IoT Security: Are Consumers Aware of the $1.5 Billion Risks?

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This IoT technology is the connection of multiple devices through radio-frequency identification tags.

The IoT has been around for a long time. Still, the industry has grown to include many Internet and network-based products.

What is IoT Security?

IoT Security refers to various methods of protection for devices connected to the Internet or their networks. These safety measures aim to reduce vulnerabilities, prevent cyberattacks, address breaches, and eliminate potential threats.

It is easy to protect network-connected devices. However, several layers of security must be considered, including sensors, data, cloud platforms, servers, and more.

The frameworks of different devices may differ. There may be differences in physical barriers, network applications, protocols, and more. Your business must identify these components, their functions, and operating procedures to ensure each device is secure.

Here are some common layers of security that you may have to consider:

Application Layer: Here, the user interacts with the device and services.
Network Layer: Here, collected data is transmitted and processed. This layer connects the devices to servers and other network devices.
The Physical layer is where the devices and sensors collect data from each operation or action.

Every layer has the potential for malicious activity. This is why companies must develop a comprehensive IoT Security Plan covering every network device and component.

Why is IoT Security Critical?

The ability of IoT devices to collect and measure data is a powerful incentive for organizations. These devices' benefits, such as edge computing, real-time insight and analytics, and other advantages, are often linked to digital transformation and adoption.

Growing your digital profile can also increase your risk.

IoT security matters because IoT devices can be used for unauthorized access to your systems. It is possible to hack an IoT device, even though the average person may not be aware of this.

Every IoT device that you add to your network increases its attack surface.

IoT Security Benefits and Challenges

The pros and cons are the same for any software or technology. This is no exception. IoT is a growing industry that includes everything from small devices in your home to large machinery in factories.

It comes with a variety of security challenges and rewards.

Challenges

Businesses face a lot of challenges when it comes to IoT security, as new devices are being introduced every year.

The following are some of the most common IoT challenges:

Rapidly Changing Industry Trends, Technology, And Advanced Threats

The fast-paced technology, the evolving threats, and the advanced viruses and breaches make it difficult to update hardware and software on time.

The cloud, AI/machine learning, and smart cars are all new technologies that can be attacked (via malware, ransomware, etc.). It can put users at risk.

Working Remotely Is The New Norm

Remote work brings remote access. This means hackers can tap into unsecured networks at home and in public Wi-Fi.

Internal Human Error

Human error is the most common cause of IoT breaches and one of the largest security challenges. It may seem like a hassle, but scheduling regular training sessions on security protocols and updates is crucial in reducing errors.

It will also help to give priority access to devices for specific departments or employees.

Benefits

With the right foundation, IoT can bring many benefits to your business. The following are some of the IoT benefits that you should be aware of:

Cost Reductions

Installing secure IoT devices can be expensive, but the long-term benefits are usually worth it. This technology reduces labor costs, increases production volume and quality, and helps teams focus more on the most important projects.

Brand Reputation, Trust, And Sales Increase

Customers want to work with companies that they can trust to protect their data and provide high-quality products.

You can build trust with your customers by implementing IoT security measures on your devices and then communicating these efforts to them. This can enhance brand reputation through organic word-of-mouth recommendations and increased sales (new and returning).

Standards And Requirements For Security Met

With the right IoT Security, your business can meet industry-specific and national security standards and PCI compliance.

Many of these protocols overlap the safety measures associated with protecting these devices.

Importance of IoT Security

Statista predicts that by 2025 the IoT will have 75 billion devices in use worldwide. Therefore, strong security protocols and software are a must for businesses and individuals.

IoT can protect many important assets and operations:

Credit card information, home addresses, phone numbers, etc).
Medical Devices and Records.
Information classified by the government.
Industrial machinery.
Personal residences (home Wi-Fi networks, alarm detection systems).
Transportation (cars, planes, etc).

Suppose you fail to secure your devices and address IoT vulnerabilities. In that case, you expose your business to costly fines and preventable damages.

Exploring The IoT Attack Surface

The attack surface of a business is the totality of all vulnerabilities, physical and digital, that exist on its network.

It can include vulnerabilities in endpoint devices such as computers, tablets, etc. Software and hardware are used in the business. Although each device is protected by security software, it can still be vulnerable to additional threats and vulnerabilities due to its connection to IoT.

Open Web Application Security Project provides a consensus on the current threats and weaknesses within the surfaces. We have summarized these into three main categories.

Devices

Invariably, devices have vulnerabilities in their firmware, memory system, web, physical interfaces, network services, and firmware.

Hackers can easily exploit outdated components, insecure default settings, and firmware vulnerabilities. Continuous monitoring is crucial when managing vulnerabilities across your network devices.

Communication Channels

Attacks may originate on the channels connecting IoT devices.

This poses serious security threats to the system, creating the potential for DoS and spoofing attacks. These attacks and threats create an unstable network surface.

Applications and Software

Many web applications and APIs fail to protect sensitive data. These data could range from financial intelligence or healthcare information.

These types of data breaches can lead to identity theft, credit fraud, and the exposure of confidential information, all because web applications are not properly patched or secured regularly.

IoT: 8 Threats And Risks You Should Be Aware Of

The number of threats will likely continue increasing as IoT expands. Understanding and identifying the various types of vulnerabilities and threats associated with the Internet of Things can reduce the risk of data breaches at your company.

Explore the top eight IoT risks and threats:

Lack Of Physical Hardening

Lack of physical hardening is a major concern regarding devices that are part of the Internet of Things. There is no way for IoT devices to be properly secured since they are always exposed to the physical attack surface.

The lack of a secure location for devices and the inability to monitor them continuously allows potential attackers valuable information about the network capabilities. This can be used in future remote attacks or gaining control of the device. Hackers can, for example, remove a memory card and read the contents to gain access to private data or information.

Data Storage And Transfer That Is Not Secure

The IoT network and smart devices increasingly communicate with each other as more people use cloud-based communication and data storage.

The risk of a data breach increases every time data is sent, received, or stored via these networks. It is because there are no encryption or access controls before the data enters the IoT ecosystem. Therefore, it is important to use robust tools for network security management, such as firewalls and access controls, to ensure secure data transfer and storage.

Device Management And Visibility Are Lacking

Unmonitored and untracked IoT devices are still prevalent. Monitoring devices that connect and disconnect to the IoT can become increasingly difficult.

A lack of insight into device status might hamper the ability of companies to identify or address possible hazards. When we look at the healthcare industry, these risks can be life-threatening. IoT defibrillators and pacemakers can be tampered with if they are improperly secured.

Hackers could purposefully drain batteries or give incorrect shocks and pacing. Device management systems are needed to monitor IoT devices and ensure that all possible breaches have been considered.

Botnets

Botnets consist of devices connected to the Internet that can be used to send spam, steal data, or compromise networks.

Botnets are a collection of internet-connected devices that contain malware. This allows an attacker to access the IoT device and use its connection to penetrate a network. These are the most common smart home appliances (smart refrigerators, for instance) that were not originally manufactured with security.

These devices are constantly changing and adapting. To avoid attacks, it is important to monitor their threats and changes.

Weak Passcodes

Even though complex passwords are secure for many IoT devices and gateways, it only takes one weak code to allow hackers to access your entire network.

Hackers can compromise your business network if you do not manage passcodes consistently throughout the office. Even if one employee fails to adhere to the advanced password management policy, there is a greater chance of a password-based attack.

It is important to practice good password hygiene to ensure your business adheres to standard security practices.

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Insecure Ecosystem Interfaces

APIs are software intermediaries which allow two applications to communicate with each other. APIs allow attackers to access business IoT devices by connecting two servers.

This can include a router, web interface, server, and more. To ensure network security, it is important to fully understand each device's security policies and intricacies within the ecosystem.

AI-Based Attacks

AI attacks are not new. However, the IoT is a growing threat. Hackers can now build AI-powered attacks that are more efficient, faster, and easier to scale than humans.

This is a major threat to the IoT ecosystem. The traditional IoT cyber threats will have the same tactics and elements. Still, the automation and customization of AI-powered attacks will make them increasingly difficult to combat.

Enhanced Attack Surface

The number of devices connected to the network is increasing as organizations integrate cloud technologies into their daily processes.

The risk increases, and monitoring becomes more difficult. The number of devices that are not secured increases the risk of a data breach. It is, therefore, important to create a scalable plan as IoT grows.

Two key components of a cybersecurity plan are using device management systems and updating employees on the best cybersecurity practices.

IoT Security Model: 6 Strategies To Consider For The Entire Company

Security measures have evolved along with the IoT world. New devices are constantly being introduced, and the existing ones continue to improve.

This means new IoT standards and safety updates will be required as new IoT devices and technologies come to market.

Here are six company-wide security strategies that you can implement to help protect your devices and combat any IoT threats.

Security protocols and training for cross-departmental personnel.
Update your software regularly and back up all data.
IoT Device Isolation and Network Segmentation.
Zero-trust Approach.
Security by Design.
Strong Firewalls.

Incorporating these six strategies into your security model will help create a more secure environment for your employees, customers, and partners.

Security Protocols And Training For Cross-Departmental Personnel

Maintaining consistent IoT standards across departments can help you operate your devices safely and be aware of any threats.

It is important to train security teams in IoT Security. This includes understanding new systems, implementing routine virus scans, and using secure Wi-Fi and trusted third-party applications.

Update Your Software Regularly And Back-Up Data

Businesses that actively track and test IoT devices will keep their security model more robust. Team members should immediately apply all available software updates to fix bugs and patch any issues.

Set up alerts or web notifications (if available) on the device manufacturer's website to ensure you never miss any news.

Never store your data all in one location, even on a device connected to the Internet or a network. Businesses should use off-site storage to protect themselves from any IoT threats.

Read More:
Why IoT is Important in the Manufacturing Industry?

IoT Device Isolation and Network Segmentation

The process of segmenting networks is to divide them into smaller, more manageable pieces. This method can reduce IoT concerns by restricting access to only a small group of users.

It also allows your team to monitor and control devices better.

Segmenting IoT networks allows you to limit breaches to a smaller area rather than worrying about multiple entry points, which could lead to compromised data.

Businesses can improve security posture by putting devices on a separate network. This ensures they don't interact with sensitive files, trade secrets, or classified customer information.

You can reduce IoT security threats by isolating your devices so that they can securely communicate and exchange data between platforms.

You can implement this isolation using the following connections models:

Device-to-Device: Devices in the same network can communicate via PAN protocols.
Devices to the Cloud: The cloud is connected to IoT devices, which allows them to communicate and share data.
Devices to Gateways: IoT enabled devices connect to a network via a gateway. This allows them to securely send data to sensors, other equipment, the cloud, and each other.
Back-end Data Sharing (cloud-to-cloud): Third parties with authorization are granted access to the cloud. This allows them to connect to IoT devices and obtain or export data.

Some of the most common ways to isolate and segment IoT devices are VLANs (virtual area networks), separate Wi-Fi networks, or routers.

Zero-Trust Approach

The zero-trust strategy "never believe, always verify" means that your business won't trust anyone (internal or external) before they have been verified.

This strategy will reduce unwanted visitors and mitigate breaches. It can also eliminate some of IoT's top security threats.

The National Cyber Security Centre suggests that you adhere to the following basic security principles when implementing zero trust into your IoT systems:

Know your architecture: Users, devices, and services.
Create a strong, unique user ID.
Create a strong device ID.
Authenticate anywhere.
Check the health of your electronic devices.
Focus on devices and Services.
Value-based policies are a good way to set up your policy.
You can control access to your data and devices.
Do not trust your network.
Select services that are designed to zero-trust.

While not all zero-trust security measures will apply to every industry and business, the most commonly used tools include micro-segmentation, end-to-end encryption, and multi-factor authentication.

Security by Design

Security by design is the concept that devices connected to networks have protection built in from day one. These infrastructures will be fully equipped with all the tools, safety features, and governance necessary to protect against the top IoT threats.

Businesses that incorporate or manufacture these devices would do well to ensure that a robust IoT security strategy is integrated into all aspects of their business applications, tiers, and life cycles, for example.

Predicting the future when you implement security by design is nearly impossible. Regular monitoring and testing are essential to identify any IoT vulnerabilities or threats.

Strong Firewalls

Your business can monitor the network traffic to detect suspicious activities and prevent devices from being compromised.

Some firewalls may be more reliable than others, even though this security measure seems obvious.

Your system must have strong barriers to prevent hackers from accessing sensitive data. Most IoT devices have some initial firewall protection.

However, businesses can add additional security measures.

In the world of IoT Security, Next-Generation Firewalls (NGFWs), which go beyond traditional firewalls to focus on individual applications, have become popular.

Other features include intrusion detection and threat intelligence, website filtering, advanced Malware detection, etc.

Use These IoT Tools to Protect Your Business

You must use the best products to complement your strategies to fight the most difficult breaches. IoT security is a hot topic, particularly when new threats are coming from everywhere.

It is normal to want to implement all the protective features to secure your business. However, not all tools will work for your infrastructure.

It is important to evaluate which devices are on your network, how often they are used, and what functions they perform before deciding on the right security solution for your business.

After analyzing the above areas, you should research different security measures to determine what IoT threats they address and their compatibility with your system. Here are nine reliable IT solutions for security (and their Benefits) to help you get started:

API Security Management

Devices may securely connect with one other and with apps thanks to APIs. Their connection to the Internet can lead to more IoT-related security issues.

Businesses should implement an API management system to mitigate IoT security threats. This is especially important if the devices have weak, broken, or exposed APIs. These factors can increase the cyber risk factors of a data breach.

API security management can help you to detect suspicious activity and gaps, monitor traffic, and increase development.

Cloud computing, AI, and Machine Learning Technologies

Newer technologies, such as artificial intelligence (AI), machine learning (ML), and cloud computing, can improve the security of your IoT devices.

The main function of devices connected to the network is to collect, store and transmit large amounts of information. AI and ML can help by analyzing the data to perform predictive analysis, report behavior patterns, identify malicious activity, and better identify IoT threats.

These systems allow you to adjust your infrastructure in real-time to avoid future attacks. Cloud computing can help improve your IoT's security by reducing the attack surface, protecting data better, and monitoring traffic via a secure API Gateway.

Password Management

It may seem like a simple fix, but the misuse of passwords is a problem that continues to plague IoT devices. When protecting their networks, these mistakes pose the greatest IoT security challenge for businesses.

Password managers can be integrated into IoT security systems to prevent the use of invalid or duplicate usernames and passwords. These innovative solutions offer advanced features such as login audits and encryption. They can also help you protect your devices and networks.

Network Access Control (NAC)

The Network Access Control (NAC) helps businesses to improve their IoT Security by creating a stronger perimeter that grants only authorized devices access.

NAC solutions not only track and keep an inventory of all connected IoT devices, but they can also detect and prevent unwanted visitors from entering the network. They can also restrict devices' access to certain networks and data. This technology can protect both cloud-based and physical systems.

NAC trusted solutions are different from traditional access control in many ways. They can detect various devices and systems, such as IoT devices, computers, servers, routers, etc.

They also implement preventative security measures like firewalls, antivirus, and spyware software.

Best NAC solutions include features such as:

Vendor Security: Allows trusted third parties to access internal systems via a virtual private networking (VPN) or secure channel.
Incident Response: Automate the function so that you can address issues in real-time and spend more time restoring infrastructure.
BYOD (bring-your-own-device) protection: Restricts network access of any external device (mobile phones, tablets, etc.) This application will only allow the device to be used once it can verify that it complies with the security vulnerability protocols.
IoT Fortification: Recognizes IoT devices and assigns them to particular networks to monitor and manage the information or resources they have access to.

Edge Computing

Edge computing enables IoT devices to collect, store, and process data closer to the edge of their networks instead of sending it to a central server or cloud to determine which actions to take.

Edge computing can enhance your device's security in many ways. This process will allow your business to disperse data and reduce DDoS attacks.

This solution adds protective measures that protect local data points without affecting the entire network. Edge computing, in addition to IoT Security, can improve performance, increase efficiency, enhance data storage, and help businesses manage networks better.

Endpoint Security

Endpoints are devices that sit at the network's edge and communicate with and send data to their server. Endpoints are now more diverse than traditional devices like desktops and servers.

They include lighting systems, industrial systems, and medical devices. This growth allows businesses to use different tools. However, it opens up the possibility of more attacks.

By implementing the right security measures to prevent hackers from entering your system, you can reduce future breaches, protect sensitive data and stop malware from damaging your system.

Endpoint solutions can enhance your IoT service infrastructure by:

Monitor application activity, and run updates on the cloud.
Secure sensitive information sent between partners and vendors.
Alerts are sent whenever malicious or irregular activities are detected.
It is blocking third-party users from connecting to network devices.
They were protecting each physical device and network connection.

Endpoint security strengths include firewalls, URL filters, browser isolations, encryptions, secure email gateways, and more.

Public Key Infrastructure (PKI)

PKI is a combination of hardware, software, policies, and procedures used to create, manage, distribute, and update digital keys and certificates.

Although PKI is a well-established feature, over time, it has evolved to meet the constantly changing standards of IoT Security.

Each IoT device receives a digital certificate that proves its identity. It also includes security features such as authentication and encryption to protect the network and data.

Over the years, this solution has evolved to be more flexible and scalable by automating edge device verification to handle large volumes of devices and data storage.

Authentication With Two Or More Factors

Multi-factor (MFA) and two-factor (2FA) authentication use multiple layers of security to verify the identity of a user before granting IoT devices and network access.

To better secure their systems, businesses can include MFA or 2-factor authentication in their administrative login process. This software can use techniques like SMS codes (sent via a second device), fingerprints, or facial recognition.

Real-Time (streaming analytics)

Real-time analytics will improve your device's security by monitoring suspicious behaviors and preventing the most common IoT threats.

This tool will also help businesses improve their safety protocols and decision-making abilities, leading to greater success.

Device sensors detect any activity and instantly collect data associated with it. These insights are a great way to gain an edge in IoT security, helping businesses to predict, prepare for, manage, and minimize future attacks.

You can improve IoT security by using real-time analytics tools.