IoT Security: An Alarming Issue for Businesses in 2023

Nearly anything we use nowadays can be connected to the internet. It is not surprising that the security of these devices is a huge concern given how much we still rely on them. We've all heard about cybersecurity issues with IoT devices, and as more and more gadgets are connected to the internet and one another, there is an inherent risk.

Malicious hackers can launch attacks and infiltrate thousands or millions of unsecured devices, causing infrastructure to collapse, networks to go down, or allowing them to access private data. This essay will concentrate on some of the largest IoT security hacks we have previously encountered, and the results they produced.

IoT Security Statistics - How important IoT security is in the recent market??

IoT device security is challenging for several reasons. Security is frequently accorded a lower priority than time-to-market metrics. Additionally, many firms are typically more focused on the cost reductions and convenience that IoT offers than the vulnerabilities that IoT brings.

• The market for IoT security is anticipated to increase from 34.2 billion in 2022 to 38.7 billion in 2023.
• The stakes are high for IoT systems used in the industrial sector.

What is IoT security? - Better know, better prevent IoT security risks

IoT security risks to be aware of - Solutions provided

1. Physical hardening is lacking.

Devices used in the IoTs have long raised questions due to their lack of physical hardening. There is no method to adequately safeguard IoT devices exposed to the physical attack surface because most IoT devices are remotely deployed.?

Devices without a safe location and the inability to perform ongoing surveillance enable potential attackers to learn crucial details about the capabilities of their network, which can help them launch later remote attacks or take control of the device. For instance, hackers can make it easier to remove a memory card so they can read its data, access private information, and possibly get access to other systems.

2. Insecure data storage and passwords

The lack of data encryption for IoT devices is a serious security concern. One of the biggest IoT security dangers is the absence of encryption on every transmission. The data transported to and from many IoT devices is not encrypted, so if an attacker gains access to the network of the connected device, they can steal confidential data like passwords and other data going to and from the device.

3. Lack of visibility and device management

Numerous IoT devices continue to be poorly managed, unmonitored, and untracked. It can become quite challenging to monitor devices as they join and leave the IoT network. Organizations can not identify or react to possible dangers if they lack visibility into device status.?

When we look at the healthcare industry, these hazards can become life-threatening. If IoT pacemakers and defibrillators are not adequately secured, they run the risk of being tampered with, with hackers having the ability to purposely drain batteries or provide inaccurate pacing and shocks. To effectively monitor IoT devices and cover all possible security gaps, organizations must build device management systems.

4. Botnets threats

A botnet is a malicious program that takes over a network of linked devices and enables hackers to run the desired frauds. A Botnet can automate an attack, speed the attack for maximum impact, and grow autonomously on a network. The hacker may create these assaults for very little money. Due to their ability to remotely access targets, hackers can quickly infect millions of devices.?

A Botnet attack may cause a server to crash, data to be stolen, device performance to be negatively impacted, etc. A single IoT device attack won't pose a significant threat to the IoT ecosystem, but an attack on hundreds or thousands of devices might have disastrous effects.

5. Weak passcodes

The default passwords used by IoT devices are simple for cybercriminals to crack. The maker of any IoT device should include some necessary features, such as password complexity, password expiration, account lock-out, and OTPs while the devices are in operation. Additionally, while setting up devices, users should be required to change their current or default credentials. For IoT devices, changing passwords on schedule ought to be standard practice.

6. Insecure ecosystem interfaces

Applications can communicate with one another through application programming interfaces (APIs), which are software bridges. APIs can open up a new entryway for hackers to access IoT devices used by a company and compromise its router, web interface, server, and other network components. To maintain total network security, it is essential to comprehend the nuances and security guidelines of each item in the ecosystem before joining it.

7. Lack of Knowledge.

Internet users have recently learned how to prevent spam or phishing emails, unnecessary links, and other shady practices. Additionally, they have learned the importance of running frequent virus scans on their computers and creating strong passwords for their Wi-Fi networks. Still, most IoT device users do not follow these safety measures.?

Although the owners and business processes that employ these devices can pose greater hazards, as we previously mentioned, the majority of dangers associated with IoT devices still come from the manufacturers. Ignorance of assaults or security concerns and a general lack of awareness provide a higher security risk. Cyber threats so becoming more serious.

8. Increased attack surface

As businesses incorporate cloud computing into routine operations, more devices are being connected to the network. This raises the danger, which makes monitoring a more difficult process. Without an IoT strategy, the risk of a data breach rises. Because of this, it's crucial to have a strategy in place that can grow as IoT develops. Two essential components of such a plan are using device management tools and keeping staff members informed about best cybersecurity practices.

Examples of IoT Security Breaches - Real Lessons from IoT Security Attacks

1. Dyn Attack

What happens in these IoT security attacks:

An IoT botnet was used to execute the worst DDoS assault against service provider Dyn in October 2016. As a result, numerous websites were offline, including CNN, Netflix, Reddit, Twitter, and the Guardian.

This Internet of Things botnet was made possible by the software Mirai. Using well-known default usernames and passwords, computers infected with Mirai continuously search the internet for susceptible IoT devices before infecting them with malware.

2. Ring Home – Security Camera Breach

What happens in these IoT security attacks:

Ring, an Amazon-owned business, has gained much attention in recent years due to two security problems. Once for unintentionally disclosing user information to Facebook and Google via third-party trackers embedded in their Android application, and twice as a result of an IoT security breach in which cybercriminals were successful in breaking into connected doorbell and home monitoring systems belonging to several families.

Hackers could view live feeds from the cameras around customers' houses by utilizing a range of weak, recycled, and default credentials. They could converse remotely via the embedded microphones and speakers of the devices. In actuality, verbal harassment by hackers was reported by more than 30 persons in 15 families.

3. IoT Security Breaches In Healthcare - St Jude Medical.

What happens in these IoT security attacks:

Our most recent IoT security incident brings to light the growing issue of hackers' access to medical IoT equipment.

IoT devices' inherent design results in frequent data transmission, processing, and collection in the cloud—oftentimes without X encryption. If a hacker gains access to a medical IoT device, they use it to alter data and send misleading signals. The patient's treatment may be greatly impacted if a healthcare professional chose to act on one of these signs.

Sum Up:

It's critical to assess the security of your information systems and the data being processed by these devices if your company relies extensively on IoT devices. You must notice strong security measures that can shield your company from cyberattacks and ransomware. Those attacks might be brought on by IoT security flaws.

If you're worried about IoT vulnerabilities, one of the best options is to hire a cybersecurity specialist in a legit IT development company to advise and direct you. If you're beginning to increase your cybersecurity maturity, a flexible and affordable solution from Adamo Software , a reliable IT solutions company , is suitable.