Did You Know?
What is the Internet of Things and why does it matter?
The Internet of things is a convergence of several technologies such as physical devices, vehicles, and other items embedded with electronics, software, sensors, and network connectivity enabling objects to collect and exchange data. Combining IoT data with cognitive computing, businesses can extract valuable insights to improve every aspect of their operations, enabling innovative, new business models.
Examples are wearable devices, environmental sensors, machinery in factories, devices in homes and buildings or components in a vehicle. However, it’s important to realize that these advantages may be undermined by serious weaknesses in security and companies need help to protect the billion IoT devices. One key security strategy involves strong user authentication practices and proactive measures to reliably detect intrusions in the network.
What are the costs of poor security?
The average cost of a data breach worldwide is $3.6 million, there are a variety of reasons for the steep costs. Companies permanently lose data and suffer delays in business operations while money is spent on restoring services and addressing security flaws resulting from the breach. They also experience a loss of reputation and trust as a result customers eventually leave to competitors. In other extreme cases companies experience lawsuits against them for revealing confidential data along with fines for failing to comply with regulations in their industry.
Four steps that will help reduce chances of cyber breach, detect and respond to attacks more quickly, and prevent financial losses.
Research the different devices and understand their quality and vulnerabilities.
Perform thorough audit of devices and systems to identify vulnerabilities in the network.
Determine which assets need the strongest protection.
With all this information help draw up IoT policies and implement effective strategies.