In 2021, there were already a whopping 10 billion IoT devices. This staggering number and huge growth margin expected into the future will undoubtedly have the cybersecurity investing world looking for ways to secure IoT devices.
Unfortunately, hackers are more resourceful than pundits could have imagined. They have found ways to adapt to the IoT environment and are working hard to exploit it.
If your business has an IoT component, you must be aware of the latest IoT security solutions and trends.
Keep reading to discover how hackers are compromising IoT businesses and what you can do to secure your network.
What Is IoT?
IoT stands for the internet of things. IoT devices contain processing ability, software, sensors, and other technologies.
These IoT devices can exchange data across a network and the internet.
IoT cybersecurity has become increasingly important because so many things have IoT connectivity.
You might be surprised to learn that ordinary household objects like kitchen appliances, cars, thermostats, baby monitors to sophisticated industrial tools can contain IoT connections.
These devices are embedded with this connectivity ability, so data can be collected and shared to the cloud, big data, analytics, and mobile technologies with minimal human interaction.
IoT by the Numbers
A quick glance at the numbers related to IoT technology, and it’s easy to understand why there’s such a focus on IoT security companies.
Let’s take a closer look at some data related to IoT.
- 5.8 billion enterprise gadgets and automotive technologies were connected in 2020
- 100% of the population across the globe is expected to have LPWAN connections or coverage
- By 2025, IoT could generate $4 trillion to $11 trillion in value for the economy
- Wearable devices will be worth $1.1 billion by the year 2022
- Financial services and banking IoT market should grow to $2.03 billion by the year 2023
All of these IoT connections create vast amounts of data. The challenge is how to handle and secure all this data. In fact, 97% of organizations admit the challenge is to know what to do with all the data being produced.
Challenges of IoT Cyber Security
As you consider your cybersecurity options for IoT, it’s important to understand the challenges an IoT connection or network will face.
Let’s take a quick look at some of those challenges.
A collection of malware-infected machines is called a botnet. When an attacker wants to go after a target, they’ll use the botnet and send thousands of requests per second to disable their target.
While normal computers get regular security updates, an IoT device often doesn’t, which makes them vulnerable to botnet attacks.
Lack of the Physical Security
The manufacturers of IoT devices and those using them need to be aware of physical security. Attackers can use the lack of physical security to easily infect with malware.
Many IoT devices are in the business of collecting user data. A hacker can use a surveillance camera to grab data.
Hackers will take the data and either expose it, sell it, or bribe the company with it.
Lack of Visibility
Would it surprise you to learn that even devices like smart coffee machines and ventilation and air conditioning systems contain IoT devices? The problem with this is that often these devices are registered as part of the overall network.
On the surface, they aren’t considered important enough yet can often be the location of a hack.
When a ransomware attack happens, the attacker goes in and encrypts data. Then it often demands a ransom to gain access back to the data.
IoT devices are also susceptible to ransomware attacks because of their lower level of security.
IoT Security Options
Knowing the soaring statistics related to IoT technology, cybersecurity solutions are becoming of paramount importance.
So, let’s take a closer look at how the cybersecurity world can address IoT security options.
IoT Security Analytics
The role of security analytics is to identify and prevent threats by collecting and analyzing data from multiple sources.
This can reduce the security risks related to IoT and its vulnerability.
If malicious anomalies are present, the security teams can work to correct and prevent them from negatively impacting connected devices.
Endpoint Detection and Response
One thing to understand about an IoT device is that it is constantly streaming data. When you’re not controlling the IoT device, you’re losing data because of this.
Endpoint detection allows a security team to identify malicious activity and gain direct access to devices for visibility and alerting.
IoTs use an Application Programming Interface (API) to retrieve and share collected data. Unfortunately, API can be a weak link for security.
Cybersecurity teams need API security best practices, so they are continuously securing data.
Cybersecurity teams need to be more mindful of all devices that might be connected to a network. They can use visibility tools like network access controls (NAC).
The NAC allows them to identify ancillary IoT devices that could potentially cause a security risk if not recognized and secured.
It’s important for IT teams to pay attention to the communication between IoT devices and interfaces like web apps and mobile apps. All communication should get encrypted to avoid the possibility of attackers compromising the network.
To prevent IoT devices from being compromised, they should have an authentication method in place. They could use:
- Multifactor authentication
- Digital certificates
This prevents unauthorized users from accessing those IoT devices and corrupting them.
IoT Security Companies
With so much obvious need, the cybersecurity world has taken notice and is focusing on IoT security.
Many companies are working to develop solutions for IoT security. Some of these companies include:
- Palo Alto
Watch for an increased focus from cybersecurity companies as IoT continues to grow with such a rapid trajectory.
IoT Devices Will Need the IoT Security Solutions and Soon
IoT security solutions will continue to be the focus of cybersecurity companies because they can be a weak link when securing a network.
To learn more about these companies and cybersecurity venture capital options, contact Option3Ventures today.