THREATS TO IOT-Businesses need to be aware of the different IoT security threats and implement an all-round cybersecurity strategy to protect themselves.
The introduction of IoT has evolved multiple industries such as agriculture, utilities, manufacturing, and retail. IoT solutions have helped improve productivity and efficiency in factories and workplaces. Also, IoT-powered medical devices have led to the development of a connected and proactive approach to healthcare. Smart cities also utilize IoT to build connected traffic lights and parking lots to reduce the impact of the ever-increasing traffic. However, the impact of IoT security threats can prove to be a major issue in the implementation of IoT. IoT security threats such as DDoS, ransomware, and social engineering can be used to steal critical data from people as well as organizations. Attackers can exploit security vulnerabilities in IoT infrastructure to execute sophisticated cyber attacks. Such IoT security threats can be more concerning for consumers as they are unaware of their existence and do not own the resources to mitigate them. Hence, business leaders must identify and address these security threats to offer high-end products and services to consumers.
IoT Security Threats
Organizations need to be aware of the following IoT security threats:
A botnet is a network that combines various systems together to remotely take control over a victim’s system and distribute malware. Cybercriminals control botnets using Command-and-Control-Servers to steal confidential data, acquire online-banking data, and execute cyber attacks like DDoS and phishing. Cybercriminals can utilize botnets to attack IoT devices that are connected to several other devices such as laptops, desktops, and smartphones. Mirai botnet has displayed how dangerous IoT security threats can be. The Mirai botnet has infected an estimated 2.5 million devices, including routers, printers, and smart cameras. Attackers used the botnet to launch distributed denial of service attacks on several IoT devices. After witnessing the impact of Mirai, several cybercriminals have developed multiple advanced IoT botnets. These botnets can launch sophisticated cyber attacks against vulnerable IoT devices.
2. Denial of Service
A denial-of-service (DoS) attack deliberately tries to cause a capacity overload in the target system by sending multiple requests. Unlike phishing and brute-force attacks, attackers who implement denial-of-service don’t aim to steal critical data. However, DoS can be used to slow down or disable a service to hurt the reputation of a business. For instance, an airline that is attacked using denial-of-service will be unable to process requests for booking a new ticket, checking flight status, and canceling a ticket. In such instances, customers may switch to other airlines for air travel. Similarly, IoT security threats such as denial-of-service attacks can ruin the reputation of businesses and affect their revenue.