If Your Business Uses the IoT, You Need to Keep Its Security in Mind

The Internet of Things, or IoT, is everywhere. Right now, you probably have a device that is part of the IoT within reach, or on your person. Many businesses use the Internet of Things for various purposes, but behind this use lies significant risks from cyberthreats, and some seem to accept these risks without much concern...as in, the vast majority of businesses utilizing the Internet of Things exhibited a lack of protection, but they were not bothered by it.

Take a look at these numbers, and we'll discuss what needs to be done differently.

Companies are Complacent About Connected Devices

IoT security firm Keyfactor and market research firm Vanson Bourne released a study on October 10th that revealed as much with the study's final findings suggesting that many businesses using IoT had reached what they considered an acceptable level of protection—despite 89% of respondents reporting cyberattacks.

There is clearly a problem here... especially since 90% of those surveyed professionals reported they had been victims of cyberattacks involving IoT in the past year. Making things worse, 70% of respondents had seen increases in IoT-based attacks—half of which experienced phishing, with malware and ransomware coming in just behind.

Regardless, many companies are happy with a “good enough” attitude toward their cybersecurity, stopping at the bare minimum and not taking advantage of everything that is available.

Security Issues Concerning the IoT Impact Your Finances and Compliance

Research conducted by Keyfactor indicated that, on average, businesses lost an average of $236,035 to IoT-related breaches every year. 

Exacerbating the issue is the fact that many of the devices that fall under the umbrella of the IoT are effectively abandoned by the manufacturers in terms of their software. We always recommend that you keep your device’s software up to date, but if the manufacturer doesn’t continue supporting a device, your hands are a little tied. In the case of the IoT, this is still unfortunately common.

The Cybersecurity and Infrastructure Security Agency (CISA) and the National Institutes of Standards and Technology (NIST) are both working to create guidelines, some of which have already been codified into law. However, many of these laws apply specifically to devices that the government supplies. Then again, various states and industries have put their own standards in place as well.

How to Avoid IoT Threats

When all is said and done, it is important that all technology you utilize for your business—including and especially the IoT—is able to be secured and appropriately updated. Of course, other methods of remaining secure involving cybersecurity measures, ideally utilizing resources provided by service providers like BNMC, are also recommended.

We’d be more than happy to have a discussion with you about your business’ technology infrastructure and what we can do to help secure it. Learn more by giving us a call at (978) 482-2020.