Top 5 Alarming Vulnerabilities in IoT Devices You Need to Know to Secure Your Devices

With new technologies coming into existence every day, the demand for Internet of Things (IoT) devices is growing tremendously, and it is so much that humans rely on them for pretty much every basic function involved in their everyday lives.

IoT devices store, transmit and process essential data every day. They serve as the perfect target for cybercriminals. Cybercriminals can potentially siphon off large amounts of private information that could be used to conduct future attacks on unsuspecting victims.

While businesses are reaping huge benefits from the IoT ecosystem, cyberattacks have also increased exponentially. Connecting everything to the internet is convenient, but without proper security systems in place, it can leave smart devices and networks vulnerable to cyberattacks.

What is IoT Security?

IoT security refers to the protection of internet-connected or network-based devices. IoT is a term that describes an impressively wide range of technology, ranging from watches and thermostats to video game consoles.

Internet of Things (IoT) security measures are techniques, strategies, and tools that can be adopted to protect systems against attacks without sacrificing their inherent benefits. IoT introduces a great deal of connectivity into our technology. It has also become increasingly vulnerable to exploitation by hackers, but these threats aren’t a major concern as long as the proper steps are taken to counter them.

A variety of technologies fall under the umbrella of IoT security. Some methodologies include public key infrastructure (PKI) authentication, application program interface (API) Security, and network security.

What are the threats?

1. Lack of Regular Updates or Weak Update Mechanisms: A primary cyber risk associated with the Internet of Things (IoT) is the lack of regular security updates. These devices may be secure initially, but they become vulnerable when new security bugs or issues are discovered. If there aren’t any security updates to address these vulnerabilities, the devices become vulnerable to attacks and are left at risk.
   For instance, the infamous Satori malware is an example of a self-propagating worm. The malware delivers a worm to a vulnerable device, which spreads itself from device to device without human interaction and targets known vulnerabilities in specific ranges of IoT devices.
2. Insecure Interfaces: The primary function of all IoT devices is to communicate and process data/information. Often, these devices come with apps, services, and protocols to make it easy for the users to control them. Many manufacturers incorporate web, cloud, application API, and mobile interfaces to enhance device communication.
   Some of the most common IoT vulnerabilities are related to insecure interfaces that open systems and networks to attacks. Some of the technologies associated with insecure interfaces include insufficient device authorization and authentication or weak encryption. Hackers can exploit these through credential theft attacks.
3. Weak Passwords: Manufacturers of IoT devices often opt to install default passwords during their manufacturing process, as these significantly reduce costs. Businesses often miss out on setting up some security systems to protect themselves, leaving these devices vulnerable to attack.
   Such mistakes make the devices vulnerable to cyber criminals gaining access to the devices by using dictionary or brute force attacks.
4. Unencrypted Data: Internet of Things (IoT) devices are prone to data hijacking, theft, and tampering. One apparent reason for all this is that many IoT devices deployed today don’t feature robust encryption mechanisms coupled with responsive security infrastructure. Hackers usually take advantage of such design defects and deploy man-in-the-middle attacks or other kinds of eavesdropping techniques. Using these techniques, they get sensitive records from compromised devices before they can be encrypted once again.
5. Malware: Malware has become a widely used attack vector for compromising IoT devices. Due to the lack of built-in security features, such as firewalls and other software, IoT devices serve as an easy target for malware.
   Hackers use these malicious software to launch brute force attacks on Internet-connected devices or scan the airwaves in search of open ports to install malware and attempt penetration into private networks remotely.

IoT Security Market

As per BIS research, the global IoT security market generated $16.55 billion in 2018 and is expected to witness a CAGR of 22.26% by-2024. The growth of the IoT security market is due to the increasing demand for regulations and guidelines and an increasing number of data breaches. Additionally, today consumers have a growing concern regarding privacy and data protection, which is anticipated to fuel the market.

Final Words

As IoT devices become a vital part of every organization worldwide, it’s time to recognize their security threats and take appropriate measures.

As a solution, developers’ focus should be on ensuring the software and hardware they’re developing are secure. For those deploying IoT systems, it’s also crucial to note that it’s essential to keep up with all security measures to succeed as a business by safeguarding infrastructure, keeping devices up-to-date, and patching vulnerabilities. Furthermore, device authentication and security chips are critical when it comes down to securing your devices from intrusion.

If you are a business that wants to learn more about the upcoming IoT security market trends and factors influencing its growth, contact us at bisresearch.com for information regarding our latest market research reports on the IoT sector.