Page 29 - Cyber Warnings

We Have To Act Now To Build A Secure Internet Of Things

The Internet of Things will be transformative, but only if we invest in security now.

The Internet of Things already provides substantial benefits to consumers and businesses.
Millions of smart connected devices generate vast volumes of data, empowering businesses to
offer innovative new services.

More data means greater insight into and control over everything from manufacturing to
marketing.

Over the next few years, the number of connected devices is likely to increase by orders of
magnitude — some estimates put the number at 40 billion by 2020.

But many smart connected devices aren’t so smart where security is concerned. In fact, the
nascent IoT industry has a woeful security track record.

A quick glance at Shodan, a search engine that can find vulnerable connected devices, reveals
what’s likely to be the tip of the iceberg. Poor IoT security is bad news for everyone, businesses
and consumers alike.

Although there hasn’t yet been a substantial security breach that can be definitively blamed on
the Internet Of Things, it’s only a matter of time, as James Lyne, global head of security
research at Sophos points out:

"Very soon, we're likely to see a big breach. It's quite probable that some really shiny,
cool, new product is going to come along in the next year which will see massive
adoption by consumers and enterprises. When that happens, I think attacker interest will
rise”
A major reason for lax IoT security is that businesses simply aren’t motivated to invest the time
and effort to build secure devices and networks.

In a highly competitive market, IoT device manufacturers are incentivized to compete on price,
cutting costs wherever they can.

Security is hard, time consuming, and requires substantial research and development
investment to get right — none of which is attractive to a company looking to churn out devices
at high-volumes and minimal cost.

“Consumers do not perceive value in security and privacy. As a rule, many have not
shown a willingness to pay for such things. As a result, manufacturers slash costs to
maximize their profit, often on narrow margins.”

29 Cyber Warnings E-Magazine – September 2016 Edition
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