CYBERSECURITY AND IoT

Cybercrime is one of the fastest growing illegal trades in the world. Legitimate digitized businesses and companies that leverage Internet of Things (IoT) are some of the most vulnerable to cyberattacks. What happens if cybersecurity measures are not taken?

Continuation of CYBERSECURITY AND IoT

There are over 15 billion devices connected to The IoT, thus making it a growing target for cyberattacks. These attacks can cause serious damage, including loss of data, financial loss, and even physical harm. Cybercriminals are becoming more sophisticated in their attacks, and it is important for businesses and individuals to take steps to protect themselves against these threats. Some of the most common cyberattacks are Malware, Denial-of-Service, Phishing, Spoofing, Supply Chain Attacks, and IoT-Based Attacks.

Cyber experts predict by 2025, globally companies will spend $1.75 trillion on cybersecurity products and services, and cybercrime will cost the global economy $10.5 trillion during that same period. The average cost of a data breach is $9.44 million.

 

 

How can one absolutely avoid a cyberattack? The only way would be to live off the grid, disconnect your internet, cell phone, and not use IoT devices. For most individuals and companies, this is not feasible because the internet, cell phone, and IoT provide efficiencies, critical information, and even makes the workplace and society safer.

A list of best practices to mitigate the risk of a cyberthreats:

 

  1. Secure your devices by changing default passwords, usernames and following manufacturers security recommendations
  2. Your company can be more cyber resilient by investing in an insurance policy commensurate to your company’s potential loss in the event of a cyberattack
    1. Follow your insurance company’s recommendations
  3. Use strong passwords and two-factor authentication
  4. Keep your devices up-to-date
    1. Update firmware and software regularly
  5. Use a secure network
  6. Monitor your devices, set up alerts, notifications, and check device logs
  7. Back up your data via external hard drive and cloud-based storage service

 

Disclaimer: we are not experts on cybersecurity, so please consult with professionals.

In summary, cybersecurity has become a crucial component to doing business safely. If you have not already, review the best practices above. At the core, there are two parts to cyber resiliency: risk mitigation (how to avoid cyberthreats) and risk transfer (how to minimize the pain points from a cyberattack). The WSJ article recommends that “risk mitigation and risk transfer” should be considered. “Failure to align these two objectives can leave companies vulnerable to significant losses.”

Primary Sources

https://partners.wsj.com/resilience/cyber-strong/from-cybersecurity-to-cyber-resilience/

https://www.crowdstrike.com/cybersecurity-101/cyberattacks/most-common-types-of-cyberattacks/