How many devices are connected to your network?

The Internet of Things (IoT) is a term used to describe devices that are connected to the internet and can collect and share data. What makes this unique from the traditional internet is YOU. The IoT does not rely on human intervention to function. With the IoT, sensors collect, communicate, analyze, and act on information to offer new ways for technology, media, and many other businesses to create value, whether that’s creating entirely new businesses and revenue streams or delivering a more efficient experience for consumers.

Essentially, any physical object can be transformed into an IoT device if it can be connected to the internet. A lightbulb, for instance, that can be switched on using a smartphone app is an IoT device. Additional examples of IoT devices include wearable fitness trackers, smart speakers, thermostats, cars, and –probably the most popular– Amazon Echo. IoT devices must have sensors. This is what allows them to collect data from their environment. In addition, the devices? must have a connection to transmit the data and be uniquely identifiable, which is usually done through an IP address. IoT devices use multiple methods of communicating and transmitting their data. The common methods today include:

• HTTP/S
• Bluetooth
• RFID readers
• FTP

So why does all of this matter? In short, the Internet of Things is a massive network of connected devices, which is rapidly expanding, generating and communicating data with other connected devices or systems. The communication of data is key to the value of IoT, allowing consumers or businesses to access raw information, gain insight, and make intelligent decisions based on the story the data tells.

Unfortunately, an ever-expanding IoT means new opportunities for all that information to be compromised. Not only is more data being shared through the IoT among many more participants, but more sensitive data is being shared. As a result, the risks are exponentially greater. The top security risks are:

• Weak authentication: Passwords are one of the first lines of defense against hacking attempts. But if your password isn’t strong enough, your device will not be secure enough. Manufacturers can help make authentication more secure by requiring multiple steps, using strong default passwords, and setting parameters that lead to secure user-generated passwords.
• Low processing power: Most IoT applications use very little data. This reduces costs and extends battery life, but it can make them difficult to update, preventing the device from using cybersecurity features such as firewall security. This ultimately leaves them more vulnerable to hacking. It’s crucial to have built-in network security features.
• Legacy assets: If an application wasn’t originally designed for cloud connectivity and newer encryption standards, it’s more than likely vulnerable to attacks. It’s risky to make outdated applications Internet-enabled without making significant changes; however, this is not always possible with legacy assets.
• Shared network access: It’s easier for IoT devices to use the same network as the end user’s other devices, but doing so makes the entire network more vulnerable. Every IoT application should use a separate network and/or have a security gateway or firewall, so if there is a security breach on the device, it remains isolated to the device. Most internet providers will offer two separate networks. A Virtual Private Network (VPN) is another great tool to help protect your devices from outside the network.
• Inconsistent security standards: Within IoT, there isn’t an industry-wide security standard in place. This means companies must develop their own protocols and guidelines. The lack of standardization makes it harder to secure IoT devices.
• Lack of encryption: Many IoT devices don’t encrypt the data they send, which means if someone penetrates the network, they can intercept credentials and other important information transmitted to and from the device.

Protecting your IoT device requires a combination of technology and best practices. This is where CYBERCOMMANDER comes into play. We’ll help you take steps to protect your credit union and eliminate the omnipresent security threat of a breach in your members’ data.?

STAY READY! Visit www.cybercommander.io or call us at (800) 807-3109.