Top Five IoT Security Risks for Businesses

The Internet of Things (IoT) is an emerging technology that involves physical objects with sensors, software, and technologies to connect and exchange data with one other through the internet or any other communication network. Though this technology is creating waves across the world, it is giving rise to many technical risks and threats. Novel strategies need to be devised to secure the massive amounts of data generated.

IT professionals report that 60 percent of the IoT devices are vulnerable to medium and high-level cyber attacks.1 As the IoT devices are interconnected to several other smart devices with sensors to collect, share and store data, hackers can exploit the system and hack the backend to access vital data across entire businesses.

To avoid this, organizations must implement security-by-design as they deploy IoT devices. Implementation of security designs in IoT products involves incorporating cybersecurity practices into product design as well as the environment in which the device is meant to be implemented.

IoT thus acts as a double-edged sword; it may be a boon but can also pose increased risks to businesses. The following top five are security risks that IoT poses;

1. Lack of proper security controls:

Even though most IoT devices are built with smart technology and sensors, there will be a lack of proper security controls. This may be because of the lack of capability of the device to patch up with the latest security updates automatically.

Most IoT devices lack basic encryption systems; even 95 percent of the IoT device’s data transactions are unencrypted.2 The lack of proper security on IoT devices creates a more significant threat to your business.

2. Threat to protection of sensitive data:

The sensors on IoT devices collect data without the knowledge of users. For example, the devices collect the data basis what users say around them or buy through their home or business networks. The user doesn’t need to be an expert to imagine how d