IOT SECURITY- Forecasters have predicted that 30.9 billion devices will be connected to the Internet of things (IoT) by 2025, as published by statista.com reports. While COVID-19 affected many businesses adversely, it proved to be a boon for IoT devices. The 2020 Microsoft IoT Signals Report reveals that COVID-19 accelerated the growth of IoT. The low cost of storing and computing data on the cloud, the falling price of sensors and chipset, internet connectivity and 5G, and increased adoption of smartphone and apps platforms ensure that we adopt embedded technology faster than ever. It won’t be long before IoT is integrated into all households and every basic application you see.
There is a rapid development of IoT-based devices, and companies are looking for ways to benefit from the advantages of IoT. However, like the advancement of any technology, IoT also brings an array of drawbacks.
IoT security is the act of securing and safeguarding the Internet of Things to prevent hackers from gaining access to sensitive information or ultimately compromise the network. Let us find out why there is an immediate need for IoT security.
Why Is IoT Security Important?
The IoT industry is poised to be at 1.1 trillion dollars by 2026, as published by statista.com reports; this large magnitude of growth in IoT also attracts cyberattacks. According to NETSCOUT’s Threat Intelligence Report from the second half of 2018, IoT devices are attacked within 5 minutes of being connected to the web. We are moving toward an era where everything in our life is being automated, and we depend more upon intelligent applications. Therefore, smart devices must be made safe and secure.
It’s not a lie that soon autonomous vehicles will make the road journey safer and lessen the risk of accidents caused by human error and that your smart fridge will automatically book your groceries from your favourite vendor when on sale. The bitter truth is that autonomous cars can save lives, and smart fridges can save money only when they are safe and secure from hackers, which appears unlikely without strict IoT security measures.
IoT Security in the Healthcare Industry
Not only in household appliances and autonomous vehicles, but IoT in healthcare is shaping every part of our life for the better; one such field is the healthcare industry. Healthcare equipment like a pacemaker connected to IoT could provide a real-time update on the patient’s health to the doctor; this would revolutionize the medical industry as we see it. The real problem is people are scared to wear these devices, as they fear that cyber criminals may gain access to it. This problem could be solved with robust security measures in place. IoT security would help bring the revolutionizing technology of smart and autonomous devices faster to the market. Therefore, IoT security is essential.
If cyber criminals gained access to your IoT devices, they could steal sensitive information like credit card details, name, address, etc. With this information, they could then steal money, commit a crime in your name, or worse. IoT devices connected to the organization’s network create a risk of cyber criminals gaining access to the network and compromising it. Thus, causing business disruption and loss to the company. Paolo Alto, in its 2020 Unit 42 IoT Threat Report shares, “98% of all IoT device traffic is unencrypted, exposing personal and confidential data on the network.“. 98% of unencrypted data is a feast for hackers to exploit. Companies must start to see how vital IoT security is and begin implementing rigorous steps to secure IoT devices.