In the past decade, the Internet of Things (IoT) has grown from an upcoming technology few actually took seriously to an absolute technological phenomenon changing businesses across continents and industries. As more and more companies integrate IoT devices into their infrastructures, the concerns around the security of IoT networks become more prevalent.
Along with increased productivity and functionality, there comes a problem of network vulnerability. The more connected devices you have in your ecosystem, the more potential gateways the hackers have to infiltrate your system for their malicious purposes.
As the Internet of Things develops and becomes more prominent every following year, it is necessary for us to understand what the main threats to IoT development are. If you plan to adopt this new tech in your enterprise or already did, you might also be interested in securing your IoT ecosystem and making it more resilient.
Today, we are going to take a look at some IoT market statistics, as well as IoT security statistics, to see where it is all going and how you can make your environment safer by adopting relevant security strategies.
Security is a Major Concern
Globally, 32% of the companies that have already adopted IoT consider data security issues related to the lack of skilled personnel to be the most critical concern for their IoT ecosystem. 33% of these companies consider attacks on devices to be the primary concern. For all the advantages of IoT and the potential financial benefits it provides, the sheer number of connected devices in the hands of different people in different locations makes the system vulnerable.
Lack of security awareness among the personnel is a critical issue, and some of your employees might not even bother to properly secure all of their connected devices. By 2025, there will be up to 40 billion connected devices all over the planet, and their number will grow within your business as well.
This means that you will have to invest in the security of your IoT ecosystem as soon as you can. The more devices you have, the more vulnerable your enterprise becomes as it is nearly impossible to control all the interactions between your employees and devices.
The obvious solution here is to promote security awareness among the employees and reinforce the security of your edge nodes. Basically, it all comes down to training your employees on how to use the devices properly and in a secure manner and implementing the relevant security measures such as identity verification procedures, physical protection of the devices, abnormality detection, encrypted data transfers, network-based firewalls, and more.
Using strong passwords, keeping an eye on the devices at all times, being careful with the Wi-Fi networks they log into, and all that basic stuff are essential requirements for keeping your data safe. Your employees need to understand the value of the data they have access to and the outcomes of losing that data. Your safety begins with simple rules and basic security requirements.
With the ever-growing amount of data and the number of devices, hackers have more and more ways to breach your security and access sensitive data, and even steal your assets. This should not be allowed, and as important as reliable security solutions are, all of your efforts might go sideways just because your employees are not careful enough. For that reason, you need to focus on forming a corporate culture in which your employees treat the security of the corporate assets with all seriousness.
IoT Security Market Keeps Growing
The size of the IoT security market is projected to grow up to 18.6 billion in 2022 compared to 15.8 billion in 2021. It all correlates with the growing number of connected devices that certainly need some serious protection. Security firmware will prove more important than ever in the following decade, which is why such IoT device security statistics are not surprising in the slightest.
The following chart shows the past and projected growth of the IoT security market:
As you see, the current state of the IoT security market is rather remarkable with 15.8 billion worldwide, and as of now, it shows no sign of slowing down. By 2025, the size of the market is expected to almost double, which makes it a safe bet to invest in IoT security now.
IoT Cyber Attacks Escalate in 2021
When we say cyberattacks are a threat to IoT devices, we mean it. From January to June 2021, there have been more than 1.5 billion IoT breaches, most of them using the telnet remote access protocol. The Internet of Things hacking statistics is on the rise due to the pandemic.
Again, the pandemic becomes a key factor in the increase of cyberattacks on devices due to the prolonged use of said devices within a household environment. Many of the devices used at home lack adequate security protocols, which is why they become easy prey for hackers. Nearly 58% of the attacks occurred with the intent of mining cryptocurrency.
One of the main reasons why hackers succeed with their attacks is people’s carelessness. Most people just think they are not important enough to be targeted by hackers, though in reality, they might be viable targets for cybercriminals. Especially considering how easy it is for someone to breach their security.
That leads to a critical vulnerability of the enterprises that have their employees working in household settings. As a business owner, you just cannot be sure your employees follow all the security protocols while they are at home. They might not even go as far as to use a secure Wi-Fi connection, which puts your data in a precarious position.
House sitting is not the only problem though. Hackers can breach your enterprise firewalls quite easily too if you are not using proper security protocols. Attacking the edge nodes of your IoT ecosystem is the most straightforward way to extract valuable data or steal your assets. For that reason, you would not want to give your edge nodes access to core data centers.
As IoT attacks statistics are on the rise proportional to the growth in the total number of devices, it is possible to assume that the number of attacks will only grow. What we can do, though, is reduce the number of successful attacks.
This can be achieved by applying relevant cybersecurity techniques such as the aforementioned network-based firewalls, limited connectivity profiles, abnormal activity detection, and other relevant solutions.
Protect your IoT ecosystem with Intersog security solutions!
Smart Homes and Legislation
Being the most vulnerable setting, your home might be a target of malicious attacks, which is a real concern both for the users of smart home devices and the developers of said devices. According to this year’s investigation, an average smart home could be a target of more than 12,000 hacker attacks in a single week. This number is just staggering if you think about all the vulnerabilities of modern smart homes.
Anything, from a thermostat or a coffee machine to your autonomous vehicle, can be targeted by hackers, and that is rather alarming news for anyone using smart devices in their daily lives as well as anyone selling those devices.
It is worth mentioning that the fast growth of the market and subsequent growth of the cybercrime stats raises some eyebrows in the legislative circles. For instance, the UK now requires the makers of all smart devices to offer more transparency around their security measures. This means that the customers would be able to select devices based on their security characteristics.
The new laws basically enforce improved security in smart devices, which ultimately leads to the development of devices with much better protection from malware. This is good news for the customers as they would be able to select devices with the best protection, which will in turn put pressure on those companies who neglect proper security measures.
The laws now specify the number of criteria the devices must meet before the market launch, so in case you are going to sell any smart devices in a country that has similar laws, it is essential that you meet those requirements.
Some of the new security criteria for smart devices include a ban on simple default passwords. The sellers would not be able to set up simple passwords like “user” or “12345”; instead, they will have to use much stronger passwords as many users simply don’t change the default passwords. These and other criteria are essential for creating secure-by-design devices that are going to guarantee trouble-free usage. Of course, that would not deter all the hackers but it will surely reduce the number of successful attacks on your smart home.
Legislative effort to regulate the security precautions taken by the developers of IoT devices is a great thing as it normalizes secure-by-design devices, and consequently, makes it harder for hackers to steal the users’ data.
Financial Services, IoT, and Security
Financial services companies are all about keeping their data and assets safe, and so they rely on a whole network of security measures. This includes usual precautions such as surveillance cameras in their offices as well as security devices used by the employees. All of this is a part of the IoT ecosystem.
In fact, financial services companies lead the way in the adoption of IoT with up to 58% of companies in the sector already using it to some degree. Additionally, financial service companies are well ahead of other sectors in terms of adopting visual identification technologies with 51% of the companies already implementing visual identification powered by AI and analytics systems.
The adoption of IoT in financial services is inevitable as it opens huge opportunities for companies in the sector by expanding the connectivity of their networks. At the same time, it opens a whole bunch of new pathways for hackers to breach those networks and gain access to sensitive data and steal money from people.
The main problem here is that scammers and hackers can breach the users’ devices, which puts their assets under immediate threat. Of course, the regular users’ devices would not have the access to the financial services’ core data, so the company itself risks nothing, but the vulnerability of the end nodes of the IoT ecosystem is the problem that needs solving as soon as possible.
The Amount of Data Grows
With an ever-growing number of connected devices, it is only logical to assume that the amount of data they generate would grow too. It is expected that the amount of shared data will reach 73.1 zettabytes by 2025. For the sake of comparison, the connected devices currently generate some 17.3 zettabytes of data and one zettabyte equals one billion terabytes.
That is a huge amount of data, data that needs to be protected. Of course, not all of that data can be protected, some of that does not even need protection. But there will be an increasing number of attempts to access that loosely protected data from scammers and hackers. Businesses across different verticals will have to focus heavily on securing that data and making the data centers impregnable for the hackers.
Healthcare Organizations Adopt IoT
The Healthcare industry has been adopting IoT technology rather successfully for several years now. The new technologies play a significant role in improving the outcomes of treatment and reducing costs. At the same time, it puts the integrity of health records at risk. As the doctors fill their reports and keep the patient record on cloud storage, it becomes possible for the hackers to access that data and potentially use it for their malicious intentions.
With the widespread use of Electronic Health Record, the data concerning the condition of the patients is kept on digital storage, which makes it easier for the doctors to operate that data more effectively. At the same time, though, this creates serious concerns regarding the safety of data the doctors put out there.
Even though healthcare organizations adopt the new technologies relatively slowly, IoT is one technology clinical environments around the world would certainly benefit from. With the adoption of the new tech, the doctors and patients will have the chance to establish a much closer connection with one another and cooperate in ways that were not possible before.
As an instance, wearable health trackers might be used to collect and transmit real-time information on the patient’s health to the doctor, which would allow the latter to better understand the dynamics of treatment and the patient’s condition at any given moment. This will surely improve chronic disease management and home care.
Additionally, the doctors will be able to collect data from a much wider population and compare it to the data collected by other doctors. This would improve the quality of healthcare research giving the doctors the chance to better understand the outcomes of treatment in different populations. This will speed up the process of data collection, and subsequently, promote the rate at which innovations in the healthcare sector occur.
Naturally, all of that data needs adequate protection, and you can achieve that by using secure-by-design devices and protected data storage. That would allow the clinics to keep their patient data safe, which is essential for most people. Nobody wants their health record to get spilled, and so creating reliable data storage would be essential for establishing trusty relationships between the clinics and the patients.
Looking at all the IoT data statistics we have here, you can clearly see how this technology is getting bigger and bigger with every following year. And the stats show no sign of slowing down, so you can clearly tell there’s going to be a lot more connected devices out there in the following years.
IoT usage statistics are on the rise, and so it is the right time to invest in this new tech and take advantage of it. Of course, to tap into all the benefits of IoT, you need to make sure your ecosystem is safe and sound. This means that you will need reliable and secure devices as well as firewalls on each level of your IoT ecosystem to get your enterprise functioning as intended without redundant risks.
Contact Intersog experts to find out how we can help you establish a secure IoT ecosystem!