The Internet of Things delivers several advantages to businesses such as increased productivity, improved flow in workplaces, and upgrades to equipment. However, if security keeps lagging behind newer forms of cyber attacks, many firms and their customers will still become vulnerable, according to a recent report.
IT security company Trend Micro conducted a survey regarding the security breach in devices connected in IoT ecosystems. The company discovered that there is evidence of sufficient disregard for the security risk in IoT, leading to losses.
Among the potential consequences of a security breach is losing the trust of customers. In the survey, about 1,150 IT and security decision-makers around the world were asked about the discrepancy between the investment in IoT systems and the security to protect them.
Some of the survey findings are the following:
- About 43 percent of the respondents say that the security seems to be an afterthought during IoT implementation.
- About 63 percent say that the threats associated with IoT had increased in the last 12 months.
- About 50 percent think that connected devices are the threat to their own group.
- The average number of cyber attacks in connected devices has increased by three times in the past year.
- The top adverse effect of security attack was customer trust at 52 percent, followed by financial loss at 49 percent.
“IoT systems are the future for businesses and many new types of connected devices are being introduced to corporate networks. While this is beneficial for business operations, the embedded operating systems of IoT devices aren’t designed for easy patching, which creates a universal cyber risk problem,” said Kevin Simzer, CEO at Trend Micro.
Investment in security measures can significantly help IoT devices. However, these security implementations must be tested to determine their capabilities in preserving IoT ecosystems. Since IoT is the future world of businesses, owners and customers alike should be protected from cyber attacks.