As Internet of Things have seen wide applications across various industries, they need something to ensure safety and the protection of devices and networks involved. In this case, IoT security plays an important role. Nowadays, even though IoT applications are growing in many organizations around the world, many of their devices are equipped with little or no cybersecurity measures. This can result in vulnerabilities and can face them with significant risks related to security.
However, as many individuals and organizations recognize the importance of proper cyber protection, there has been a growing demand for global IoT security market. According to a leading market research firm, global IoT security market size reached USD 16.7 billion in 2022 and would touch USD 82 billion in 2030. This rapid development is owing to the growing ransomware attacks and the rising data risk in networks around the world.
What are The Types?
IoT security can have different types according to its purposes and applications.
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Device security protection
Security measures for devices defend from cyberattacks by implementing secure boot processes. It also ensures secure updates of firmware that incorporate vulnerability patching and employing secure protocols of communication like TLS/SSL. Effective security measures often involve device management with the IT department responsible for overseeing device maintenance and monitoring.
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Network security protection
Network security includes firewalls that prevent unauthorized access to networks and devices. There are also VPNs that encrypt data between users and data centers over the internet. Meanwhile, IPS identify and stop cyberattacks. While DDoS protection defends against distributed attacks that overwhelm networks.
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Cloud security protection
Security measures for the cloud encompass ensuring data is stored securely, implementing access control, and utilizing encryption. Given that many devices keep their data in the cloud, robust security and authentication are imperative to safeguard this information.
Additionally, essential for securing devices beyond specific security measures is implementing identity and access management (IAM). This ensures that only devices and users with authorization can securely access data.
Threats and Challenges
As a significant driver of digital transformation, the application of IoT devices has been widely adopted worldwide. However, they inherently introduce substantial security challenges. The security of IoT devices is frequently criticized for being weak, as many devices lack adequate built-in safeguards. There are several reasons behind this issue.
For example, the constraints in processing power and memory on many devices pose challenges for implementing robust security measures such as encryption and firewalls. Additionally, weak login credentials are widespread among devices and can be straightforward for attackers to exploit, highlighting a critical security weakness.
Vendor support for old devices is also often inadequate. It can lead to software and firmware not receiving essential security updates, while patching these devices proves to be a difficult task. Moreover, standardization issues among devices, which is a frequent problem in emerging technologies, hinder the adoption of a universal security solution capable of protecting all IoT devices effectively.
Best Practices to IoT Security
Ensuring the security of sensitive applications and data requires establishing access policies which prevent IoT devices from becoming vulnerable entry points. Here are some key practices to consider.
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Manage and track network devices
Allowing unmanaged devices in the organization means endpoint agents cannot offer complete visibility. Implement a solution that can recognize devices communication on your network, comprehend their purposes, and scrutinize encrypted communications which might bypass conventional defenses.
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Change passwords
Default factory credentials create a significant vulnerability, making it effortless for malicious actors to exploit devices. While controlling passwords on unsanctioned devices may be challenging, it is a fundamental initial step for managed IoT devices. This practice should also be emphasized in security training for devices employees introduce to the workplace.
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Regularly apply patches and updates
IoT devices are integral to everyday operations in industries like healthcare and manufacturing. For these approved devices, it is essential to stay informed about recently uncovered vulnerabilities and maintain up-to-date security protocols.
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Adopt a zero-trust model to enhance security posture
Remove implicit policies and enforce strict access controls for sensitive data using identity-based and dynamic authentication. Monitor and scrutinize traffic from unauthorize IoT devices needing internet access and employ a proxy to prevent their interaction with corporate data.
Global IoT security market is increasingly important to protect networks and devices. IoT devices are increasingly infiltrating corporate networks, expanding organizations’ attack possibility significantly. Numerous devices escape detection by IT teams. It allows hackers to exploit novel attack vectors and execute sophisticated cyberattacks. While hybrid work models have reduced office populations, many devices remain connected to networks around the clock. Digital signage and other devices continue to update data, perform tasks, and await commands. It makes them susceptible to security breaches.
Many organizations still have immature IoT security and policies. However, implementing robust zero trust policies and architecture can significantly enhance an organization’s IoT security stance. In essence, every organization leveraging IoT systems must prioritize investing in dedicated solutions for IoT security. Those that extensively employ internet-connected technologies inherently face more vulnerability to attacks.
