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:
IoT malware and ransomware
Gap in IoT skills
Insufficient testing and updating
Brute-forcing and the issue of default passwords
Highjacking IoT devices
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.
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:
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.
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.
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.