IoT Security Best Practices to Confront Security Challenges

IoT Security
The demand for IoT devices is increasing. According to Statista, the estimated global IoT spending will be $1.1 trillion approximately. So, it is evident that there will be a surge in IoT devices in businesses. However, the fact is that these devices come with a lot of IoT security issues that affect the overall business process.

Some of the security challenges of IoT are:

  • Insecure interfaces
  • IoT malware and ransomware
  • Gap in IoT skills
  • Insufficient testing and updating
  • Brute-forcing and the issue of default passwords
  • Highjacking IoT devices
  • Home Invasions

Indeed, the dangers of IoT security are here to stay. However, you can take steps to protect your users from these threats by using best practices on your IoT device.

  • Compared to 15.8 billion in 2021, the size of the IoT security market is projected to grow to 18.6 billion in 2022.
  • The market is predicted to nearly double in size by 2025, making it a smart bet to invest in IoT security now.


IoT Security Challenges for New Age Businesses

The Internet of Things has introduced new ways to interact with the internet. IoT is no longer restricted to personal use, machines use it too, with the help of human help or by following the directions.

The internet allows devices to communicate with one another. A thermostat, for example, receives information about the room temperature and adjusts it accordingly. Likewise, lights switch on and off automatically, and sensors denote the time of day and the amount of light outside. All of this is accomplished through constant internet communication.

People are excited about IoT, which is why they’re willing to use it even before it is ready and before the devices comply with the safety regulations.

IoT technology is still in its early stages. Therefore, makers and consumers must overcome numerous IoT security obstacles. These obstacles are primarily caused by:

  • Inadequate user knowledge
  • Inconsistent production standards
  • Inadequate upkeep and upgrades

IoT security concerns and vulnerabilities can be presented in broad categories. Some of the most significant IoT security challenges are:

  • Hijacking of IoT devices and ransomware
  • Insufficient testing and lack of updates
  • IoT-driven financial crime
  • Rogue and counterfeit IoT devices
  • Lack of user awareness regarding the Internet of Things security


IoT Security Solutions for New Age Businesses


Update your IoT Devices Regularly

Automatic updates must be in place to check for official updates by the device maker. This installs security patches on your device(s), preventing hackers from infiltrating them in novel ways.

There are two ways to regularly update IoT devices for businesses regularly.

  • Physical Update
This is the traditional way of physically accessing the system or device and updating it. This can be as simple as connecting the IoT device to a computer and updating it.

  • Remote/OTA (Over-The-Air) Update
Numerous devices make it difficult to update every device through a physical update. OTA updates are used to update IoT devices remotely. Again, wireless communication mediums can carry this out with reduced human assistance.

Change your Passwords Regularly and Make them Strong

Changing passwords on various accounts, laptops, and mobile devices frequently has been the norm for a long time now. However, while changing passwords is a standard practice, IoT users often ignore it.

Changing the passwords on a regular basis reduces the likelihood of getting hacked. There is a chance that the manufacturers have the same password for all the IoT devices they produce. So, it is advised to change password as soon as it is installed. Strong passwords improve the security of IoT devices.

Use IoT Data Encryption to Prevent Data Breaches

If you're serious about safeguarding users' privacy and preventing data breaches, you must encrypt data between IoT devices at rest and in transit. This is a critical step in protecting users, whether you use symmetric or asymmetric keys.

There are many essential elements to implementing data encryption, such as:

  • Collaborative strategy
  • Data classification
  • Protect decryption keys
  • Control and limit access
  • Use of SSL decryption technology


Test and Update the IoT Hardware Regularly

To ensure IoT hardware security, set up a robust testing infrastructure. This includes thoroughly testing the IoT device's range, capacity, and latency. In addition, chip manufacturers for IoT devices must strengthen processors for increased IoT security and lower power consumption without making them too expensive for users or too impractical to use in current IoT devices. Many IoT devices available on the market today are indeed cheap and disposable, but they have very little power.

In addition, IoT device manufacturers must make sure that any third-party parts and modules they use in their IoT devices work correctly with their IoT applications.


Avoid Rush Launch of IoT Devices

Manufacturers of IoT devices are frequently rushing to introduce their products to the market at the lowest prices to stay ahead of the competition. Most manufacturers don't pay enough attention to IoT security updates and patches. Unfortunately, in the long run, this poses a severe threat to the security of their IoT devices. So, IoT device manufacturers should not release their products until they have thought about keeping their devices and apps safe in the long run.

The future IoT Security

Industry experts are researching the security problems associated with the Internet of Things. This aproach is expected to bring more possibilities of IoT devices in businesses, solving many security issues.

By 2023, more and more businesses will see the scope of the IoT, with business investment accounting for more than half of all IoT spending. This means that manufacturers will need to double down on their IoT security efforts to meet corporate expectations.

Ordinary users will also have to learn about and stay updated on IoT security changes and their significance.

This, like other advancements, begins with concerted efforts at a higher level. Among other things, the U.S. Congress sponsored a cybersecurity bill in March 2019. This bill would ensure that IoT devices bought by the government have at least basic security features.

Summing Up

On a meticulous evaluation, one can say that the bigger the IoT world gets, the more critical it becomes to prioritize IoT data privacy and security.

Unfortunately, cyber-attacks and rogue devices are here to stay, and with time, they will get smarter. Therefore, you have to keep up-to-date on the latest attacks and ensure that you continue to focus on opting for the most acceptable security and privacy features possible. This protects you from data breaches and increases customer confidence and trust in your product.


Frequently Asked Questions


Why is IoT security a necessity for businesses?

For IoT gadgets to function properly, they require secure hardware, software, and internet connectivity. Unfortunately, any connected equipment can be hacked if IoT security is not in place. Once they gain control, hackers can take control over the object's functioning and steal the user's digital data.

What are some of the security issues in IoT?

A lot of security issues include not having access control, overly large attack surface, outdated software, lack of encryption, application vulnerabilities, lack of trusted execution environment, vendor security posture, and insufficient privacy protection.

Are IoT devices safe?

While most IT systems can patch security problems through frequent updates, most IoT devices cannot. Security flaws remain unnoticed and unattended for an indefinite period. IoT devices that have an exceptionally extended shelf life will stop working if the manufacturer stops supporting them.

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Secure Network Technologies, Inc. is a full service information security firm based out of Syracuse, NY. Secure Network offers a wide range of security and investigative services including: network penetration testing, digital forensics, social engineering, application security assessments and physical security testing. Secure Network has been offering superior security services since 1997 to clients all over the United States and internationally.

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Verizon Holds Cybersecurity Event at NJ Executive Business Center

Verizon | October 13, 2023

Verizon Business has announces hosting a special cybersecurity event on October 18, 2023, marking two decades of cybersecurity consulting services at its New Jersey Executive Business Center. Participants will gain valuable insights into how Verizon is empowering companies to harness the potential of 5G network solutions. Alongside the cybersecurity panel discussion, attendees can expect live demonstrations highlighting Verizon's proficiency in developing exceptionally secure solutions. Verizon Business will host a special media event on October 18, 2023, marking two decades of cybersecurity consulting services and honoring Cybersecurity Awareness Month. The event will feature a panel discussion led by industry experts, including Chris Novak, Managing Director of Verizon Cyber Security Consulting; Sean Atkinson, Chief Information Security Officer at the Center for Internet Security; and Krista Valenzuela, Cyber Threat Outreach and Partnerships at The New Jersey Cybersecurity and Communications Integration Cell (NJCCIC). The panel promises an engaging dialogue encompassing critical themes such as data privacy, AI's influence on cybersecurity, the emergence of voice security, evolving security controls, and other pertinent subjects. Furthermore, the discussion will shed light on the strategies employed by local New Jersey organizations to counteract emerging cyber threats. Attendees will also gain insights into Verizon's role in empowering businesses through innovative 5G network solutions, enhancing security measures, and elevating their overall operations. Managing Director of Verizon Cyber Security Consulting, Chris Novak, said, Raising greater awareness about cybersecurity is the first step in assisting organizations defend against these cyber threats. [Source – Globe Newswire] Novak mentioned that Verizon is utilizing its network's extensive visibility to collect, report, and disseminate actionable insights. These insights can be used by customers and other businesses to tackle advanced cyber threats related to vulnerability exploitation and social engineering. Furthermore, demonstrations highlighting Verizon's proficiency in developing highly secure solutions will be presented in addition to the cybersecurity panel. They include: Coach-to-Coach Communications: Introducing a dependable and secure wireless network solution tailored for NFL coaches, enabling confidential communication on the field. Cashierless Checkout: Utilizing advanced machine learning and computer vision technologies, this innovative solution facilitates autonomous stores at any location. Integrated with 5G UWB and 5G Edge, it redefines the retail experience. Private Wireless Networks: Explore the benefits of premise-based equipment, highlighting the significance of private dedicated networks in enhancing business connectivity and security. Cyber Threat Outreach and Partnerships, NJCCIC, Krista Valenzuela, mentioned, One of the ways we’re harnessing the power of AI in New Jersey is in identifying suspicious and malicious websites to help the State and its critical infrastructure in better defending against these cyber threats. [Source – Globe Newswire]

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Platform Security

BeyondID Introduces Identity-First Model for Zero Trust Maturity

PR Newswire | October 04, 2023

BeyondID, a leading managed identity solutions provider, today announced the industry's first solution that accurately conveys the true nature of identity within the zero trust security framework. BeyondID's Identity Fabric Model for Zero Trust promises optimal threat detection, investigation, and round-the-clock remediation via the BeyondID Security Operations Center (SOC). The Zero Trust Maturity Model by CISA has gained widespread acceptance and acknowledges the importance of identity as a pillar in modern security, but it undervalues the critical role of identity in ensuring security, stated Arun Shrestha, co-founder and CEO of BeyondID. The effectiveness of your security posture depends on how quickly and accurately you can detect behavioral discrepancies, as recent high-profile security breaches demonstrate. Zero trust cannot be achieved without identity as the fabric. BeyondID is the first managed identity services provider delivering a holistic approach to zero trust. Its Identity Fabric Model supports seamless user experience outcomes by implementing a strong digital identity strategy across the board from devices to network, to apps and workload, to data. This holistic approach ensures optimal threat detection, continuous compliance, risk mitigation, and a high return on IT and security investments. The company also announced that it can provide organizations with the breach protection they need, including a service that can identity, isolate and remediate threats in as little as seven days. Utilizing BeyondID's SOC enables companies to get their zero trust solution up and running quickly, offering 24x7 protection from the persistent threat of cybersecurity attacks. As an esteemed Okta Apex Partner and Okta's most trusted implementation ally, BeyondID is committed to modernizing identity management and digital transformation. BeyondID is launching its next-gen zero trust services at Oktane23. Oktane23 attendees will be offered an exclusive, complimentary Zero Trust Assessment. About BeyondID BeyondID is a leading managed identity services provider that the most successful brands trust to bring their digital identity strategies to life. BeyondID helps organizations streamline their adoption process and ensure their implementations are secure, agile, and future proof. A few of the valued customers that trust BeyondID to keep their organizations secure include ATN International, Discount Tire, Johnson Financial Group, Major League Baseball, Mayo Clinic, Northern Trust, TDECU, and VF Corp. More information about BeyondID can be found at www.BeyondID.com.

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Platform Security

OpenText Cybersecurity Nastiest Malware of 2023 Shows Ransomware-as-a-Service Now Primary Business Model

PR Newswire | October 26, 2023

OpenText (NASDAQ: OTEX), (TSX: OTEX), today announced the Nastiest Malware of 2023, an annual ranking of the year's biggest malware threats. For six consecutive years OpenText Cybersecurity threat intelligence experts have analyzed the threat landscape to determine the most notorious malware trends. Ransomware has been rapidly ascending the ranks, with ransomware-as-a-service (RaaS) now the weapon of choice for cybercriminals. This year four new ransomware gangs, believed to be the next generation of previous big players, topped the list. Newcomer Cl0p takes the prize for this year's nastiest malware after commanding exorbitant ransom demands with its MOVEit campaign. Cl0p's efforts helped skyrocket the average ransom payment which is rapidly approaching three quarters of a million dollars. Black Cat, Akira, Royal, Black Basta also made their debut, joined by the always present, Lockbit. A key finding this year is the RaaS business model is another win for the bad guys. Profit sharing and risk mitigation are top contributors to RaaS success along with the ability to easily evade authorities, said Muhi Majzoub, EVP and Chief Product Officer, OpenText. There is a silver lining as research shows only 29% of businesses pay ransom, an all-time low. These numbers indicate people are taking threats seriously and investing in security to be in a position where they do not need to pay ransom. This year's list highlights the tenacity of cybercriminals as they continue to reinvent themselves, coming back stronger each time (often with new names). Their scrappy mentality allows them to go beyond the norm to find new ways to invade their target. 2023 Nastiest Malware Cl0p, a RaaS platform, became famous following a series of cyberattacks, exploited a zero-day vulnerability in the MOVEit Transfer file software developed by Progress Software. MOVEit victims include such notable organizations as Shell, BBC, and the United States Department of Energy. Black Cat, recognized in our 2021 Nastiest Malware report, believed to be the successor to REvil ransomware group, has built their RaaS platform on the Rust programming language. They made headlines for taking down MGM Casino Resorts. Akira, presumed to be a descendant of Conti, primarily targets small to medium sized businesses due to the ease and turnaround time. Most notably, Akira ransomware targeted Cisco VPN products as an attack vector to breach corporate networks, steal, and eventually encrypt data. Royal, suspected heir to Ryuk, uses Whitehat penetration testing tools to move laterally in an environment to gain control of the entire network. Helping aid in deception is their unique partial encryption approach that allows the threat actor to choose a specific percentage of data in a file to encrypt. Lockbit 3.0, a main stain on the list and last year's winner, continues to wreak havoc. Now in its third epoch, Lockbit 3.0 is more modular and evasive than its predecessors. Black Basta is one of the most active RaaS threat actors and is also considered to be yet another descendant of the Conti ransomware group. They have gained a reputation for targeting all types of industries indiscriminately. To learn more about the findings of this year's Nastiest Malware analysis, visit the OpenText Cybersecurity Community, as well as tune in to our Nastiest Malware Webinar.

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Platform Security

Verizon Holds Cybersecurity Event at NJ Executive Business Center

Verizon | October 13, 2023

Verizon Business has announces hosting a special cybersecurity event on October 18, 2023, marking two decades of cybersecurity consulting services at its New Jersey Executive Business Center. Participants will gain valuable insights into how Verizon is empowering companies to harness the potential of 5G network solutions. Alongside the cybersecurity panel discussion, attendees can expect live demonstrations highlighting Verizon's proficiency in developing exceptionally secure solutions. Verizon Business will host a special media event on October 18, 2023, marking two decades of cybersecurity consulting services and honoring Cybersecurity Awareness Month. The event will feature a panel discussion led by industry experts, including Chris Novak, Managing Director of Verizon Cyber Security Consulting; Sean Atkinson, Chief Information Security Officer at the Center for Internet Security; and Krista Valenzuela, Cyber Threat Outreach and Partnerships at The New Jersey Cybersecurity and Communications Integration Cell (NJCCIC). The panel promises an engaging dialogue encompassing critical themes such as data privacy, AI's influence on cybersecurity, the emergence of voice security, evolving security controls, and other pertinent subjects. Furthermore, the discussion will shed light on the strategies employed by local New Jersey organizations to counteract emerging cyber threats. Attendees will also gain insights into Verizon's role in empowering businesses through innovative 5G network solutions, enhancing security measures, and elevating their overall operations. Managing Director of Verizon Cyber Security Consulting, Chris Novak, said, Raising greater awareness about cybersecurity is the first step in assisting organizations defend against these cyber threats. [Source – Globe Newswire] Novak mentioned that Verizon is utilizing its network's extensive visibility to collect, report, and disseminate actionable insights. These insights can be used by customers and other businesses to tackle advanced cyber threats related to vulnerability exploitation and social engineering. Furthermore, demonstrations highlighting Verizon's proficiency in developing highly secure solutions will be presented in addition to the cybersecurity panel. They include: Coach-to-Coach Communications: Introducing a dependable and secure wireless network solution tailored for NFL coaches, enabling confidential communication on the field. Cashierless Checkout: Utilizing advanced machine learning and computer vision technologies, this innovative solution facilitates autonomous stores at any location. Integrated with 5G UWB and 5G Edge, it redefines the retail experience. Private Wireless Networks: Explore the benefits of premise-based equipment, highlighting the significance of private dedicated networks in enhancing business connectivity and security. Cyber Threat Outreach and Partnerships, NJCCIC, Krista Valenzuela, mentioned, One of the ways we’re harnessing the power of AI in New Jersey is in identifying suspicious and malicious websites to help the State and its critical infrastructure in better defending against these cyber threats. [Source – Globe Newswire]

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