IoT Security: Exploring Risks and Countermeasures Across Industries
IoT Security: Exploring Risks and Countermeasures Across Industries
IoT (Internet of Things) Security
The Internet of Things (IoT) has changed the way we live and work, allowing for greater convenience and efficiency through connected devices and systems.
According to projections, the global number of IoT devices will nearly triple, rising from 9.7 billion in 2020 to over 29 billion by 2030. However, as IoT technology becomes more widely adopted, security concerns grow.
“According to cybersecurity experts, the rapid expansion of IoT (Internet of Things) devices in 2022 may have signaled a tipping point.”
Hackers can target cars and medical devices, both of which are essential to daily life but have security flaws. According to Microsoft’s Digital Defense Report 2022, IoT devices serve as a primary access point for a variety of attacks. According to the report, despite increasing security of IT software and hardware, IoT security has not advanced at the same rate.
This blog aims to investigate the impact of IoT security on various domains, ranging from personal devices to critical infrastructure, and to analyze potential mitigation measures.
What Is IoT Security and Why Does It Matter?
As the number of connected devices grows, IoT security has become a major concern for both businesses and individuals. Hackers and cybercriminals are drawn to the vast amounts of data collected and shared by these devices, making them an appealing target. Even a simple IoT device, such as a baby monitor, can be used to gather sensitive information, such as credit card numbers or passwords.
According to a recent Sonic Wall report, malware attacks on IoT/Connected Devices increased by 77% during the first half of 2022. According to the report, while ransomware attacks decreased by 23%, crypto-jacking attacks increased by 30%, and intrusion attempts increased by 19%.
Although IoT devices provide numerous benefits, it is critical to consider the risks associated with them. The lack of encryption on regular transmissions is one of the most serious threats to IoT security. Many Internet of Things devices sends data without encryption, allowing unauthorized access to sensitive information and credentials.
The use of malware by cybercriminals to take control of IoT devices or connected machines and engage in malicious activities has become common in a variety of industries, including automotive, manufacturing, consumer electronics, agriculture, retail, and healthcare. Given the sensitive and confidential nature of the information stored within these industries, implementing IoT security solutions is critical to safeguard against such threats, resulting in an increase in market demand for IoT security.
Image credit: E-Vehicles Info
Following that, this article will present examples of companies from various domains leveraging IoT devices, how they were affected by cyberattacks, and countermeasures to improve IoT security in your organization.
Healthcare Industry: The healthcare industry is dealing with the consequences of IoT security issues in a variety of ways. One of the primary concerns is maintaining patient data privacy and security. As the use of IoT devices in healthcare grows, so do the chances of patient data being compromised. Furthermore, the safety of medical devices is jeopardized. IoT devices are commonly used to monitor and control medical equipment, and if not properly secured, attackers may exploit them to gain access to private patient information.
A cyberattack hit the All-India Institute of Medical Sciences New Delhi (AIIMS) in November 2022, causing extensive damage to its servers and the National Information Center’s hospital network. For more than a week following the attack, all functions, including emergency, ambulatory, inpatient, and testing areas, were managed manually. The Intelligence Fusion and Strategic Operations unit of the Delhi Police registered a case of cyber terrorism and extortion but denied that AIIMS received a ransom demand of Rs 200 crores in cryptocurrency, as is common in ransomware attacks. The motive for the attack must be investigated, as well as the readiness of organizations and systems for cybersecurity threats.
The Retail Industry
The retail industry is fascinating because of its constant adoption of modern technologies.
In January 2021, a 70-gigabyte SQL backup file belonging to Bonobos, a Walmart clothing subsidiary, was stolen from a third-party cloud provider and shared on a hacker forum. 7 million shipping addresses, 1.8 million registered customer accounts, and 3.5 million partial credit card records were among the stolen information.
Industry of Manufacture
Manufacturers are deeply concerned about IoT security. The greater the number of connected devices and data collected, the greater the risk of security breaches. The manufacturing industry is being impacted by IoT security in a variety of ways, with data theft being a major concern. Because of the proliferation of connected devices, hackers now have easier access to collected data.
For example, Norsk Hydro, a multinational aluminum manufacturer with operations in 40 countries, had to shut down several plants following a LockerGoga ransomware attack. The attack disrupted IT systems in a variety of business functions, including smelting plants in Norway, Qatar, and Brazil.
Automotive Industry
IoT security is a hot topic in the automotive industry. As vehicles become more connected, the risk of hacking and data theft increases. According to a CNBC report, even Toyota had to halt operations in one of its plants last February due to a cyber-attack.
Image credit: E-Vehicles Info
A team of seven security experts discovered several vulnerabilities in vehicles manufactured by 16 car manufacturers, allowing them to control car functions and start or stop the engine, according to security week. Furthermore, the researchers revealed that a slew of other security flaws allowed them to gain access to car manufacturers’ internal applications and systems, exposing personally identifiable information (PII) of customers and employees as well as account takeover. Infrastructure, telematics, and automotive APIs were all targeted by the hackers. Premium brands such as Ferrari, BMW, and Rolls Royce were among those affected. The automakers were notified, and patches to address the security issues were released.
Consumer Electronics Industry
As the Internet of Things (IoT) continues to grow, the need for improved security measures is also increasing. This is particularly true for the consumer electronics market. It not only puts the companies at risk but even the individuals purchasing the electronics.
There have already been several instances of high-profile security breaches concerning IoT devices. For example, in 2016, the Mirai botnet hijacked hundreds of thousands of devices, including numerous consumer electronics.
There are different ways to improve IoT security
Ensuring the security of the network, data, and devices connected to the Internet of Things (IoT) is the primary concern. Thus, providing IoT security presents a significant challenge in safeguarding devices against malicious attacks and unauthorized access. The IoT is now deeply integrated into our daily lives as an increasing number of devices are connected to the internet, making IoT security a top priority. IoT devices offer enhanced user convenience.
- Keep your devices secure by installing the latest security patches regularly.
- Segment your network to prevent unauthorized access and attacks.
- Use strong passwords for accessing software and implement multifactor authentication to enhance security.
- Take a layered approach to security by using multiple security measures, such as firewalls, antivirus software, and intrusion detection systems.
- Do not rely on default security settings, which may be vulnerable to attacks.
- Maintain a global access map to track and control access to your network and devices.
- Ask the manufacturer about SSL/TLS and use encrypted protocols to protect data in transit.
- Restrict internet usage on connected devices to enhance security.
- Protect important data by blocking programs behind a firewall or restricting the use of certain software features.
- Install the most recent software on all network-connected devices to stay up-to-date with security features.
- Create a separate network for IoT devices to prevent unauthorized access to other devices.
- Implement security measures that ensure IoT-connected devices cannot be easily spoofed, such as assigning unique IDs to each device.
Conclusion
IoT security is an increasing concern for both individuals and organizations. As the number of devices linked to the internet grows, so does the risk of security breaches. While there are numerous methods for securing IoT devices, while installing these devices, it is critical to examine all areas of security. Organizations may ensure that their devices are safe from potential dangers by doing so.
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