{"id":5060,"date":"2023-03-24T12:06:57","date_gmt":"2023-03-24T16:06:57","guid":{"rendered":"https:\/\/solutionsreview.com\/network-monitoring\/?p=5060"},"modified":"2023-03-24T12:46:02","modified_gmt":"2023-03-24T16:46:02","slug":"why-security-must-be-top-of-mind-amid-rapid-iot-adoption","status":"publish","type":"post","link":"https:\/\/solutionsreview.com\/network-monitoring\/why-security-must-be-top-of-mind-amid-rapid-iot-adoption\/","title":{"rendered":"Why Security Must Be Top of Mind Amid Rapid IoT Adoption"},"content":{"rendered":"

\"IoT\"<\/p>\n

Solutions Review\u2019s Expert Insights Series is a collection of contributed articles written by industry experts in enterprise software categories. Gil Dror of SmartSense by Digi<\/a> walks us through why security must be at the top of enterprises’ minds when adopting IoT technology.<\/strong><\/em><\/p>\n

\"ExpertThe rise of IoT connectivity solutions has revolutionized the intersection of technology and business ecosystems. Leveraging IoT-enabled smart devices and sensors, organizations can now transform telemetry data into actionable business insights faster than ever before \u2013 driving higher levels of operational efficiency through data-driven decisions. In turn, it\u2019s no surprise that the global IoT market is expected to reach $1.8 billion in valuation by 2028. From grocers and retailers to healthcare and pharmaceutical companies, the integrated adoption of IoT is everywhere.<\/p>\n

However, this sharp rise in connectivity has also led to a greater risk of cyber-attacks and data breaches. Gartner forecasts indicate that 20 percent of organizations leveraging IoT have detected an IoT-based attack over the past three years. Furthermore, IBM\u2019s annual Cost of a Data Breach Report found that victims lost a record-high $9.4 million per breach in 2022. Organizations across industries are fighting a continuously growing rate of attacks targeting their data. There has also been a nearly 50 percent increase in insider threats over the past two years. The motivations and methods for insider threat breaches are diverse in nature. Some insiders are malicious and attempt to access privileged data in order to either harm the company or sell it for profit. Others are merely compromised users who are being sabotaged by an outside source for monetary gain.<\/p>\n

To mitigate these risks, it’s essential that connected IoT devices are implemented securely. This includes securing device communication, updating software regularly, following a zero-trust methodology, and protecting sensitive data with encryption and secure passwords. Enterprises adopting IoT at scale will need to strategically plan to mitigate cyber risk to achieve high levels of ROI.<\/p>\n

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The Drawbacks of Poor IoT Security<\/strong><\/h3>\n

Failure to implement proper security measures can result in the loss of personal and financial information, regulatory penalties, reputational damage, and reduced brand loyalty \u2013 the latter of which is particularly of high importance today. The ripple effects of inflation coupled with global supply chain disruptions have shifted the paradigm for consumer brand loyalty. A market report cited by the Wall Street Journal revealed nearly 70 percent of U.S. consumers switched brands since the start of the COVID-19 pandemic, meaning the margin for customer relationship error is exceedingly thin.<\/p>\n

Considering it only takes one brand spoofing attack to inflict irremediable damage on an organization\u2019s public perception, companies need to be calculated about safeguarding sensitive customer IoT data from potential cyber threats. According to the email security firm Mimecast\u2019s State of Brand Protection Report, more than 60 percent of consumers will lose trust in their favorite brand after disclosing personal information to a spoofed website. In addition, the Biden Administration\u2019s new cybersecurity strategy will place increased responsibility on systems and software vendors to drive more secure technology development practices.<\/p>\n

Making IoT Security a Priority<\/strong><\/h3>\n

By prioritizing IoT security, organizations can ensure the safe and responsible use of connected devices and protect themselves from the negative consequences of a major breach. That starts by leveraging the right balance of network detection and response (NDR) solutions, multi-factor authentications, access controls, end-point protections and machine learning automation tools to cover the NIST cybersecurity framework:<\/p>\n