Since its inception, the web of Things has grown in a steady pace – but, finally, it's positioned to interrupt into the mainstream. Demonstrating this growth, one fourth of businesses are now using IoT technology, compared to just 13% in 2022. Which expansion is just set to continue, with IoT underpinning an increasing host of recent technologies, including driverless cars and smart homes.
However, as IoT is constantly on the proliferate, security turns into a crucial concern – with a number of high-profile cyberattacks demonstrating the vulnerability of IoT. Certainly, this problem has forced companies to consider the things they should be doing to mitigate the risk – it raises an even bigger question: is it possible to balance seamless user experience with strong security? At ITRS, we believe it is feasible, but it requires a comprehensive security strategy.
The rise of IoT and cybersecurity challenges
Building on a steady rate of adoption throughout its early years, IoT is now a recognised type of mainstream technology. This really is set to accelerate further, using the quantity of IoT-connected devices predicted to increase to 43 billion by 2023 – a nearly threefold increase from 2022. This growth is driven by a range of factors, including global consumer trends, an increasing demand for inter-connected devices, the proliferation of 5G, evolution of edge computing and the adoption of Industry 4.0.
IoT devices are brilliant with what they're designed and built for; however, typically due to their limited computing resources, they don't have adequate built-in security features. As a result, some network-connected IoT systems can potentially be a convenient target for threat actors. However the consequences of the security breach in an IoT device are not just limited to the targeted device: a compromised internet-connected IoT system might provide hackers with full accessibility remaining network and, potentially set happens for any ransomware attack.
Will security problems hold IoT back?
In order to put the scale of these evolving security challenges in context, consider a ‘real life’ use case.
IoT, in conjunction with 5G, will make up the foundation of the infrastructure which self-driving cars and autonomous vehicles will operate. 5G will give you the expansive, ultra-reliable low latency networks which facilitate the communication, control and monitoring from the self-driving cars. Meanwhile, IoT devices, among other cyber physical systems , will give you the vast array of sensors, from actuators to smart vision equipment, inside the vehicles, as well as those who work in the outside environment as part of the underlying infrastructure.
As this situation demonstrates, security attacks on such critical infrastructure may potentially result in catastrophes involving injuries and demise, not only for that passengers from the driverless vehicles, but additionally innocent bystanders.
Further complicating the landscape, these security concerns cannot be attributed to any single underlying cause. Rather, they're driven with a mixture of factors, including insecure interfaces, poor device management, insufficient data protection and skills gaps. That being said, at a more fundamental level, part of this problem continues to be limited focus on security or privacy by IoT device designers and manufacturers.
What's the solution?
There is really a clear chance of IoT developers and architects to onboard security in the design stage and in to the build as part of the Software Development Life-cycle . In addition, the collaboration between Engineering, DevSecOps and QA teams must include joint security objectives at all stages of hardware and software production.
For instance, right now, a typical security problem is insufficient device authentication and authorisation, in addition to weak encryption. A mixture of multi-factor device authentication and digital certificates allows IoT devices to be identified and verified uniquely, making certain only authorised applications and individuals can get access.
An evolving problem requires an evolving solution
While the IoT ecosystem is constantly on the evolve and expand, the amount of security and privacy provisions required will even increase. As IoT devices be and much more connected to IT infrastructure, IoT exploitations will become increasingly popular among hackers.
The vulnerabilities of insufficiently secured consumer IoT devices could possibly result in massive incidents for businesses. A vulnerable smart TV, doorbell or thermostat, for instance, can open the door to some threat actor. This threat becomes even more significant in hybrid working models, which include working-from-home: when the threat actor manages to obtain access to the house network, other corporate or personal devices which share exactly the same internet connection or infrastructure will also be exposed. A company laptop on the compromised home network can potentially contaminate the enterprise systems, or even the firm’s logistics.
Can security be reconciled with convenience?
Convenience is among the primary utilities of consumer IoT devices. That includes interoperability, ease of use and seamless consumer experience. The architects and system engineers have to consider and articulate the safety and privacy cost of convenience for consumers and businesses alike.
To reconcile convenience with strong security or privacy, firms must implement cybersecurity strategies such as zero trust and defence-in-depth, alongside the principles of least privilege. Employing such strategies has a direct effect on improving and improving the security posture of the organisation. What's more, their adoption and implementation will elevate the operational resilience of the organisation in case of a cyberattack or security breach.
While it is true the proliferation of IoT poses a number of challenges, there's also clear solutions. With inter-disciplinary cooperation, whereby innovators, technologists, social scientists and policy makers, among others, interact, the issues of cybersecurity and privacy could be overcome to enable the safe development and adoption of recent IoT-powered technologies, systems and concepts.
https://www.mckinsey.com/industries/private-equity-and-principal-investors/our-insights/growing-opportunities-in-the-internet-of-things