The number of devices connected to IP networks is expected to be 3 times higher than the global population in 2024, compared to 2.4 times in 2018. This massive growth brings with it a major challenge: securing Internet of Things (IoT) devices and networks against cyberattacks. Approximately 1.5 billion attacks on IoT devices were reported in 2020 alone. With billions of connected devices projected worldwide, infiltrating just one IoT device puts the entire connected ecosystem at risk.
In this article, we will explore what IoT cybersecurity entails, why it is critical, where vulnerabilities exist, and provide tips to bolster security. We‘ll also examine how blockchain and operational technology can improve IoT cybersecurity. Let‘s dive in.
What is IoT Cybersecurity?
IoT cybersecurity refers to the practice of protecting IoT devices, networks, and ecosystems from cyber threats and attacks. It utilizes various tools and techniques to safeguard data, identify risks, monitor the system, and reduce vulnerabilities.
The main goal is to build secure IoT systems and counter threats that could:
- Disrupt services and availability
- Steal or corrupt data
- Take control of devices
- Cause physical damage
As IoT integrates deeper into business operations and infrastructure, the potential impact of attacks expands exponentially. This makes IoT cybersecurity mission-critical for organizations relying on connected technologies.
Based on my experience in data security, the increasing connectivity and complexity of IoT networks provide more potential entry points for attacks. Everything from smart home devices to critical infrastructure now relies on IoT, expanding the attack surface area. This makes approaches like network monitoring, access control, and vulnerability management essential.
According to researchers, the global IoT security market is projected to grow from $1.9 billion in 2020 to $5.3 billion by 2026 as threats rise. Companies must prioritize cybersecurity as a central component of IoT strategies.
Why is IoT Cybersecurity Important?
IoT networks are expanding at an incredible rate. There will be over 30 billion devices connected worldwide by 2025, up from 11.7 billion in 2020. That‘s nearly 3x growth in only 5 years!
IoT is also moving far beyond homes into healthcare, smart cities, retail, manufacturing, and more mission-critical domains. As organizations rely on IoT to enable greater efficiency, capabilities, and revenue, their dependence on it increases in tandem. Any disruption due to a breach can lead to catastrophic shutdowns and losses.
Just look at the rise of retail ecommerce amid the COVID-19 pandemic:
With businesses shifting online and relying on IoT infrastructure, securing systems to ensure minimal downtime becomes imperative. The World Economic Forum estimates cyberattacks could cost the global economy $8.5 trillion over the next five years.
Proactive IoT cybersecurity is no longer an optional nice-to-have. It is an indispensable part of operating and sustaining growth in the digital era.
Where are IoT Systems Vulnerable?
IoT ecosystems comprise many interconnected components across edge devices, networks, and cloud platforms. This provides hackers with multiple potential entry points to cause disruption:
Edge Devices
The edge comprises sensors, controllers, and actuators that interact with the physical environment. Under pressure to quickly release new products and services, device security often gets sidelined during development.
Studies show 80% of companies do not adequately test IoT apps and devices for vulnerabilities. And 60% of IoT devices encrypt transmissions from sensor to the cloud. This leaves many insecure IoT devices, like IP cameras or DVRs, open to malware attacks.
Edge devices often lack built-in security capabilities. Basic devices without sophisticated operating systems are unable to run security software or accept firmware updates to patch bugs. This presents a massive problem as unsecured IoT devices get rapidly deployed worldwide.
Communication Networks
Networks like Bluetooth, Wi-Fi, and cellular connect IoT devices together and transport data between them. Hacking these networks allows attackers to intercept unsecured communications and exploit vulnerabilities to gain access.
For example, researchers hacked a Tesla‘s Bluetooth system from 5 meters away, gaining entry to door locks. Poorly implemented encryption allows attackers to more easily "eavesdrop" on IoT networks.
Wi-Fi networks with insecure passwords present another easy access point. Home networks with connected cameras and appliances are frequent targets.
Cloud Platforms
The cloud provides storage and computing resources for IoT platforms. By infiltrating cloud accounts and databases, hackers can steal troves of aggregated IoT device data and information.
In 2021, Russian cyberspies gained access to numerous US federal agency accounts via cloud breaches. Once in the network, lateral movement allows malactors access to wider sets of systems.
With billions of devices worldwide, centralizing data in cloud platforms creates enticing, concentrated targets. Attackers can use compromised credentials to enter cloud servers and leverage the abundance of data.
Tips to Improve IoT Cybersecurity
Here are some best practices to bolster IoT cybersecurity based on points mentioned earlier:
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Prioritize security from the start – Build it into device design and network architecture from day one, rather than an afterthought. Security engineering is crucial.
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Invest in upgradable devices – Choose IoT devices capable of receiving software security updates to patch vulnerabilities over time. Avoid devices that can‘t be updated.
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Authenticate access – Require strong passwords, multi-factor authentication (MFA), and access controls to prevent unauthorized access at all entry points.
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Isolate networks – Limit interdependencies and access between IoT networks, devices, and cloud servers to only what is required to reduce attack surfaces.
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Encrypt data – Protect data in transit and at rest through strong encryption methods like AES-256, PKI, etc.
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Monitor traffic – Use tools like intrusion detection systems (IDS) to monitor network activity and catch anomalies that signal threats.
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Hire security experts – Don‘t just rely on free software. Managed solutions from IT security vendors are worth the investment.
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Conduct audits – Regularly audit devices and networks for risks, check compliance, and address vulnerabilities before they‘re exploited.
These steps can significantly reduce risks and prevent the majority of common IoT attacks targeting unsecured devices and networks.
Can Blockchain Improve IoT Security?
Blockchain is a decentralized digital ledger that provides transparency, provenance, integrity, and authentication. It offers several potential security benefits for IoT:
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Decentralized structure – No central point of failure since ledger copies are distributed across nodes
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Cryptographic protections – Blockchain transactions and records use encryption against tampering
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Access control – Granular permissions enable secure data sharing with integrity checks
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Device identity – Blockchain registration gives unique identities to IoT devices to prevent spoofing
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Consensus validation – Changes must be validated by decentralized nodes through consensus mechanisms
By 2024, over 25% of cybersecurity vendors will offer blockchain-enabled solutions according to Gartner. However, blockchain IoT is still emerging. Technical challenges around performance, latency, energy demands, and scalability must still be addressed, especially for billions of resource-constrained devices.
When strategically implemented, blockchain shows strong promise for securing IoT ecosystems by preventing single point failures and tampering. The decentralized aspect also limits the impact if any individual devices get compromised. Combining blockchain with standard security controls can provide defense-in-depth.
The Role of Operational Technology
Historically, operational technology (OT) focused on monitoring availability, reliability, and physical safety of industrial equipment and processes. With IoT, new methods are needed to secure consumer devices while enabling legacy OT systems to securely consume IoT data.
OT cybersecurity frameworks can help unify IT and OT teams to protect devices consistently. Tools like network monitoring and access management tailored for industrial environments are emerging.
As IT and OT converge, sharing cybersecurity best practices and data securely becomes pivotal. Integrated device management, automatedOT asset discovery, and behavioral anomaly detection will grow in importance.
Move Forward Securely With IoT
As IoT adoption accelerates across industries, so must attention to cybersecurity. Take steps now to secure devices, cloud services, and the entire connected ecosystem against continuously evolving threats. Monitor systems vigilantly for risks and attacks leveraging solutions purpose-built for IoT environments.
With risks come rewards – IoT innovation and business value. But realize those rewards safely and sustainably by making cybersecurity a top priority starting today. Maintain perspective of the "big picture" to implement layered controls securing edge devices, networks, cloud, identities, and data together.
For more on IoT architecture, implementation, and new technologies like 5G and edge computing, explore these additional resources:
If you need help securing your IoT systems, check out AIMultiple‘s IoT vendors and cybersecurity vendors. Their experts can assess your infrastructure and build a customized security solution tailored to your risks.
With a proactive approach, organizations can tap into the potential of IoT securely and drive innovation that moves the world forward. The future is full of connected devices and possibilities – let‘s just be sure it is also secure.
