IoT devices are an awesome way to accelerate workflows and optimize efficiency. Internet of Things technology consists of physical devices that have been connected to the Internet via Bluetooth. Though relatively recent, IoT is enormously prominent, with billions of devices in circulation worldwide.
While many of these items are for personal use—fitness trackers, smart thermostats, etc. IoT has major implications for use in private companies.
It also creates unique cybersecurity vulnerabilities. More entry points. More things for business owners who can’t afford to have their good names associated with the phrase “data breach,” to worry about.
Can you roll out IoT in a way that is both safe and effective? Let’s get into it.
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How Bad Actors Get In
Cybercriminals have many ways to get into IoT devices and start causing trouble. Many of them are the result of weaknesses within the device itself. Weak, commonly used manufacturers’ default passwords that never get changed. Infrequent device updates cause vulnerabilities to develop and become exploitable over time.
But why, you might wonder, would an enterprising cybercriminal take interest in your smart washing machine? Good question. There are a few reasons:
- Denial of Service: When a large network of interconnected IoT devices becomes compromised, a cybercriminal can launch what is known as a “Denial of Service,” campaign. In other words, they can shut down operations relating to or requiring the use of these devices. Not necessarily an enormous deal in the case of a washing machine, but considerably more serious when the IoT device is being used for business purposes.
- Ransomware: Sometimes an escalation of Denial of Service. The bad actor has your system in their oily clutches, and they won’t give it back until you pay a ransom. And why wouldn’t you? They seem trustworthy enough, right? In reality, people who pay ransoms rarely get their systems back—at least not in the condition they had been prior to the breach. They also become major targets for future attacks. Hey—the dark web says—this person is willing to pay.
- Backdoor entry: Finally, and perhaps most commonly, cybercriminals use your IoT devices as a doorway to bigger and better things. Once they get into an IoT device they may be able to gain access to the wider system that it is a part of, leading to significantly more damage than you might at first assume a smart toaster could cause.
How smart do we really need our toast to be? That may be the question going through your mind as you worry that IoT devices might not be worth all of the trouble. It is certainly important to understand the risks. However, it is also important to understand that the outcomes described above are possibilities—not certainties.
The Enormous Costs
As IoT technology began to proliferate across business and personal sectors, Dark Web bad actors took careful notice. These devices are more vulnerable than say, your computer because they generally lack the same level of firewall protection and cybersecurity infrastructure.
They also may have numerous accessibility points. This makes these devices an easy access point for cyber criminals who hope to get into more intricate systems. For example, entire power grids have been hacked because cyber terrorists were able to get their foot in the door through an IoT device.
The average cost of these attacks is over $300k, making the stakes very high for business owners who want to use IoT safely.
And note that the true cost of a breach goes beyond the amount of money that it takes to repair damages and settle lawsuits. It also causes a loss of opportunity that is difficult to assign a number value. How much money could you have made while you were busy putting out fires?
Cyber security is best leveraged as a preventative—rather than reactive—measure. What can you do to reduce the risk of IoT-related cyber-security disasters?
Why even Use It?
If IoT sounds like more trouble than it is worth, that’s only because we haven’t yet emphasized the benefits. Though these devices can make your business more vulnerable, they can also make them more efficient.
IoT has the potential to:
- Take awesome data
- Save you money on major appliances
- Automate maintenance scheduling
- Improve communications and workflow
The value of these benefits can easily be in the 5-6 figure range, provided that you do not find yourself on the wrong side of a cyber security breach. In the next heading, we take a look at how you can stay safe while using IoT.
Safe Use
Ok, you understand all of the risks. You still want to use IoT to optimize operations and increase revenue. Awesome. Here’s how you do it:
- Make better passwords. Factory defaults don’t work. Cybercriminals can easily discover/guess them. Without changing your entry credentials, you’re basically leaving the door open to hackers.
- Update your devices regularly. Also, make sure that you are constantly updating your devices to keep up with the manufacturer’s recommendations. You may need to do this manually.
- Invest in firewalls. You should also supplement the manufacturer’s protections with firewalls and encryption of your own. There is no need to feel helpless or out of control where cybersecurity protections are concerned. Custom solutions will offer a more bespoke strategy that fully complements your business’s needs. Software engineers can work with you to develop appropriate security measures.
The final thing? Emphasize the importance of cybersecurity to everyone on your team. Human error is overwhelmingly the number one cause of cybersecurity breaches. Develop a clear and easy-to-understand system for keeping your company safe from cybercriminals. Make sure your employees know what is expected of them.
Regularly refresh their understanding when new requirements arise.
IoT may seem scary to business owners who are worried about cybersecurity breaches. However, with careful planning and thoughtful implementation, these devices can be a great way to improve efficiency. Don’t let criminals scare you away from making a choice that will improve your business operations.
