The IoT is important to the interconnectivity of the internet in our technological world. However, along with automation comes risk. It's crucial for consumers and organizations alike to understand the most common security concerns and vulnerabilities of IoT devices so that they can implement a security strategy that avoids security breaches, expensive fines, and the disruption of business services. 

What is the Internet of Things (IoT)?

The Internet of Things (IoT) is the connection of multiple interrelated devices to offer a seamless digital experience. IoT may include a network of computers, laptops, tablets, smartphones, or smart home devices that connect and exchange data with each other over the internet. While IoT makes connecting multiple internet devices to the same network easier, it also comes with some security issues.

 

Common Security Concerns and Vulnerabilities of IoT Devices

IoT makes it easier to connect devices, but it also exposes these same connective devices to security risks. The significant adoption rate of IoT devices has led to a sharp increase in cyberattacks over the last few years. Understanding the security vulnerabilities of the IoT network can help you integrate an IoT solution that protects your devices and data.

Some of the most common vulnerabilities within the IoT ecosystem include the following:

Breach of Confidential Information

IoT devices are at risk of a breach of confidential information. Consumers often connect their smart devices across the household, putting everyone's information at risk. Businesses are also at risk of security hacks, which can expose sensitive data and user information to criminal attackers.

Limited Security Hardware

IoT applications often have limited hardware and built-in security features, making them especially at risk of a security breach. For example, users may save login credentials and passwords across all IoT devices, making it easier for hackers to access them. Some IoT smart devices have extremely limited security measures—such as smart refrigerators, ovens, or microwaves.

Increase in Device Entry Points

The more networked devices in an IoT system, the more opportunity for a security threat. Households or businesses connecting multiple devices without the proper security protocols put their household or company at risk. Increased device entry points can lead to more credential-based attacks, which are breaches that involve someone using administrator usernames and passwords to access confidential data and gain access to the system.

Lack of Device Management

With multiple devices connected to the IoT, it can be difficult to manage each operating system securely. It's crucial to monitor all new and no longer used devices connected to IoT to avoid any vulnerabilities. A good IoT security foundation should include all internet of things devices within the household and any devices on a different network used within the home.

Insecure Default Settings

Insecure default settings can also be a huge risk with the IoT platform. Once default settings are breached through the manufacturer's firmware, hackers can access the devices later. Basic users don't usually understand default settings, which can lead to cyber security attacks.

Lack of Physical Hardening

Physical devices connected to the IoT in a remote environment are often overlooked but can also pose cyber threats. Companies or households that fail to put physical hardening measures into place are at risk of hackers accessing sensitive information they can use later to take control.

Ways Consumers Can Protect Themselves from the Security Threats of IoT Products

Consumers can do a few things to improve IoT security and protect their devices, including:

  • Change passwords frequently, as hardcoded and weak passwords can be a common vulnerability regarding internet of things security.
  • Avoid using work equipment at home without first securing the network.
  • Change default passwords and settings when connecting new IoT devices.
  • Use multi-factor authentication for an additional layer of cybersecurity.
  • Encrypt Wi-Fi connections to avoid router hacking and firmware threats.

IoT security testing is also crucial in assessing IoT security vulnerabilities. The cybersecurity architecture of IoT devices is usually practical both within the household and in workplace settings.

What Role Do Network Providers Play in Securing IoT Devices?

Government regulations have recently begun to require companies to put more security measures in place to protect consumers. This may include certain password criteria, authentication requirements, or requiring consumers to update default settings.

The U.S. government signed the IoT Cybersecurity Improvement Act of 2020, which requires the National Institute of Standards and Technology (NIST) to create minimum security thresholds for all connected devices used by federal agencies. Additionally, some states have begun to regulate the IoT security market with stricter security requirements.

These minimum standards provide a good baseline for all organizations and consumers to ensure the proper security of their connected devices. It also sets the minimum standard for security regarding default firmware settings on IoT devices.

Ways To Prioritize Network IoT Security

Some industries need to take even greater care when it comes to strategy in protecting IoT devices. These industries include healthcare, financial services, banking, and insurance. IoT threats can even threaten the critical infrastructure of these businesses, leading to expensive fines and damages.

A comprehensive enterprise risk management strategy may be necessary in larger organizations that work with multiple vendors. Here are a few ways that businesses can prioritize IoT security across all industries:

Third-Party Risk Management

Third-party risk management prevents attackers from implementing malware on IoT devices. Therefore, businesses that rely on third-party vendors should continually assess security risks and implement strategies to mitigate network security concerns. 

Monitor the Location of Company Devices

Businesses with a bring-your-own-device policy or that allow employees to work from home using company equipment are exposed to more security risks. Cyber attackers can access corporate data using an employee's personal network while working from home.

Monitoring the location of company devices is also important to know what devices are currently connected to their network. This includes monitoring and disconnecting devices of employees who no longer work with the company or devices that are no longer in use.

Automate Security Detection Features

Most IoT threats begin with an initial information breach before moving into more confidential data layers. By automating security detection features, organizations can take initial steps to counteract these threats before they access more data.

Secure Networks

One of the most crucial things that a business can do to protect its data is to prioritize secure networks. Insecure networks, interfaces, updates, or outdated components all put organizations at risk. Secure networks also consider the privacy protection of all their users. Encryption and other strategies should be a part of the organization's overall security strategy.

Prioritize Security Training

One of the biggest security threats to IoT devices is an organization's own employees and users. Educating users on proper security protocols can help protect an organization's devices from attackers. Security training can also help employees take proper security measures when using work devices remotely.

Frequently Conduct Software Updates and Patch Management

Technology and security risks are constantly changing. IoT also continues to expand, exposing additional vulnerabilities that require security solutions. Frequent software updates and patch management are important to IoT device security.

It's also crucial for businesses to take additional security measures when implementing updates and patches. Unauthorized updates can be a significant threat to IoT devices. For this reason, it's a good idea to leave the management of updates to a dedicated network provider or professional security team.

IoT security challenges continue to threaten consumers' and organizations' sensitive data. While IoT deployment offers many benefits, it's important to safeguard data and devices to minimize the risks of IoT technology. Dangerous threat actors who infect devices with malware can easily access personal and business data, making IoT security important.

So in any IoT network, there is plenty of potential risk. RiskRecon, a Mastercard company, is the best way to keep yourself safe. Contact us today and request a demo to find out why!