Operational and Data Integrity Risks of Internet of Things (IoT) for Small and Medium Businesses (SMBs)

The continued rise in the number of Internet of Things (IoT) connected devices has brought about a host of security challenges for many businesses. As manufacturers compete in a race to bring their IoT devices to market, most fail to include even the most basic security controls necessary to protect the networks these devices connect to or the data they collect or transmit. This leaves businesses of all industries extremely vulnerable to a variety of security risks and cyberthreats.

Regulations for Securing the Internet of Things

We are living in the era of Digital Transformation and witnessing first-hand the proliferation of assistive technologies such as the Internet of Things (IoT). It is estimated that the global count of IoT devices will reach around 80 billion by 2025 — a figure that will outnumber the human population across the globe tenfold.

This IoT network of physical devices — “things”— designed with embedded sensors, software and other technologies for the purpose of connecting and exchanging data with other devices and systems over the internet, has generated greater access to data and analytics across all industries and can increase the efficiency and agility of business operations.

Top 9 IoT-Related Security Threats Businesses Face

The Internet of Things (IoT) is rapidly changing the technology landscape as we know it. Businesses worldwide are leveraging IoT for benefits such as seamless collaboration, access to comprehensive data and the ability to make stronger business decisions based on insights derived from substantial data. Experts estimate the total number of installed IoT-connected devices worldwide to amount to 30.9 billion units by 2025.

However, as we know, all that glitters is not gold. Due to the exponential growth of the number of IoT devices, the increasing amount of sensitive data these devices handle and their ability to function with minimal human intervention, the doors have been left wide open to high-level cybersecurity risks. IT professionals consider about 60% of IoT devices to be vulnerable to medium- or high-severity attacks.