Today, IoT is no longer anything extraordinary. We are nearly surrounded by smart devices in our homes, offices, hospitals, places we go out with friends.
However, IoT technology is still something new and unfamiliar to most of us. Being an average user, what do you think when asked what IoT is?
You may be fairly certain that IoT is (a) a mix of devices and technologies (b) being put together and (c) communicating with one another via data created and flown through the system.
And you’re getting close to the truth, but how many devices create the data?
How is the data transferred through the system?
How is the processed information sent back?
How will a user receive the information: in real time or in parts?
What is the relevance of analytics in this context?
To answer the questions, we need to dig deeper into the Internet of Things development.
- By 2020, Discrete Manufacturing, Transportation & Logistics and Utilities industries are projected to spend $40B each on IoT platforms, systems, and services.
- McKinsey predicts the IoT market will be worth $581B for ICT-based spend alone by 2020, growing at a Compound Annual Growth Rate (CAGR) between 7 and 15%.
- Industrial products lead all industries in IoT adoption at 45% with an additional 22% planning to adopt IoT in the next 12 months according to a recent Forrester survey.
- The Industrial Internet of Things (IIoT) market is predicted to reach $123B in 2021, attaining a CAGR of 7.3% through 2020.
- Harley Davidson reduced its build-to-order cycle by a factor of 36 and grew overall profitability by 3% to 4% by shifting production to a fully IoT-enabled plant according to Capgemini.
IoT is an acronym for the Internet of Things. It is the technology by which one device is connected to the other device on the internet. In other words, Internet of Things can be defined as the network where physical devices such as vehicles, appliances, sensors etc are connected to one another and share data.
There is a great scope in this field of technology. There are various fields in which IOT can be implemented. Some of these include health sector, smart home, smart city, industrial automation, and many more. Hence, a lot of IoT applications can be developed.
The use of Internet of Things (IoT) technology is growing rapidly as more consumers and businesses recognise the benefits offered by smart devices. The range of IoT hardware available is huge, including everything from smart doorbells and connected kettles to children’s toys. What’s more, this is not only limited to smart home tech for consumers. IoT sensors are being increasingly used by businesses of all sizes across numerous industries including healthcare and manufacturing. However, despite its life-enhancing and cost-saving benefits, the IoT is a security minefield. So, is it even possible to secure the IoT?
The Internet is not something new. And today, it can be used as the main link between two devices through the Internet of Things, including how it can be successfully applied in education.
Beware the latest security threat: Shadow IoT.
So says Silicon Valley security firm 802 Secure in a new report about what it describes as a threat to “infiltrate” corporate networks through Internet of Things-enabled devices and their wireless connections.
“While most organizations prepare for IOT enablement, our threat intelligence shows that most companies are still vulnerable to 10 year old wireless vulnerabilities,” said Mike Raggo, Chief Security and Threat Research Officer at 802 Secure.
Hackers have infected at least 500,000 routers and storage devices in dozens of countries in a campaign that Ukraine said was preparation for a future Russian cyber attack.
The US Department of Homeland Security said it was investigating the malware, which targets devices from Linksys, MikroTik, Netgear, TP-Link and QNAP, advising users to install security updates.
Ukraine’s SBU state security service said the activity showed Russia was readying a large-scale cyber attack ahead of the Champions League soccer final, due to be held in Kiev on Saturday.
“Security Service experts believe the infection of hardware on the territory of Ukraine is preparation for another act of cyber-aggression by the Russian Federation aimed at destabilising the situation during the Champions League final,” it said in a statement.
Here’s the brutal truth: It doesn’t matter how much your organization spends on the latest cybersecurity hardware, software, training, and staff or whether it has segregated its most essential systems from the rest. If your mission-critical systems are digital and connected in some form or fashion to the internet (even if you think they aren’t, it’s highly likely they are), they can never be made fully safe. Period.
This matters because digital, connected systems now permeate virtually every sector of the U.S. economy, and the sophistication and activity of adversaries — most notably nation-states, criminal syndicates, and terrorist groups — have increased enormously in recent years. Witness the attacks in the United States on Atlanta’s municipal government and on a data network shared by four operators of natural-gas pipelines, the theft of data from Equifax, and the global WannaCry and NotPetya malware attacks. In many of the most notorious incidents of recent years, the breached companies thought they had strong cyber defenses.
The Internet of Things (IoT) is increasingly becoming an integral feature of our daily business environment. More organisations are using devices in a distributed network to support the day-to-day running of the business in order to improve productivity, enhance customer service and reduce maintenance overheads.
With the number of IoT devices expected to reach 125 billion by 2030, it is clear that many industries have already begun using them for critical business processes. It is therefore important that businesses understand as early as possible, the radically differing requirements of IoT devices, their criticality to the business and the implications for businesses that don’t get it right.
Tenable, the Cyber Exposure company, recently discovered a critical remote code execution vulnerability in two Schneider Electric applications heavily used in manufacturing, oil and gas, water, automation, wind and solar power facilities in the U.S. If exploited, the vulnerability could give cybercriminals complete control of the underlying system. Attackers would also be able to use the compromised system to move laterally through the network, exposing additional systems to attack, including human-machine interface (HMI) clients. In a worst case scenario, attackers could use the vulnerability to disrupt or even cripple plant operations.