The rapid proliferation of the Internet of Things (IoT) presents innovative opportunities for businesses. However, it also ushers in substantial risks.
With many organisations yet to fully understand the implications of IoT, a proactive approach to risk management is critical.
Businesses today must be vigilant about the evolving risks that come with the incorporation of Internet of Things (IoT) technologies. These devices, while revolutionary, introduce a myriad of potential security vulnerabilities.
Despite the technological advancements, the IoT landscape remains largely unregulated, often referred to as a ‘Wild West’ by industry experts. There is an increasing concern about the lack of basic security measures in many devices, creating openings for potential threats.
A recent survey by Databarracks indicates that only 27% of organisations have implemented specific policies to counteract IoT threats. This statistic highlights a significant oversight in the corporate approach to cybersecurity.
Shockingly, only 13% of businesses regard IoT threats as a major concern, despite the exponential growth in connected devices globally, predicted to reach 50 billion by 2020.
Companies need to rethink their existing security frameworks when integrating IoT devices into their infrastructure.
New protocols must be established exploring questions such as device connectivity, network isolation, and authentication. Are devices connecting back to a data centre or a cloud-based hub? Managing these aspects is crucial.
It is essential to assess the operating system compatibility and ensure there is internal competency to handle these systems effectively.
Strategic planning should involve a thorough risk assessment and the establishment of controls to mitigate identified risks effectively. Should a fault occur, swift identification and resolution are imperative to minimize impact.
For instance, if a crucial sensor on a production line fails or is compromised, having a contingency plan can prevent production stoppages. Quick responses can significantly reduce downtime and financial repercussions.
The remote nature of IoT devices presents unique management challenges. While remote access facilitates ease of management, it similarly raises the risk of security breaches.
When remote solutions fail, physical intervention becomes a necessity, potentially increasing operational costs considerably.
Addressing IoT device issues often entails sending engineers to specific locations, whether internal staff or external support from device manufacturers.
Such interventions can be costly and time-consuming, underlining the importance of having alternatives to uphold operations during repairs.
Businesses must prepare to maintain operations without specific IoT devices temporarily. For example, if a sensor fails, is there a manual process available to continue production? This readiness can prevent complete operational halt.
In conclusion, the onus is on organisations to actively address IoT risks.
By developing robust security measures and continuity plans, businesses can safeguard their operations against potential disruptions.
