The incredible growth of the IoT landscape continues to amaze the market, as it predicted businesses around the world will likely spend about $772.5 billion on its expansion in 2018. That said, recent studies suggest the role of cybersecurity is essentially being overlooked by almost half these IoT organizations, all of whom require some degree of digital protection. In fact, a single breach can now rack up a $20 million price tag, which means negligent cybersecurity measures in the world of IoT has the potential to drastically affect the future of the entire industry.
With Information Comes Risk
People are not the only ones interested in making everything around them “smart;” hackers are also deeply invested in the dramatic rise of IoT, especially as they continue to successfully craft various methods of exploit. As connectivity and network technology continue to improve, so does their profit margin. So the question on the table is now a pertinent one—How can businesses protect the data of ordinary IoT users and prevent them from falling victim to these new industry threats?
As a society, we have more data than ever before. Like, way more data. And as a result, the issue of how to move this information through various channels in the safest possible way is always up for discussion. While securing our communication links can surely improve security, there is certainly more than one school of thought on the subject. Traditionally, supervisory control and data acquisition (SCADA) systems have been outside the firewall of a corporate IT network, which means these systems are essentially unprotected.
The Power And Pain Of IT/OT Convergence
Although firewalls were designed to divide IT and operational technology (OT) environments, they have essentially be reduced to “low fences, as their sensors and applications must now be protected if the entire functionality of the network is to be protected. IP technology makes it easier to deploy and communicate with sensors, which also makes it simpler for hackers to expose and penetrate important data streams. There are several popular attack vectors for industrial devices that become even more relevant when considering IoT infrastructures and fully networked, geographically dispersed projects.
Awareness Is Key
Companies must continue to prioritize security as they deploy and expand their IoT networks and technologies. Here are some questions to ask yourself during this process of deployment and adoption:
How sensitive and valuable is the data you are collecting and/or transmitting using this technology?
Have you identified the forces capable of striking your secure transmission and moving your critical data from one point to another?
Is this technology fail-safe in hindering and/or eliminating any catastrophic threats on the horizon?
What are the tradeoffs between features, ease of use, and security to be aware of during installation?
In their quest to secure all endpoints and assets, companies must now prioritize cybersecurity as the best way to prevent any capital loss and preserve their hard-earned reputation in the digital world.