Security firm Paladion has revealed that the rise of connected devices means there is a higher possibility for hackers to target individuals.
Security firm Paladion has revealed that the rise of connected devices means there is a higher possibility for hackers to target individuals.
According to Markets and Markets, the Internet of Things (IoT) market size is estimated to grow from $157.05bn in 2016 to $661.74bn by 2021. With this growth, IoT security is also a growing concern as it includes new risk areas that the cybersecurity industry is still learning to resolve, such as cloud and mobility.
According to Paladion, there are three key challenges for the future of IoT. This includes ubiquitous data collection, potential for unexpected uses of consumer data, and heightened security risks. Hence, companies need to enhance privacy and build secure IoT devices by adopting a security-focused approach, reducing the amount of data collected by IoT devices, and increasing transparency and providing consumers with a choice to opt-out of data collection.
Vinod Vasudevan, co-founder and CTO at Paladion, said: "Developers of IoT devices have not spent time thinking about how to secure their devices and services from cyberattacks. The small size and limited processing power of many connected devices could inhibit encryption and other robust security measures.
"Moreover, some connected devices are low-cost and essentially disposable. If vulnerability is discovered on that type of device, it may be difficult to update the software or apply a patch - or even to get news of a fix to consumers."
Thus, securing IOT infrastructure requires collaboration between industry, and academia, government for "secure by design" roll out of IOT protocols. Such initiatives are still at nascent stages but have started.
"There should be certification of the safety of IoT products and components from central authorities backed by government. This can be treated very similar to car safety and certification that we are all used to. IoT security movement has started but there is still a long way to go. Good news is that we can still do things to enhance the barrier to attacks while we wait for industry to accelerate the act," concluded Vasudevan.