Published on the 04/11/2015 | Written by Newsdesk
The Internet of Things (IoT) is quietly affecting everyday life for people around the globe – but is there a dark side? Ever merchants of doom, security vendors are on to it…
Director operations at F-Secure Jonathan Banks said, “Connected devices…are beginning to affect every facet of our lives, making things easier and more convenient. However, the rise of the IoT also presents an exponential rise in security threats to businesses and individuals, as vulnerabilities in IoT devices are increasingly exploited by malicious cyber criminals.”
He said pointed to three key reasons to pay close attention to the rise of the IoT and the ‘potential threats’ that the connected devices present:
1. Threats are increasing
Malicious cyber-attacks on IoT devices are on the rise, according to the Australian Securities and Investments Commission (ASIC), with its research showing that 70 percent of the most 10 commonly-used connected devices contain vulnerabilities.
The internet-connected devices that make up the IoT are vulnerable to attack because they lack the fundamental security safeguards that larger and more powerful connected devices are equipped with as a matter of course.
Said Banks: “Using smartphones as a point of control exacerbates IoT cyber threat risks because they are often unsecured. Cambridge University research shows that around 87 percent of the billions of Android smartphones globally have been exposed to at least one of 11 critical vulnerabilities.”
2. Smart cities are emerging
At the same time, so-called smart cities, in which connected devices are heavily used, are on the agenda for government and private enterprises alike. For example, in July 2014, the Australian government’s Department of Industry, Innovation, and Science, announced the rollout of Australia’s first commercial-scale smart grid.
The project, dubbed ‘Smart Grid, Smart City,’ combines network-connected sensing and metering infrastructure with the existing electricity network to improve the efficiency of Australia’s electricity sector. This is just one example of how IoT technology is becoming a central element in public and civil infrastructure.
Banks said incorporating connected devices into this kind of infrastructure opens up the potential for vulnerabilities that malicious attackers can use to compromise public facilities, putting people and infrastructure at risk.
3. IoT data is becoming big business
As free online applications such as Gmail and Facebook have become more popular, the idea that data can be used as a lucrative commodity has come to the fore. Now, with individuals around the world adopting connected devices, IoT data is increasingly being collected and commoditised.
Device manufacturers, digital solutions providers, and telecommunications companies use IoT data as a revenue source, which presents yet another security concern. As this data becomes more widely used by different companies for different purposes, the greater the potential for a data breach becomes.
“With so much IoT-derived data going around, all it takes is one weak link in the data chain for malicious criminals to obtain personal or sensitive user information, so it is vital to be diligent and careful about where your data goes and how it is treated,” said Banks.
