Businesses that are using Internet of Things (IoT) devices are concerned about the risk of cyberattacks and want security to be improved.
In a survey by digital platform security provider Irdeto, eight in ten organisations said they have experienced a cyberattack on their IoT devices in the past 12 months. What’s more, 90% of these organisations experienced negative impacts due to these attacks, including operational downtime and compromised customer data or end-user safety.
Describing IoT-focused cyberattacks as ‘the new normal’, Irdeto said the findings highlight the security limitations of many IoT devices and the need for organisations to think carefully about their cybersecurity strategy in an IoT deployment.
In transport, manufacturing and healthcare, organisations have suffered substantial losses due to IoT-related vulnerabilities, with the average financial impact resulting from an IoT-focused cyberattack more than $330,000 (£260,000). And with IoT in its relative infancy across these sectors, this financial burden will only increase if action is not taken.
On a brighter note, Irdeto found that the perception of IoT security is changing. It’s now seen as an enabler of new business models, not just a cost.
However, the research also revealed a lack of optimism about the future security of IoT devices: only 7% of respondents feel that their organisation has everything it needs to tackle cybersecurity challenges. Almost half said they need additional expertise/skills within the organisation, more effective cybersecurity tools, or a more robust cybersecurity strategy.
Welcoming the fact that organisations are thinking more strategically about security, Steeve Huin, vice president of Strategic Partnerships, Business Development and Marketing at Irdeto, said: “This is a clear indication that today’s businesses realise the value add that security can bring to their organisation. From enabling new rental or subscription models in connected vehicles, to digital twins revolutionising the manufacturing processes, to providing patients with even better healthcare, security is the enabler to successfully implementing new and future business models in today’s connected world.”
Two-thirds of the senior executives surveyed for our Next-generation connectivity report said that security concerns are likely to lead their business to avoid or withdraw from greater connectivity in some cases. Download your copy of the report to learn more!