportunities for business growth created by IoT.
A study by Statista states that by 2023 there will be around 15.1 billion IoT connected devices across the globe.
With billions of connected devices via IoT and sensors, an immense volume of data created. But, because of the absence of security protocols that work and protocols, the majority of IoT devices are vulnerable to being hacked.
To ensure the smooth operation of IoT devices as well as the processes and tasks that are connected to them, enterprises must adhere to security-focused approaches and practices to create an environment that is secure.
IoT devices are difficult to patch: Here’s How to handle security snarls
In the time that IoT as a technology was being developed, and plans to utilize it to connect networks and devices were in the early stages Security, perhaps wasn’t given the same attention.
Companies used IoT to benefit their business or developed IoT-based products to users and then launched them quickly.
The security element was in the pipeline, and before they could do anything to address it, new opportunities emerged.
In light of IoT security issues, the simultaneous rate of data breaches and the ever-growing cybercrime, it is imperative that companies take steps to adopt IoT cybersecurity protocols and methods to protect the data that is valuable.
Here are a few essential steps enterprises can take to protect their data:
- IoT Security Analytics
IoT devices are generally placed in different environments. It is therefore crucial to monitor the actions that the different IoT devices are involved in.
IoT Security analytics is one method to do that. IoT security analytics aids companies to organize the gleaning of data generated by a variety of devices and networks linked through the Internet of Things. It can easily monitor any modification in data processing and helps to mitigate any potential threats prior to any potential threats.
- Public Key Infrastructure (PKI)
The rising number of data breach and hacking incidents has led to an increase in need of PKI (Public Key Infrastructure). PKIs are a collection of protocols that allow digital certificates to be issued after an application process for registration.
The registration process lists various devices as well as identities or users, and allows organizations to immediately identifying unidentified users, which can help keep the communications channels secure and safe.
- Device Authentication
A reliable mechanism, called devices authentication is utilized to authenticate the billions of devices connected. With secure password protocols, security measures for the user’s credentials, the implementation of two-level authentication, as well as various other similar practices business can inspect each device trying for connection to the network.
- Secured Internet Network
The networks that are vulnerable are more susceptible to attack and may be the victim of DDoS (Distributed Denial of-Service) attack, as an example.
These attacks can affect the operation on connected gadgets, interrupt the service and are frequently employed to create inaccurate data.
The secure Internet network is required in these situations at locations where IoT devices are placed and running.
- Secure Cloud Platforms
A lot of businesses utilize the cloud to store massive amounts of data created by the many IoT devices. It is therefore essential to protect cloud platforms that exchange information using IoT devices.
Passwords should be secured and regularly updated and provisions must be made to stop the account for a specified period of time following a couple of unsuccessful login attempts. The owner must be informed immediately and two-level security options should be activated.
- Secure Layers that are encrypted
Most of the time, IoT devices are not equipped using security layer, which makes the devices extremely vulnerable. This is why it is crucial to include encrypted security layers when IoT devices are in the stages of development.
The devices must be built with the latest operating systems and top-performing equipment that protects data starting from the point of the communication process until it is completed. This will help create an environment that is safe for storage and transmitting information.
- Software Update
In different fields, IoT devices, connected to sensors, are deployed in remote locations to gather information. So, updating the software for such devices is essential. Updates in software protect the devices from falling prey to hackers. The new software and firmware allows IoT devices to integrate new features. They also aid to identify and eliminate security vulnerabilities.
Raise your IoT device Security Game
Whether the new cyber laws can tackle cybercriminals that are active around the world or not, market for IoT security products is constantly expanding in the rapidly maturing market.
News reports reveal of the fact that North American IoT security market is projected to grow by about 25% annually and this growth is due to the ever-growing demand for IoT security products for devices and cloud-based business apps and similar requirements.
It’s not overly exaggerated to suggest that other regions of the globe will also see an increase in need in IoT security products, contingent on the increasing usage of IoT devices and networks.
IoT device security isn’t solely about predicting and minimizing security risks for businesses and protecting identities, data or avoiding financial losses however, it’s more about establishing a lasting relationship with your customers to ensure the future to be prosperous.
