This post was written by Mindy Affrime, guest contributor from Securolytics.
While IoT devices (printers, DVRs, thermostats, smart appliances, etc.) make it possible for organizations of every size and in every sector to run more effectively and efficiently, they are too often added to a business’ network without any regard to their security risk. Unfortunately for many manufacturers and their users, security is taking a backseat, making it easy for malware to compromise the network or for a hacker to gain access and steal critical data. The infamous 2016 mass Dyn DDoS attack was attributed to a Mirai botnet that was widely spread via infected IoT devices.
In 2017, there will be a rush to deliver new types of IoT technologies while making those devices more affordable. We now need to deal with the security consequences.
International Data Corporation (IDC) estimates that “the worldwide IoT market will grow from $655.8 billion in 2014 to $1.7 trillion in 2020. Devices, connectivity, and IT services will likely make up two-thirds of the IoT market in 2020, with devices (modules/ sensors) alone representing more than 30 percent of the total.”
With this in mind, it is not a surprise that, according to an analysis conducted by Cybersecurity Ventures, the cost of cybercrime could reach $6 trillion by 2021.
Because most enterprise IoT devices are not designed with security functions, it is up to the user to act. Unfortunately, IT departments often turn a blind eye when new devices are added to the corporate network, and many businesses do not want to deal with the hassle of re-deploying their security protections. For other organizations, it is as simple as not having visibility into what IoT devices are on their network.
IT leaders need to acknowledge that the time is now for IoT Security. Then they need to locate and identify their IoT devices. With this intention and knowledge, they can utilize a proactive approach toward managing their IoT devices–helping them to control and see the devices in real time. The technology is there.
In this age of IoT, control and visibility of devices on the network is no longer a luxury but a necessity. The costs are too high and the risks too perilous for organizations and businesses to do nothing. There is no better time to get started on securing your business from IoT breaches.
