Why is IoT security important for today’s networks?

Why is IoT security important for today’s networks?

Internet of Things is the acronym for IoT. With each passing second, our lives become more and more intertwined with digital devices and spaces. The soon-to-be-unfolding Metaverse revolution only deepens our digital interactions. Given the non-standard manufacturing of IoT devices and the vast amount of data that flows through IoT devices, we are constantly exposed to cyber-attacks. Vulnerabilities, cyber attacks, data theft, and other risks arising from the use of IoT devices further increase the need for IoT security solutions.

Why do we need IoT security solutions in today’s networks?

Lack of physical boundaries, improperly configured systems, non-standard device manufacturers, poor QC and QA (Quality Assurance and Quality Control) make a strong case when it comes to IoT security solutions.

The need for IoT security solutions is supported by two main cases:

  • Securing the functionality and digital perimeter of a network
  • data privacy

IoT Devices – Network – Data in Numbers:

Division Worth
Estimated IoT connections (by 2024) 83 billion
Active IoT devices as of 2021 10 billion
IoT Device Market by 2026 $1.3 trillion
IoT medical devices by 2025 $62 billion
Data generated by IoT devices by 2025 73.1 zettabytes
IoT device connections per minute by 2025 150,000+
Scope of the global IoT healthcare market $14 billion
Estimated spending on IoT 2019 – 2025 $15 billion
Retail IoT Market Size by 2025 $94.5 billion
Estimated Cellular IoT Connections by 2023 3.5 billion
The value of IoT-enabled smart factories in the US in mid-2022 $500 billion
IoT devices used in clinics, doctor’s offices and hospitals in 2020 (according to Forbes) 646 million
Annual spending on IoT security solutions in 2021 (according to Forbes) $631 million

Common threat to IoT devices:

The main challenge for IoT devices is the wide range of threat vectors they are often subject to. While some are due to firmware manufacturers and developers, others may be due to targeted cyberattacks and system exploitation. Not surprisingly, as many 2 out of 3 households in the United States complained about the cyber invasion in the last two years. Most of them do not have IoT security solutions to protect your data.

How hackers enter networks:

Outdated operating systems

IoT devices running an outdated or unsupported operating system are easily exploited. Hackers can bring down an entire network by accessing a single vulnerable system on the network. The 2017 WannaCry Ransomware targeted 300,000 machines running on Windows. successfully breached those systems that did not have security updates.

Poor evidence and encryption

Poor QA and QA lead to poor testing and encryption. Adding the lack of IoT security solutions to the network with such devices means exposing the network to attack. With the increased availability of high technology, eavesdropping has become a profession. Israeli researchers managed to eavesdrop using a light bulb!

Exposed service ports (Telnet and SSH)

A report on ZDNet in 2020 revealed that a hacker published the credentials of more than 500,000 IoT devices, home routers, and servers, after Telnet ports we left open. Also, in 2017, The Rapid7 National Exposure Index stated that more than 10 million IoT devices and other devices have their Telnet ports open. Development teams should close the post-product implementation of Telnet ports.

DDoS (Distributed Denial of Service) attack

Botnets are used to send huge traffic to the server/device which makes it stop working. In In 2016, internet service provider Dyn became the victim of a major DDoS attack. This led to a severe outage.

Entry through HVAC and other systems

Entry through HVAC and other remotely controlled systems is the biggest threat facing IoT networks. Providers are typically given remote access for installation of systems and firmware. The the endpoints of the provider’s systems are often not protected by a strong firewall and IoT security solutions. Hackers see this as a gateway to gain access to the entire IoT network.

Also read: Growing threats to critical infrastructure amid Ukraine crisis

The 3 most vulnerable IoT networks for hackers!

Every IoT network comes with its band of IoT security solutions implemented at various levels and points of failure. Medical, consumer and commercial IoT networks are often the most affected.

In a Consumer IoT network, the points of failure are too many. Devices running old operating systems and default passwords are the most vulnerable points.

In business IoT networks, unmanaged IoT device remote access providers are often the root cause. affordability (in the case of consumer IoT devices), and insufficient security tests are often the main reasons for emerging threats in consumer and commercial IoT networks. Unsupported/outdated operating systems and devices from various vendors running multiple operating systems are challenges facing the minerals and mining industry.

Despite the various IoT security solutions that businesses and consumers implement, hackers still manage to enter networks through IoT devices and cause cascading effects. Without real-time management and reliable security solutions, these networks are often the easiest targets for any hacker, hands down.

Even critical infrastructure is currently not equipped anywhere to deal with a swarm of intense cyberattacks.

Experts convincingly defend IoT security solutions!

Many industries face the threat of espionage by their employees. There is verified reports of insiders planning to inject ransomware into systems, giving hackers autonomous control and access to critical data. If it weren’t for the employee’s change of heart, Tesla would have been the victim of a bribed ‘malware attack’ on your system in 2019.

Companies must intensify the way they would limit access to critical and sensitive information to only a few, without affecting knowledge transfer and other aspects of production. This opens up a whole new dimension: the need to protect data even when internal systems are compromised. this is where IoT security solutions come into play and are often the lifeline for many businesses..

take a look at the State of OT and IoT Cybersecurity in North America to understand the kind of challenges OT and IoT infrastructure is currently facing.

The Big Question: Are IoT Devices Secure?

The answer is a YES. Most cyber attacks are the result of clicking on a malicious link, installation of malware (often bundled with freeware), and other user errors. Computers have little or no interest in upsetting themselves. You remove the user from the entire network, it is almost impossible for a hacker to enter the network. While IoT security solutions provide the luxury of comprehensive security, adopting security by design alongside them is the best option.

How do we treat data privacy?

Increased access to advanced technology threatens every node in the digital world. Businesses pay a heavy price when there is a data breach and regulators question their security infrastructure. This makes privacy the deciding factor when choosing security. While it is virtually impossible to trace everyone involved in the production chain of an IoT device, choosing the right IoT security solution provider shouldn’t be that difficult.

Too late before it’s detected

IBM’s ‘Cost of Data Breach’ report indicated that it takes an average of 287 days, that is, more than 9 months before they detect a cyber attack. The moment the breach is detected, hackers typically gain access to key information, perform privilege escalation, and even export sensitive data.

Would it surprise you to learn that only 2% of traffic flowing through IoT devices is encrypted and the remaining 98%? Companies cannot leave something in the hands of strangers and execute operations. Protecting IoT devices alone is not enough. Even protecting sensitive data when systems are compromised is the way forward in the current scenario.

Also read: Approach IoT Security Diligently to Improve ROI Value

Detection does not mean Protection

Most security systems generate between 5,000 and 10,000 alerts daily. This is too much for anyone to keep an eye on and review every alert. This is what makes the job of hackers easier. According to Eyal Arazi, a production manager for a security company, ‘modern security systems probably detect too much’ – tells you the situation on the ground.

The The biggest flaw in most IoT security solutions is the lack of ‘Context and Correlation’ of the alerts raised. Companies should consult the vendor about the capabilities of the security suite to correlate individual events and extract a logical sequence from them automatically.

Also read: 2022 IoT and OT Threat Landscape Assessment Report

Key takeaways:
  • IoT device threats are real and demand immediate attention
  • Vulnerabilities and threats continue to mutate, as do IoT security solutions.
  • Companies must be aware of the security measures chosen by suppliers.
  • Scheduling constant monitoring tracking of IoT devices, IDS and IPS is vital
  • Separate networks for corporate and IoT device management
  • Access to a third party provider only after a diligent security protocol
  • Entering cryptographic hash keys for providers to log into the network

The hyper-adoption of IoT devices is multiplying the area of ​​attack, leaving security at the mercy of hackers. Businesses must engage and adopt robust IoT security solutions to protect, prevent, and deter cyber threats. As highlighted, the severity is even greater in the manufacturing, minerals, and mining industries, given the diversity of vendors, supplying critical equipment running on different operating systems.

Do you feel vulnerable? Not sure about the security of your company? Do you have some doubts? Our security experts are available to serve all of your IoT security solution needs. For a complete and detailed risk assessment of your company’s security, please contact us. Click here to request a demo.

*** This is a syndicated Security Bloggers Network blog from Sector written by Prayukth K V. Read the original post at: https://sectrio.com/why-iot-security-is-important-for-current-networks/

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