By Kannan Srinivasan, Head of Security Practice and Delivery, Happiest Minds Technologies
By the end of 2024, it is predicted that there will be over 17 billion IoT devices connected globally, reportedly soaring to 40 billion by the end of 2030. This ever-expanding but intricate network offers convenience and efficiency to numerous sectors, from healthcare to manufacturing. However, the tradeoff for having an immense amount of IoT devices is that it also creates a complicated digital eco system, making it another vector for cyber adversaries.
The huge spike in IoT based attacks throughout 2023, particularly in critical sectors such as healthcare, demonstrates the severe need for strong IoT cybersecurity measures. Once an IoT device is compromised, the cost to combat the breach skyrockets, and aggregated damages can easily exceed USD 10 million, or more. Even with those risks in mind, many organizations still have not acted to close the security gaps in their IoT infrastructure.
Complications of IoT Cybersecurity
Here is a quick overview of the challenges of IoT cybersecurity with an emphasis on why so many IoT devices have become very intriguing targets for attackers; mostly due to design choices and vulnerabilities
Default/Weak Passwords: Many IoT devices come with default credentials or easy-to-guess passwords that allow easy access to the attackers.
Unencrypted Data Transmission: Many IoT devices collect, pass along, and store sensitive data without encryption, which increases the risk of PII (Personally Identifiable Information) and PHI (Protected Health Information) which are highly confidential, could be intercepted.
Limited Device Management: Many IoT devices have limited management systems due to various reasons such as limited resources, security, and the scale of deployments. This can contribute to static software and firmware that fail to address emerging problems.
Irregular or Absent Patching: One of the biggest challenges is that many devices lack firmware updates or don’t have a patch up plan to secure the devices, this might quickly lead to new exploits.
Lack of Endpoint Security: Unlike the traditional IT endpoint, most IoT devices suffer a deficit of inbuilt security mechanisms, including EDR (Endpoint detection and response).
Privacy Concerns: Insecure IoT devices increase the likelihood of sensitive data being accessed by the wrong people, leading to significant privacy and compliance issues.
Together, these reasons drive the rising number of breaches related to IoT devices, including large botnet attacks, that continue to compromise these devices and allow unpatched vulnerabilities to be leveraged for DDos (Distributed Denial-of-Service) exploitation.
Strategies for Strengthening IoT Cybersecurity
To reduce the former threats, organizations must implement a multi-faceted approach for IoT security
Access Overall Vulnerability Position: Perform an in-depth inventory and risk assessment to recognize and comprehend the existence of IoT vulnerabilities.
Patch and Vulnerability Management: Implement scheduled updates and patching procedures specifically designed for IoT devices.
Threat Detection and Response: Organizations need to tighten security control on access. This requires strong authentication and encrypting data in movement and rest to safeguard sensitive data. These precautions make the data undecipherable even if third parties access the storage medium.
Segmented Networking and Traffic Monitoring: Segregate IoT devices into separate network segments and monitor traffic to restrict lateral movement by attackers.
Collaboration with Product Vendors: Get vendors to meet your security expectations, make sure they can support your security needs by working with your already deployed operational tools and supporting new technologies like 5G-connected devices.
IoT Governance and Compliance: Mandate industry standards and regulations to provide interoperability and security. Amend explicit policies, conduct standardized risk assessments, and apply security controls to third-party access.
Conclusion
The proliferation of IoT devices is revolutionizing business as well as everyday life while also precipitating important cybersecurity issues. As billions more devices connect to the internet, with 40 billion expected by 2030, securing the IoT infrastructure will be imperative for preventing expensive breaches and undermining sensitive information. With the use of strong authentication, encryption, patch management, network segmentation and governance frameworks, and working in tandem with vendors who prioritize security, businesses can create a healthy and resilient IoT ecosystem that achieves a healthy balance between innovation and security.