Without any doubt, the market for the IoT has increased globally and reached $100 billion. It is the fastest developing technology these days. There will be more than 27 Billion connected devices by 2025 as per recent statistics. 

But this is not all. In the coming years, it is projected to increase much more than people could ever imagine. The major issue which people have been facing due to the rise in IoT is the increasing security concerns and cybersecurity issues. 

The rising security issues in IoT have become a major problem for most businesses. Let us learn about all these security risks in IoT and figure out the ways to deal with the same in the post mentioned below. 

About IoT and IoT Security 

IoT refers to the internet of things which is a network of smart devices connecting and exchanging data with minimal human intervention. It consists of wireless networks, sensors, data processing systems, and smart devices working closely with one another. 

The components of the IoT system include the following: 

Smart devices- The foremost component is smart devices that collect, store and share data about other devices and components. 

IoT gateways- These are hubs or other edge devices which are used to route data between IoT devices and the cloud.

Cloud data centers- These are remote servers exchanging data via wireless connections.

Embedded systems- Next come the embedded systems which include numerous processors, and sensors whose purpose is to collect data from environments.

Biggest IoT Risks 

The lack of compliance on the part of IoT manufacturers makes way for weak and unprotected passwords and this, in turn, disrupts the whole business. Let us throw some light on the biggest security threats that the IoT industry is facing. 

Lack of Compliance 

The foremost security risk the IoT industry is facing is the lack of compliance on the part of the IoT manufacturers. The new IoT devices often come with undiscovered vulnerabilities. The reason behind the same is that businesses do not spend much time and resources on security. 

In addition to this, there is a lack of security standards due to which the manufacturers will continue to create devices with weak security. Some of the security risks in IoT devices include hardware issues, no secure update mechanism, weak passwords, and insecure data transfer. 

Lack of Physical Hardening

Another biggest security threat is the lack of physical hardening. Some IoT devices operate without any intervention from the user but such devices need to be physically secured from all kinds of threats. 

Sometimes what happens is these devices are located at remote locations for quite a time and can get physically tampered with using a USB flash drive. It is a challenging task for manufacturers to build secure sensors and transmitters for low-cost devices. 

It is the users who are responsible for keeping the IoT devices secure. Consequently, businesses should get rid of this. 

Hijacking 

The next big threat hovering around IoT devices is hijacking. It does not destroy sensitive files but also blocks access by way of encryption. Consequently, IoT devices with poor security are likely to become targets. 

Including IoT devices, healthcare gadgets, wearables, smart homes, and smart devices might also be at risk in the future. As most IoT information is stored in the cloud, it locks down the device’s entire functionality and the device does not start until you pay the ransom fees. 

IoT Security Problems 

IoT security problems pose another threat to IoT devices. Businesses having insecure software also face difficulties. Consequently, updates are vital for maintaining the security of IoT devices. 

The moment businesses discover the vulnerabilities, they should look for the updates and compare them with the computers getting the automatic updates. Besides this, there is another risk occurring during the update when the device sends out the backup to the cloud and will suffer for a short time. 

No user Knowledge and Awareness 

No doubt that internet users have learned to avoid spam and phishing emails, perform virtual scans, and secure their wifi by having strong passwords. But as far as IoT technology is concerned, it is a new one and not many people are aware of it. 

Users’ ignorance and lack of awareness of the IoT functionality is the biggest IoT security risk and challenge these days. Consequently, businesses should try their best to overcome this risk and increase awareness. 

Botnet Attacks 

Back in time, there happened a botnet attack in 2016 named as Mirai botnet attack. Using hundreds of IP cameras, NAS, and home routers, there were multiple DDoS attacks. They brought down the DNS which provided services to numerous platforms such as Reddit, Twitter, Netflix, Airbnb, and Github. 

The major problem of all this is the Malware attacks. Due to the unavailability of regular software updates, they are turned into infected zombies and used as weapons to send enormous amounts of traffic. 

Data Integrity in Healthcare

The data is being transmitted, stored, and processed, all thanks to the internet of things technology. It is pretty easy for the hacker to gain access to the medical device and change the data it has collected. 

The health practitioners are forced to take actions that damage the health of the patients when a medical IoT device sends false signals. 

Cryptomining with IoT Bots 

Another IoT security issue that has emerged recently only includes crypto mining with IoT bots. This attack involves infected botnets with the purpose of not creating damage but cryptocurrency. 

The first one to be mined using infected IoT devices is Monero which is an open-source cryptocurrency. The video camera single-handedly does not have the powerful resources that their army has. 

Consequently, the IoT bot miners pose a serious risk as they have the potential to flood and disrupt the entire market, and that too with a single attack. 

Conclusion 

Apart from the ones mentioned above, there are numerous other security risks and challenges surrounding the IoT industry. As more and more devices will come, the problems will also go on becoming complex. Schedule your consultation and let our experts know the issues you are facing.