How can I address cybersecurity risks associated with Internet of Things devices by 2025?

The Internet of Things (IoT) describes the increasingly sophisticated, complex network of online, connected devices that enhance our cars, homes, and cities. According to IoT Analytics, the global number of connected IoT devices is expected to grow 9% and achieve 27 billion IoT connections by 2025. With the dramatic rise in connected IoT device vulnerabilities also comes an increased need for security. Gartner highlights that nearly 20% of organizations have already observed IoT security threats and IoT data breaches on IoT devices in the past three years.

Addressing cybersecurity risks associated with Internet of Things devices can help companies leverage IoT opportunities while tackling the vulnerabilities that are part of the latest regulatory guidance. This report aims to help technology suppliers, service providers, organizations and security professionals who are planning or already implementing IoT systems to understand the growing IoT landscape and how to secure IoT platforms from potential IoT privacy concerns, IoT attack vectors, IoT malware, IoT botnet risks, and IoT DDoS attacks.

Key Takeaways

• The global number of connected IoT devices is expected to reach 27 billion by 2025.
• Nearly 20% of organizations have observed cyberattacks on IoT devices in the past three years.
• Addressing cybersecurity risks can help companies leverage IoT opportunities while tackling vulnerabilities.
• IoT security threats include data breaches, privacy concerns, attack vectors, malware, botnets, and DDoS attacks.
• This report aims to help technology suppliers, service providers, and security professionals secure IoT platforms.

The Rapidly Evolving IoT Landscape and Emerging Threats

The global number of connected IoT devices is expected to grow 9% and achieve 27 billion IoT connections by 2025. IoT is widespread across a range of diverse business industries – from retail and transportation infrastructure to energy, industrial and smart cities. The type of devices also includes a vast array, such as video surveillance, security and alarm sensors, machine conditioning monitoring, EV charging stations and energy distribution automation. Overall, 64% of businesses maintain or use an IoT solution, rising to 68% in the industrial and manufacturing sectors and 71% in utilities and power. When it comes to gaining value from the information collected by the device, 63% of organizations use big data or telemetry from IoT devices for business purposes.

Exponential Growth of Connected IoT Devices

In 2021, 53% of organizations abandoned new business projects due to an inability to address cybersecurity risks, and 74% faced a situation where there was a lack of an appropriate security solution. The risk of a cybersecurity breach is the biggest concern for 57% of organizations that are planning to implement IoT, and 52% of organizations are worried about collecting big data from IoT devices because of the risk of cyber-sabotage and espionage. 43% of businesses surveyed indicated that at least one type of IoT was not protected, highlighting a clear need for dedicated cybersecurity tools.

Key Findings on IoT Security Challenges

When it comes to cybersecurity risk, no two organization or innovations are the same. Implementing the same cyber-risk controls everywhere and equally doesn’t always work. Applying sectional protections that leave some vital information assets vulnerable while focusing too closely on less critical ones is also not a way out for enterprises adopting innovations such as IoT. In 2021, 74% of companies faced at least one situation where there was a lack of appropriate security solutions, and 53% abandoned implementing new IT solutions, updating corporate policy, or even launching a new business project because they were unable to address cybersecurity risks. The range of obstacles and challenges facing organizations implementing cyber-protection for IoT are exacerbated by the diverse set of industries in which they operate.

Specific Cybersecurity Demands for IoT Solutions

When it comes to cybersecurity risk, no two organization or innovations are the same. Implementing the same cyber-risk controls everywhere and equally doesn’t always work. Applying sectional protections that leave some vital information assets vulnerable while focusing too closely on less critical ones is also not a way out for enterprises adopting innovations such as IoT. In 2021, 74% of companies faced at least one situation where there was a lack of appropriate security solutions, and 53% abandoned implementing new IT solutions, updating corporate policy, or even launching a new business project because they were unable to address cybersecurity risks. The range of obstacles and challenges facing organizations implementing cyber-protection for IoT are exacerbated by the diverse set of industries in which they operate.

cybersecurity risks associated with Internet of Things devices by 2025?

Identifying and Understanding Your IoT Network

Understanding your network, its reach and the devices connected to it is the first vital step in strengthening IoT security. From smart home accessories such as Alexa or Samsung’s Smart Refrigerator to business systems like cloud infrastructures, every connected device represents a potential access point for cybercriminals. With global spending on IoT projected to touch nearly $1.4 trillion in 2021, securing these connections has never been more critical. To achieve this understanding, perform an inventory of all devices linked with your network to reveal any vulnerabilities before they are exploited by hackers and plan defense strategies.

Regularly Assessing IoT Devices for Vulnerabilities

Regularly assessing the IoT devices on your network is a critical step in enhancing cybersecurity. Insecure interfaces and vulnerabilities can compromise device and data security, making it essential to monitor and evaluate each connected device. Lack of authentication, weak encryption, and other issues can leave your network open to cyber attacks. By regularly assessing the IoT devices, you can identify any potential weaknesses or vulnerabilities that need to be addressed promptly, implementing digital certificates, strict authentication procedures, and authorization protocols to ensure secure communication and prevent unauthorized access.

Implementing Strong Password Policies and Authentication

Implementing strong password policies is a critical step in enhancing IoT cybersecurity. Weak or easily guessable passwords pose a significant risk to the security of IoT devices and networks. It’s important to encourage users to create complex passwords that include a combination of letters, numbers, and special characters. Additionally, multi-factor authentication (MFA) should be implemented whenever possible to provide an extra layer of security. By enforcing strong password policies and MFA, you can significantly reduce the chances of unauthorized access and protect your IoT devices from potential cyber threats.

Segregating IoT Devices on Separate Networks

To enhance the cybersecurity of your IoT devices, it is crucial to segregate them on a separate network. By doing so, you create an additional layer of protection for your main network, preventing attackers from gaining unauthorized access to sensitive data or compromising other connected devices. This segregation also helps in effectively managing and monitoring the security of your IoT devices individually. With a separate network dedicated solely to IoT devices, you can implement specific security measures tailored to their unique vulnerabilities and easily track any suspicious activity. Taking this step ensures stronger defense against potential cyber threats and safeguards the integrity of your entire network infrastructure.

Customizing Default Device Settings

To enhance the cybersecurity of IoT devices, it is crucial to customize default device settings. Many IoT devices come with pre-set configurations that may not prioritize security. By customizing these default settings, you can significantly reduce vulnerabilities and protect your network from potential cyber attacks. For example, changing default passwords is a fundamental step in enhancing security as default passwords are often easily guessed by hackers. Additionally, disabling any unnecessary features or connections can help minimize the attack surface for cybercriminals. Implementing these customized settings ensures that your IoT devices are better protected against potential threats and helps maintain the integrity of your network.

Employing Firewalls and IoT Security Solutions

Implementing firewalls and IoT security solutions is a critical step in enhancing the cybersecurity of your IoT devices. Firewalls act as a protective barrier, filtering network traffic to prevent unauthorized access and potential cyber attacks. They play a vital role in safeguarding your connected devices by monitoring and controlling incoming and outgoing data. Additionally, IoT security solutions provide added layers of protection, including intrusion detection and prevention systems, further fortifying your network against potential threats. By employing these security measures, you can significantly reduce the risk of unauthorized access and protect your valuable data from falling into the wrong hands.

Utilizing Encryption and Secure Network Protocols

To enhance the cybersecurity of your IoT devices, it is crucial to utilize strong encryption and secure networks. Encryption plays a vital role in protecting data confidentiality and privacy in IoT applications. By encrypting the data that is transmitted between your devices, you can ensure that even if intercepted by cybercriminals, the information remains unreadable. In addition to encryption, it is essential to have secure networks in place for your IoT devices, such as using private Wi-Fi networks instead of public ones and regularly updating router settings and passwords for added protection. Keeping your network secure helps prevent unauthorized access to your IoT devices and reduces the risk of potential attacks or breaches.

Conclusion

The ever-increasing use of connected IoT devices is generating a greater need for IoT cybersecurity. Cybersecurity in the Internet of Things encompasses the comprehensive set of technologies and operations to protect devices and their respective platforms from malicious cyber attacks and hacking attempts. Without adequate security in the IoT, all connected devices provide a direct gateway into personal and professional networks, exposing sensitive information.

Enhancing IoT security best practices is crucial to harness the full potential of this transformative technology while protecting user privacy and safeguarding against potential threats. By implementing best practices such as securing the network infrastructure, utilizing strong authentication, and deploying a public key infrastructure strategy, businesses can effectively address IoT security risks and ensure a safer connected future.

As the IoT landscape continues to evolve and the number of connected devices exponentially grows, the need for robust IoT cybersecurity measures becomes increasingly critical. By proactively adopting IoT security best practices, organizations can unlock the transformative power of the Internet of Things while safeguarding their data and maintaining the trust of their customers.