IoT Security in 2024: Challenges & Tools to Tackle Them

The Internet of Things (IoT) is expanding rapidly across industries, with over 30 billion connected devices expected by 2025 according to IoT Analytics. This massive growth also creates exponential security risks: recent breaches like the Log4J vulnerabilities and the REvil ransomware attack show how damaging IoT attacks can be.

In this comprehensive expert guide, we dive into the key IoT security challenges organizations face in 2024 and provide recommendations for tools and best practices to mitigate risks.

The Growing Threat of IoT Security Breaches

With more mission-critical systems relying on IoT, the impact of attacks has become severe:

• Financial damage can range from $500,000 to $25 million per breach according to IBM
• Over 2.9 billion records were breached in major IoT security incidents over the past 5 years per Gemalto
• 75% of attacks against IoT in 2021 were ransomware, per Cynet

Here are key drivers increasing IoT breach risks:

Exponential IoT Growth

• 30 billion IoT devices by 2025, up 278% since 2016 per IoT Analytics
• Global spend on IoT security projected to reach $73.6 billion by 2027, 42% CAGR ReportLinker

Device Vulnerabilities

• 70% of IoT devices are vulnerable to medium/high-severity attacks per Microsoft
• Older connected medical devices run unsupported operating systems like Windows XP per Healthcare IT News

Compliance Risks

• 83% of healthcare organizations have experienced an IoT-related data breach, per Gemalto
• Non-compliance with regulations like HIPAA can lead to fines up to $50,000 per violation HHS.gov

These statistics highlight the urgent need to improve IoT defenses. Next let‘s explore the specific security gaps organizations need to address.

Major IoT Security Challenges

IoT systems have distinct vulnerabilities compared to enterprise IT systems. Here are the top security pitfalls:

1. Inherent Device Vulnerabilities

The majority of IoT devices lack basic security due to:

• Limited computing resources – cannot support strong encryption, security software, etc.
• Weak default settings – hardcoded passwords, unsecured ports, unencrypted traffic
• Lack of patching – no built-in update mechanism on legacy devices

This makes IoT devices an easy target. For example, baby monitors and cameras often have flaws allowing remote takeover. Healthcare organizations have over 10 connected devices per bed on average (JD Power), expanding the attack surface.

2. Botnets and Malware

Botnets leverage hijacked IoT devices to launch massive attacks:

• 1.5 billion requests per second powered the Mirai botnet attack that disrupted Twitter, Netflix, Reddit and others in 2016
• New IoT botnets like Mozi infect over 500,000 devices per month (Microsoft)
• Emotet, Trickbot, and other malware strains now target IoT

Legacy anti-malware tools are blind to these novel threats. IoT-specific behavioral monitoring and analytics are crucial.

3. Weak Passwords

Usage of default or weak passwords remains widespread on IoT devices:

• Manufacturers often set weak default passwords like ‘admin/admin’
• Brute force attacks can crack weak passwords in minutes
• Just 5% of users change the default password per Kaspersky

Once breached, attackers have full control. Multifactor authentication adds critical protection.

4. Lack of Encryption

Too many organizations fail to encrypt IoT data in transit and at rest:

• Only 30% of IoT apps encrypt data per Forrester
• Encryption tools like OpenSSL and WolfSSL are underutilized
• Breaches via unencrypted IoT devices soared 162% in 2021 per Tenable

Encryption and key management are essential to securing sensitive IoT data.

Major IoT security threats. Image source: UpGuard

5. Lack of Monitoring

Many organizations lack full visibility into their IoT ecosystems:

• Only 24% monitor IoT security analytics proactively per Gartner
• Security information and event management (SIEM) tools are underutilized
• Breaches often go undiscovered for over 7 months on average per IBM

Continuous monitoring with centralized log analysis is vital to early threat detection.

6. Increased DDoS Attacks

As mentioned earlier, IoT botnets power massive DDoS attacks – overwhelming bandwidth and crashing networks.

• 1.7TB/second record attack in 2018 leveraged 145,000 IoT cameras
• DDoS attacks increased 10% YoY in 2021 per NETSCOUT
• 93% of organizations experienced IoT-enabled DDoS attacks per Corero

Intelligent DDoS prevention is key along with firewalls and gateways.

Best Practices for IoT Security

Now that we‘ve outlined the primary vulnerabilities, let‘s review cybersecurity best practices for the IoT environment:

Conduct Audits

• Audit devices, networks, applications, and data flows regularly using tools like Tenable and Rapid7.
• Penetration testing helps discover overlooked risks.
• Remediate any critical findings immediately.

Install Updates

• Maintain a database of all connected devices using a CMDB.
• Check vendors regularly for new firmware and patch promptly.
• Deploy tools like Claroty to automate device updates.

Isolate IoT Systems

• Segment IoT into separate network zones using VLANs, ACLs, and microsegmentation.
• Strictly limit access between IoT and corporate zones.
• Deploy gateways and proxies to control traffic.

Enable Strong Authentication

• Require multifactor authentication for all user and device access.
• Use password managers like 1Password and LastPass to enable complex passwords.
• Configure automatic device locking after periods of inactivity.

Protect Data

• Classify data types and mandate encryption via tools like Dell and PKWARE.
• Mask sensitive data elements.
• Monitor access patterns to detect breaches via a SIEM.

Educate Personnel

• Train all employees on IoT risks, policies, and best practices.
• Run attack simulations to improve vigilance against phishing.
• Ensure security team skillsets cover both IT and OT.

Key Solutions for Securing IoT Environments

Many powerful tools available today help implement the above IoT security controls. Here are top categories to consider:

IoT Security Platforms

• Integrated suites like Microsoft Azure Sphere, AWS IoT Core, Cisco Secure, and Palo Alto
• Provide device onboarding, authentication, encryption, access control, monitoring, and more
• All-in-one visibility and management capabilities

Network Protection

• Next-gen firewalls from Fortinet, Palo Alto, Check Point block unauthorized traffic
• Web application firewalls (WAF) prevent attacks targeting IoT apps
• Microsegmentation and network access controls (NAC) provide granular control

Endpoint Detection & Response

• EDR solutions like Armis, SentinelOne, and Forescout eyeInspect monitor IoT devices for threats.
• AI and behavior analytics detect compromised devices and insider threats
• Rapid incident response blocks threats automatically

Data Security

• Data loss prevention (DLP) tools from Forcepoint, Digital Guardian, and McAfee for encryption plus activity monitoring.
• Database solutions like Azure SQL help secure IoT data.
• Tokenization and masking hide sensitive elements like PHI.

Identity & Access Management

• Multi-factor authentication (MFA) and single sign-on (SSO) add critical user security layers.
• Privileged access management (PAM) secures admin credentials.
• Network access control (NAC) solutions allow only authorized devices to connect.

The Road Ahead for IoT Security

As the IoT landscape evolves, new capabilities will be needed to keep pace with emerging threats:

Threat Detection & Response

• Deception technology like Illusive plants fake assets to detect active intruders.
• Managed detection and response (MDR) services provide 24/7 monitoring.

Device Management

• IoT asset management tools like Armis provide full inventory visibility.
• Network configuration management tracks all hardware and software.

Compliance & Regulations

• Standards like UL 2900 will require cybersecurity “nutrition labels” on IoT devices.
• Data privacy regulations will continue expanding globally.

Cyber Insurance

• IoT-specialized policies will emerge covering connected equipment.
• New underwriting criteria will mandate baseline device-level security.

By combining robust IoT platforms with layered security controls, zero trust architecture, and advanced threat detection, organizations can reduce risk and prevent devastating attacks on their IoT environments.

Conclusion and Key Takeaways

In summary, here are the key lessons for securing your IoT ecosystem in 2024:

• Prioritize device-level security – encrypt data, mandate complex passwords, enable auto-updates
• Isolate IoT networks with microsegmentation and access controls
• Leverage AI-enabled tools like EDR and deception technology
• Employ data security and access governance for least privilege
• Establish an IoT-focused cybersecurity framework addressing IT and OT
• Educate all personnel on policies through training
• Consolidate monitoring and analytics for unified visibility
• Evaluate all-in-one suites alongside specialized tools
• Keep pace with new regulations and insurance requirements

With deliberate strategies centered on these best practices, organizations can unlock the benefits of IoT devices and ecosystems while minimizing cyber risk in 2024 and beyond.