The Internet of Things (IoT) has proved to be a game-changer in the ever-evolving technology landscape by deploying thousands of smart devices in homes, businesses, and cities. What they offer are increased convenience and efficiency, but with it come significant security risks which we need to mitigate. As smart devices proliferate, the importance of IoT security grows more urgent than ever, requiring a security-by-design mindset to secure connected environments.
The Growth of IoT Devices and Security Challenges
IoT has seen an unparalleled growth expansion. By the year 2025, more than 75 billion devices (a combination of sensors, software, and computing technology) will be connected globally. This type of proliferation of smart devices, whether they are your smart home appliances or wearable tech—also known more broadly as the Internet of Things (IoT)—has a number of distinct advantages, but creates just as many IoT cybersecurity-fueled issues. An Izetta report, quoting McKinsey, revealed that over 70% of organizations reported having an IoT security incident in the last year due to insecurities around connected devices.
The Risks of IoT Vulnerabilities and Default Passwords
The IoT ecosystem is important but can also expose our devices to theft or malicious attacks. Connected devices were often built for ease of use and connection rather than security. And this type of design can result in IoT vulnerabilities. When a user leaves the default password for smart devices unchanged, they can easily take advantage of it and exploit us to deploy an attack. According to a Ponemon Institute’s study, 58 percent of IoT customers use default passwords for their devices, making them vulnerable to hacker attacks.
The Serious Consequences of IoT Device Compromise
We all could sense the potential risks, but the ramifications of connected device security and home IoT are not only casual for a user. Compromised smart devices can be subsumed into vast botnets capable of conducting targeted strikes against critical infrastructure or for targeting DDoS campaigns. The spread of the notorious Mirai botnet—used for one of the largest DDoS attacks in history back in 2016—leveraged badly secured IoT devices, raising a flag on a pressing requirement to address security vulnerabilities of billions of non-desirable IoT products in the wild.
Implementing IoT Network Security Strategies
Mitigating these risks requires the implementation of pragmatic IoT network security strategies. Enterprises and individuals must commit to securing their connected devices by adhering to best practices that boost the security of their data. For example, the most obvious of these practices is updating to patch security flaws that have been identified. In an advisory issued by the Cybersecurity and Infrastructure Security Agency (CISA), nearly 60% of security incidents can be entirely avoided simply by applying timely software updates, emphasizing the need to maintain device security.
Smart Home Security and Best Practices for Protection
Smart home security is especially important as more houses become connected with IoT devices. Great choices for smart home tech that help secure your house also open it up—wide, in some cases—to crypto-phishing. A survey by the National Cyber Security Centre (NCSC) suggested that 41 percent of those asked had worries about their smart home equipment being insecure. By parking strong passwords, enabling two-factor authentication, and reviewing device settings regularly, users can avoid becoming a target of smart device hacking.
Evolving IoT Security Best Practices
We have to remember that technology is an evolving thing, and hence, IoT security best practices continue to change as we move forward with technological advancements. IoT device encryption techniques will be developed to protect data transmitted between devices. If this data happens to be intercepted, encryption will, to some extent, protect it. 75% or more of enterprise-consumer IoT products will use standard methods for implementing and managing security by design, making the work involved in managing multiple types of devices easier than expected before 2024.
The Rise of IoT Malware and Its Protection
Additionally, with the new evolution of cyber threats, IoT malware protection will grow in importance. Researchers have been documenting an increasing number of malware families that are designed to compromise IoT devices, so not just running on them—this threat has already begun. One such study, conducted by Kaspersky, discovered that the amount of IoT malware detections was 50% higher in 2021 than it was during the previous year. Given the rise of IoT devices, it is increasingly important to develop effective malware protection strategies that keep users’ privacy and data secure.
The Need for Holistic IoT Cybersecurity
Consequently, the urgency for holistic IoT cybersecurity is at an all-time high. When organizations deploy IoT solutions, they need to design the device security at all stages of the life-cycle, from design time to operational deployment. This involves conducting comprehensive risk assessments and building in security at the development stage. As per an IoT Security Foundation report, 75% of organizations do not perform security assessments for their connected devices, which makes them exposed to attacks.
Developing IoT Security Solutions and Standards
We are developing a few IoT security solutions in this direction. However, many corporations and organizations are establishing patterns and norms with the motive to help define IoT security ideals. For instance, the NIST Cybersecurity Framework is an extensive set of best practices that influence how you manage risks associated with securing your IoT devices. Adherence to these standards further helps organizations improve their security stance and keep their connected systems more secure.
Addressing IoT Privacy Concerns
Security issues must also be addressed, as well as IoT privacy concerns. With the many smart devices in operation today collecting and sending personal data, it is crucially important for people to know how their information is being used and to feel confident that its use will be protected. Trust amongst consumers comes when best practices, such as near absolute transparency in data collection and clear privacy policies, are in place. According to a survey by the Pew Research Center, 79% of Americans are worried about how their personal data is collected and used by companies. With the use of robust privacy controls and openness about practices around managing data, an organization can create a trustful culture with their users.
The Future of IoT and the Role of Cybersecurity
The future of connected devices will be determined by IoT cybersecurity. The more devices that are connected, the more important security will become. Manufacturers, policymakers, and cybersecurity professionals have to collaborate with one another to develop such standards and best practices that are looking out for the industry on an industry level. There will need to be a movement towards secure-by-design principles—in other words, the consideration of security at the time of design—and it will play a key role in addressing potential vulnerabilities.
Leveraging AI and Machine Learning for IoT Security
Additionally, real-time detection and response to IoT threats will improve with the use of advanced technologies—Artificial Intelligence (AI) and Machine Learning. This is why AI-driven security solutions that can analyze network traffic, detect anomalies, and automatically counter potential threats are important. With AI in IoT security, a report by Gartner predicts that AI-driven security solutions will slash the time to respond to attacks on digital systems and platforms by 80% by 2025.
The Importance of Proactive IoT Security Strategies
The prevalence of smart devices will only rise as the Internet of Things proliferates, keeping smart device hacking high on the agenda. Attackers will always be looking to cash in by exploiting flaws in IoT endpoints, so organizations will need a forward-looking security strategy. By having tough security tools, organizations can secure their networks to prevent malicious techniques from stealing data.
Securing the IoT Ecosystem
In short, smart devices in the Internet of Things simply cannot be safer. Indeed, the larger the Internet of Things ecosystem is, the greater IoT cybersecurity vulnerabilities are. Nevertheless, organizations can look forward to strengthening their security by following best practices, complying with standards, and deploying advanced technologies. The fate of IoT security depends on that convergence: securing our connected future and its accompanying growth in digital innovation requires working together to overcome the considerable risks inherently associated with connected devices.
