Promote safer IoT practices. Enhance security in the Internet of Things ecosystem to protect privacy and data. IoT devices are vulnerable to cyber attacks that can lead to a variety of problems. Whether it’s a carwash being shut down, a hospital’s emergency system being crippled or your home security system being turned off by criminals, IoT hacking is a serious threat.
To prevent these threats, spend on security measures that will protect you from hackers.
Costs
A good rule of thumb for how much a company should spend on safety per employee is determined by the industry in which it operates and the potential hazards that could impact employees. For example, dangerous industries such as mining and logging may have higher safety costs than other businesses. Additionally, workers’ compensation costs and insurance premiums will also contribute to these costs.
The cost of a safety-related incident or accident can be very high. A single preventable incident can drain a business’s entire safety budget, and the costs of other departments may be impacted as well. For example, a worker’s injury can wreak havoc on the company’s morale, leading to lower productivity, increased turnover, onboarding and training costs, and an overall reduction in future ROI from all departments.
Generally, safety costs are split into two categories: safety-producing and nonsafety-producing. The distinction between these two principle cost components is made on a case-by-case basis, depending on the desired level of detail in the collected data. For instance, some companies may only collect the direct cost of an incident, while others will include indirect costs as well.
IoT security is a big concern, and it’s not hard to see why. With hacked smart home systems, carwashes and even police surveillance cameras making headlines, there’s no shortage of negative press for IoT devices. This has led to many people asking whether IoT devices are even safe, and if not, how they can make them safer.
Making IoT devices secure is not easy, but it’s possible. Manufacturers can take a few steps to secure IoT devices, and these will help reduce the risk of attacks. However, it will take time and money for manufacturers to implement these changes. To be safe, IoT devices will have to either be impervious by design or receive regular vital updates throughout their lifecycles. Both options will require more complex processors, bigger packaging and better heat dissipation, which adds to the overall cost of a device.
Security
While IoT devices make our lives more convenient, they are also easy targets for hackers. They can access your personal information, steal your money, or control smart cameras and microphones to spy on you. Even worse, if one device is hacked, it can compromise all other connected devices in your home or office. This is a risk that should not be taken lightly.
IoT systems often use outdated or unpatched software and hardware, exposing them to a variety of attacks. Moreover, they are often designed with security mechanisms that are meant for desktop computers rather than resource-constrained IoT devices. In addition, many IoT manufacturers don’t release firmware updates or other security measures for their products. Some even practice planned obsolescence, making it difficult to upgrade a device once it’s been purchased.
A number of IoT-related data breaches have occurred recently, which highlights the need for improved security. These breaches can expose confidential business information, violate privacy policies, and lead to financial losses. Some breaches may even endanger human lives. For example, traffic lights that stop working can cause road accidents, while a home alarm system that is hacked can allow burglars to enter the house.
Attackers are constantly finding new ways to hack IoT systems and wreak havoc on the lives of people who own them. They can gain access to personal information by capturing unencrypted communications, infiltrate networks, and gain access to remote systems via third-party services. In addition, they can exploit IoT device vulnerabilities to install malware and steal sensitive information.
These weaknesses make IoT devices perfect candidates for distributed denial-of-service (DoS) attacks. This type of attack can disable IoT devices by flooding them with fake requests, making it impossible for them to respond to legitimate requests. This can happen to traffic lights, ATMs, or healthcare systems.
The good news is that IoT device makers can reduce their security risks by putting a stronger emphasis on security from the beginning of the design process. It’s important to balance this with a focus on user experience, since boosting security can sometimes mean sacrificing usability. However, it’s worth the effort to avoid the worst-case scenario.
Training
In addition to safety training, companies should consider implementing more security measures for IoT devices. These may include PKI and digital certificates to secure communications and data tokenization for sensitive information. These measures help ensure that only authorized devices can access critical data, reducing the risk of breaches and ransomware.
IoT devices have many capabilities that make them unique in the cybersecurity landscape, including the ability to gather, transmit, store and process a large amount of user data. This can provide an opportunity for hackers to exploit these devices and steal personal information, money and resources. This information can be sold to third parties or used to gain unauthorized access to other machines. Some of these devices also have microphones that can invade privacy and capture audio. IoT devices often have open ports that provide access to other services and can be accessed remotely. Some of these features, such as Bluetooth, Near Field Communication (NFC), or voice activation, are not necessary for the device’s primary function and can increase hacking opportunities.
The costs of a single preventable accident can easily outpace an organization’s entire safety budget. Aside from hospital bills and medical expenses, there is the cost of lost productivity, increased insurance premiums, replacement workers, litigation fees, employee training, and legal costs. All of these additional expenses can drain a company’s resources and reduce future ROI from other departments. This is why it’s important to separate safety costs from nonsafety costs and track the impact of each on an individual basis.
Time
As we’ve all seen, security breaches happen. And when they do, it’s a big deal. Attackers can gather all sorts of valuable information from a data leak, including customer and employee records, location, financial info, and medical histories. IoT devices that aren’t secure by design or lack vital updates throughout their lifecycles are especially susceptible to attacks. And because botnets and other malware are constantly evolving, it’s important to regularly monitor threat practices and update IoT devices.
