How Cyber Risk is involved with IOT in place

More and more everyone is leaning towards IoT increasing the potential cyber risk. And more you expand IoT creates more opportunities for cybercrime. There're many who know there's a risk but how they really doesn't know. Some of the IoT devices include wearable fitness trackers, smart refrigerators, smartwatches, and voice assistants like Amazon Echo and Google Home. It is estimated that by 2026,?there will be 64 billion IoT devices installed around the world. Trend towards remote working is helping to drive this increase day by day which in result increasing the risk as well.

Connected devices are creating great experiences for consumers, but they also represent brand new targets for hackers. IoT and cybercriminal activity share two important traits: they are largely invisible to the naked eye, and they surround us at any given moment. As more organizations use a mix of sensors and sophisticated software applications to create smart homes, smart office environments, and even smart cities, the results often feel magical. Lights come on when you enter a room. A piece of machinery proactively requests an upgrade to prevent breaking down.?A retail store automatically restocks a shelf?before consumers become frustrated over missing items. These are all ways the IoT makes technology more ubiquitous and seamless. Unfortunately, the most successful cybercriminals behave in much the same way. Hacking databases, attacking websites, and stealing passwords rarely involves a face-to-face encounter. When technology becomes essential, security issues related to the technology tend to mount. Over time, these issues have transitioned from email to text messages, from desktop PCs to smartphones and now to the IoT. As?a recent story on The Next Web pointed out, security problems with the IoT could be much more dire than anyone imagines today, as the potential targets range from household appliances to almost anything that connects to the internet.

Although good IT security has always been based around standards, the relatively recent emergence of IoT devices and applications makes it difficult for the industry to keep up. We believe many IoT products and services could be vulnerable from the outset, not because of inferior due diligence on vendors' parts, but because of the requirements for testing, encryption protection, and certification.

Even though it offers a lot in terms of productivity, cost savings, and other benefits. According to?a pair of surveys discussed on Network World, only 7% of companies are clear on their IoT plans, while more than half are worried about security issues. Another research report from advisory firm BDO indicates?27% of manufacturers don't have a security policy?for vendors and partners associated with IoT projects. This explains why some organizations are still not sure if they are prepared to take advantage of the IoT.

Consumers obviously worry about the dangers the IoT could bring into their daily lives. A recent Parks Associates survey of more than 10,000 U.S. households shows that?almost half of consumers?describe themselves as "very concerned" about hackers getting control of the connected devices in their homes. The good news is that IoT security builds on many of the same common sense principles used to protect other devices and data.

Most important thing is: make sure that you have a good sense of your vulnerability. How do the products and services you use to automate your life collect, manage, and store your data? How do the devices you use potentially share data when you're walking around environments that make up the IoT? Also make sure that the passwords for all your devices are unique and include a mix of letters, numbers, and other characters that are difficult to guess. Don't share passwords with others. And most importantly, put the proper security tools in place to monitor your environment. Early intrusion detection has always been one of best ways to avoid the worst security incidents, and that remains true in the age of the IoT.