In layman’s terms, the Internet of Things (IoT) can be described as the growing advanced, complex network of online, connected devices that strengthen our homes, car, and towns. A study by IoT Analytics states that the total number of connected IoT devices is projected to rise by 9% and reach 27 billion IoT connections by 2025.
IoT is growing
Right from smart cities, homes, driverless cars, and pollution control to transmission of data to oversee crucial processes and offer actionable insights. This ultimately boosts enterprises’ efficiency and helps in making more informed decisions; the increasing growth of IoT is transforming the way people work and live.
With the drastic upsurge in connected devices comes a rising demand for security. Gartner emphasizes that approximately 20% of enterprises have already experienced cyberattacks on their IoT devices in the last three years. Acknowledging the cybersecurity threats help organizations leverage IoT opportunities along with dodging the vulnerabilities that are associated with modern regulatory guidance. Companies providing cybersecurity services and government agencies globally are understanding the risks and threats of connected devices with low security.
What are the major security threats that IoT devices encounter?
For cybercriminals, IoT devices have become an easy target. The truth is IoT devices are considered a gold mine of data for attackers. From our fitness and health data to our home security settings, IoT devices stores a significant amount of sensitive data. Hence, cyberattacks against these devices are soaring.
Here are some of the major security risks that IoT devices encounter:
- Lack of encryption
- Rising usage of malware
- Usage of default or weak passwords
- Data leaks
Top 4 cyberattacks that every enterprise should watch out for to safeguard their IoT devices
Malware
Malware is harmful software like ransomware, spyware, worms, and viruses. It is triggered when a user clicks on a malicious hyperlink or attachment that leads to installing hazardous software. Once malware is activated can:
- Restrict access to key network elements
- Install another dangerous software
- Secretly get access to information by transferring data from the hard disk drive
- Interrupt individual parts, making the system unusable
Denial of Service
A denial of service is another type of cyberattack that swamps IoT devices or networks so they cannot reply to requests. A distributed denial of service works exactly the same, but the attack emanates from a computer network. Cybercriminals often perform a series of attacks to breach the handshake process and conduct a DoS.
Various other techniques might be used and some attackers use the time that a network is disabled to initiate the attack. A botnet is one type of distributed denial of services wherein millions of IoT devices can be infected with malware and regulated by an attacker. This type of DDoS also goes with alias zombie systems, aiming and engulfing a target’s processing abilities. Botnets are located in different geographic locations making them difficult to trace.
Man-in-the-middle
In this type of attack, cybercriminals violate the communication channel between 2 IoT devices in an attempt to interrupt messages among them. Hackers get access to their communication and illicit messages to other IoT devices. This type of attack is used to hack IoT devices like autonomous vehicles and smart refrigerators.
Man-in-the-middle attacks are done on IoT devices that share data in real time. Using this attack, a cybercriminal can hijack communication among multiple IoT devices, which leads to crucial malfunction. For example, smart home accessories like bulbs can be controlled by a cybercriminal with the help of a man-in-the-middle to change their color or switch it on and off. These types of attacks could lead to catastrophic results for IoT devices like medical devices and industrial equipment.
Remote recording
WikiLeaks released documents that demonstrate that intelligence agencies are well-aware of the existence of zero-day exploits in smartphones, IoT devices, laptops, and computer systems. These documents entail that agencies were planning to record public communications quietly. These zero-day exploits can be used by attackers to record the public conversations of IoT users.
For example, a cybercriminal can infiltrate a smart camera in an enterprise and record footage of daily business operations. Using this type of attack, attackers can gain confidential company information stealthily.
Conclusion
In order to counter their effects, entrepreneurs must be updated with IoT security threats and establish a holistic cybersecurity strategy before leveraging IoT infrastructure for their business. For this, they can hire expert developers who can develop IoT apps that can easily tackle modern cyberattacks.
If entrepreneurs wish to conduct cybersecurity methods independently, they can start by assuring that all their business-critical data and information is well-encrypted and backed by multi-factor authentication and that their IoT devices and system are regularly monetized for security purposes. Enterprises can also deploy the latest technologies in their ecosystems like big data, artificial intelligence, and blockchain in order to increase their cybersecurity practices.