In our constantly evolving tech world, cloud computing and the Internet of Things (IoT) are widely used. Businesses increasingly embrace these revolutionary technologies’ promise to enhance day-to-day operations. IoT is no exception, as cybercriminals grow more adept at using technology to commit crimes against civilization.
IoT security concerns and solutions were ignored until many cyber assaults, including Stuxnet, Brickerbot, Mirai Botnet, and Abbot, had disastrous results. In response to these cyber attacks, businesses have now begun to take necessary steps to close security gaps and stop data breaches proactively, nipping the issue in the bud before it wreaks havoc because IoT cybersecurity issues and vulnerabilities provide criminals an open window.
IoT has transformed how we engage with smart devices, providing unparalleled ease and efficiency. However, with the broad use of IoT in healthcare, banking, and other industries, several security vulnerabilities have surfaced, demanding a robust strategy to protect IoT ecosystems from possible assaults. The interconnectedness of IoT devices, which frequently collect and transport sensitive data, necessitates the implementation of cybersecurity in the Internet of Things (IoT) era. Without security measures, IoT systems may be left wide open for malicious actors to exploit vulnerabilities, and the consequences may be severe, including data breaches, privacy violations, and even bodily harm.
In this blog, we will discuss cybersecurity in the Internet of Things (IoT) age, including why it is important to implement cybersecurity measures for IoT systems, potential cybersecurity risks in the IoT era, and best practices to safeguard IoT devices against cyber attacks.
Why is Cybersecurity Important in the Internet-of-Things (IoT) Era?
The interconnectivity of IoT devices, which often gather and transfer sensitive data, makes cybersecurity in the Internet of Things (IoT) imperative. If taken advantage of by hostile actors, IoT device vulnerabilities can have serious repercussions, including data breaches, privacy violations, and even bodily injury. The increasing integration of IoT devices into vital infrastructure, healthcare, transportation, and smart homes raises the possibility of cyber-attacks with substantial consequences. Strong cybersecurity defenses are necessary to guard against illegal access, data theft, and manipulation, guaranteeing IoT systems’ availability, integrity, and confidentiality and the security of people and businesses who depend on them.
Since IoT has completely changed the game, cybersecurity is now more important than ever but more difficult. According to an IoT Risk Study, 98% of all IoT device communication is unencrypted, exposing private and sensitive information on the network. This exemplifies IoT cyber risk. The report also highlights that 57% of IoT devices are susceptible to medium- or high-severity assaults. Not to mention, 41% of cyber attacks use these same device flaws to compromise the data infrastructure, further showcasing the security issues with IoT devices.
In other words, everything is connected to everything else in IoT and cybersecurity, from your hosting website to your SMS messages. Thus, you cannot undervalue the significance of cybersecurity for IoT, regardless of the nature of your organization. IoT cybersecurity solutions are important for more than just industry heavyweights like Amazon, Google, and Microsoft. Cyber attacks can completely ruin a business before getting off the ground. Therefore, even if you haven’t been the target of a cyberattack yet, it is important to immediately strengthen your IoT cybersecurity defenses and remain secure.
Now that you understand cybersecurity’s significance in the Internet of Things (IoT) context, let’s examine the potential cybersecurity risks in this era.
Potential Cybersecurity Risks in the Internet-of-Things Era (IoT)
Recognizing the cybersecurity risks associated with IoT systems and devices can help consumers and providers stay safe while using the technology.
The first step in implementing defensive measures is realizing what you are up against, as ignoring threats could leave you open to cyberattacks. To that end, here are the top cybersecurity risks in the IoT era:
Malware
Malware is malicious software designed to enter networks without authorization. Once it gains access, the virus may go crazy and wreak mayhem. It might steal information, deplete funds, slow down the system, or even completely stop it. It manifests itself in several ways.
Security must be updated often to identify and eliminate dangers such as viruses, Trojan horses, spyware, rootkits, adware, and worms.
Hacking
Hacking is a significantly more active way for criminals to target networks, whereas malware is a more passive attack. It’s possible for almost every Internet of Things device to be hacked, and hackers are becoming more skilled every day.
Once they have unauthorized access, these malicious agents can do anything they want with a device. Most hackers seek to steal confidential data, particularly data that would enable them to demand ransom payments. Another kind of “hacking” is DDoS attacks. DDoS attacks are different from typical hacking techniques in that they aim to overload a system or network with traffic to the point where it malfunctions and might be taken over, as opposed to trying to get access to it. With a DDoS attack, a hacker can use several computers to send false requests to an IoT device and its server, forcing them to malfunction or shut down.
Poor or No Encryption
Not every gadget has encryption by default. IoT devices are more susceptible to hacking without encryption, increasing the accessibility of private information to outside parties.
While encryption is still a new technology, it is used in many devices, mobile app security, website privacy policies, and other digital assets. However, it is not sufficient to presume that all data sent and received by a device is encrypted. IoT systems and devices typically do not have encryption, rendering them vulnerable to cyber threats of many different kinds.
Lack of Quality Standards
IoT’s lack of standardized quality standards is one of the trickiest problems.
Given the many different devices, networks, and protocols, standardizing security features is challenging. This implies that there is always a gap for hackers to exploit, but it also calls for constant research and development of new security measures.
Insufficient Testing
One of the main problems with businesses using IoT security solutions is that, until a significant issue arises, hardly anyone considers data privacy and protection.
IoT makers ensure their devices are safe when they launch them. Still, because they don’t continuously test and update their products over time, they leave them vulnerable to hackers and other security flaws. Consequently, new IoT cybersecurity issues are presented.
Botnet Attacks
IoT devices need cybersecurity since they are very susceptible to malware assaults. Unlike computers, they don’t receive regular software security upgrades. A hacker infecting them with malware initially creates an army of bots to launch a botnet attack. The bots are further instructed to submit hundreds of queries every second to hit the target.
Together, IoT and cybersecurity can help prevent future attacks. A botnet assault targeting transportation networks, manufacturing sites, water treatment facilities, and electrical grids may endanger large populations. For instance, a hacker might cause spikes in the electrical grid by simultaneously turning on a heating and cooling system. If this attack is well-planned, there might be a national power outage.
Lack of Compliance
To properly illustrate this issue, let’s examine how IoT devices are used in our daily lives to better understand it. You must have observed that if you use fitness trackers, Bluetooth will still be visible after the initial pairing. Gmail credentials may be viewed on a smart refrigerator, and a Bluetooth key matching the padlock’s MAC address can unlock a smart fingerprint padlock.
These incidents highlight the possible risks associated with IoT cybersecurity.
The security concerns of IoT device manufacturers may include easy and simple-to-figure-out passwords, use of outdated software and operating systems, unprotected and insecure data transmission and storage, hardware technical problems, and more.
Data and Privacy Issues
Do you know that hackers did not spare a visionary like Elon Musk or a firm like Apple, known for its bold security claims? If such data falls into the wrong hands, it will result in financial loss and jeopardize intellectual property rights.
Microsoft claims that 60% of employees feel IoT is one of their organization’s least secure features. Less than half of firms have implemented best practices geared particularly to safeguard their IoT and OT devices. On the other hand, DataProt states that 83% of firms have seen increased productivity after integrating IoT data protection.
As IoT continues to be widely adopted in our daily lives and industries, these cybersecurity concerns and vulnerabilities must be addressed.
Improving cybersecurity for the Internet-of-Things (IoT) systems and devices can help us use this advanced technology while preserving user privacy and preventing potential data breaches.
Best Practices to Safeguard IoT Devices Against Cyber Attacks
Data transferred through various IoT applications and linked devices must be secured using the proper techniques. To safeguard IoT connections and prevent cyberattacks, enterprises must give top priority to implementing strong IoT cybersecurity solutions and taking a proactive approach.
The following are some suggested best practices that businesses should adhere to to secure IoT connections:
Two-Factor Authentication
The first step in password security is to generate strong, unique passwords. Employees are usually assigned generic passwords at onboarding but should be encouraged to change them as soon as possible.
Then comes two-factor authentication! This blocks non-account users from obtaining access to anything. It’s also a good idea to educate the account holder on not allowing anything they did not start unless it has been discussed with a third party and they know who is requesting access.
Secure Communication
Communication is a fundamental component of all organizations. Aside from creating a common communication approach inside the organization or department (for example, email only, no WhatsApp talks), the preferred communication medium should be secure.
Technologies such as TLS (Transport Layer Security) may be used to protect data from being intercepted, stolen, or tampered with. You can use a certificate-based authentication technique to create Transport Layer Security (TLS).
Encryption
To prevent sensitive data from being accessed, any device that has the potential to store sensitive information—which is nearly all of them—should be encrypted. You cannot afford to be without this additional layer of protection; it may be what deters hackers.
Public Key Infrastructure (PKI) Strategy
A public key infrastructure (PKI) enables users to communicate securely and exchange data and money. This form of interaction is carried out via public and private cryptographic key pairs. PKI secures data using two encryption processes: asymmetric and symmetric. In asymmetric, we require two keys: the public key and the private key.
If anything is encrypted using the public key, it can only be decrypted using the private key, and vice versa. On the other hand, symmetric data encryption and decryption use the same key. Data encryption and decryption guarantee that IoT data security is maintained while reducing the possibility of data theft to an absolute minimum.
IoT Security Analytics
By putting security analytics into practice, you may significantly reduce the amount of security problems you encounter. This entails gathering, comparing, and evaluating data from many sources and can support IoT security providers by aiding in the threat detection process.
Regular Monitoring and Security Updates
Businesses must adopt a proactive strategy that includes ongoing monitoring and routine system and device updates to ensure safe IoT connectivity. By proactive monitoring of IoT connections for abnormal activity, susceptibilities, or security breaches, enterprises may promptly identify and address such hazards.
Furthermore, maintaining IoT systems updated with the latest security updates may significantly reduce the risks of malicious attacks. Businesses implementing these cybersecurity practices may greatly secure their IoT connections, safeguard critical data, and reduce the risks connected with enterprise IoT cybersecurity software development.
Implementing these cybersecurity practices may help businesses greatly secure their IoT connections, safeguard critical data, and reduce the risks connected with enterprise IoT cybersecurity software development.
Cybersecurity and Compliance with Akitra!
Establishing trust is a crucial competitive differentiator when courting new SaaS businesses in today’s era of data breaches and compromised privacy. Customers and partners want assurances that their organizations are doing everything possible to prevent disclosing sensitive data and putting them at risk, and compliance certification fills that need.
Akitra offers an industry-leading, AI-powered Compliance Automation platform for SaaS companies. With its expertise in technology solutions and compliance, Akitra is well-positioned to assist companies in navigating the complexities of compliance and assisting in using automation tools to streamline compliance processes and put in best practices for cybersecurity posture. In addition, Akitra can provide invaluable guidance in implementing the necessary frameworks and processes.
Using automated evidence collection and continuous monitoring, together with a full suite of customizable policies and controls as a compliance foundation, our compliance automation platform and services help our customers become compliance-ready for security standards, such as SOC 1, SOC 2, HIPAA, GDPR, PCI DSS, ISO 27001, ISO 27701, ISO 27017, ISO 27018, ISO 9001, ISO 13485, ISO 42001, NIST CSF, NIST 800-53, NIST 800-171, NIST 800-218, NIST AI RMF, FedRAMP, CCPA, CMMC, SOX ITGC, and more such as CIS AWS Foundations Benchmark, Australian ISM and Essential Eight etc. In addition, companies can use Akitra’s Risk Management product for overall risk management using quantitative methodologies such as Factorial Analysis of Information Risks (FAIR) and qualitative methods, including NIST-based for your company, Vulnerability Assessment and Pen Testing services, Third Party Vendor Risk Management, Trust Center, and AI-based Automated Questionnaire Response product to streamline and expedite security questionnaire response processes, delivering huge cost savings. Our compliance and security experts provide customized guidance to navigate the end-to-end compliance process confidently. Last but not least, we have also developed a resource hub called Akitra Academy which provides easy-to-learn short video courses on security, compliance, and related topics of immense significance for today’s fast-growing companies.
The benefits of our solution include enormous savings in time, human resources, and cost savings, including discounted audit fees with our audit firm partners. Customers can achieve compliance certification fast and cost-effectively, stay continuously compliant as they grow, and become certified under additional frameworks from our single compliance automation platform.
Build customer trust. Choose Akitra TODAY!
To book your FREE DEMO, contact us right here.
