IoT and Security: How to Protect SMEs from the Risks Associated with the Internet of Things

After reading this article, you will better understand:

• What is the Internet of Things (IoT)
• The IT risks it presents
• The types of attacks that can result from it
• How to protect your business from threats

The Internet of Things (IoT), better known as the Internet of Things (IoT), is increasingly widespread among small and medium-sized organizations, and its impact on the business world is already worth billions of dollars. However, companies must be aware of the security challenges posed by IoT devices.

What exactly is IoT?

Definitions of the Internet of Things are numerous and range from technical to highly technical. The Quebec Ministry of Economy and Innovation defines it as follows: "The Internet of Things characterizes connected physical objects, having their own digital identity and capable of communicating with each other via the Internet or other connection networks."

Simply put, IoT involves connecting devices to the internet that weren't traditionally connected to the web. The most well-known application is smart homes, where more and more functions are connected. Think of smart thermostats and personal assistants like Google Home or Amazon Alexa.

IoT is also well established in businesses. If you have security cameras connected to your network or use IP telephony technologies, you're relying on IoT.

IoT and cybersecurity issues

However, while technologically and operationally exciting, IoT poses a challenge when it comes to cybersecurity issues. Indeed, according to a study conducted by the Shared Assessments Program and the Ponemon Institute, 97% of business leaders say a security breach involving an IoT device could be catastrophic for their organization.

Furthermore, according to the same study, 81% of them believe it is realistic that a security breach caused by an IoT device could occur within the next 24 months.

Although the majority of executives are aware of these issues, few organizations are implementing risk mitigation strategies: 46% of respondents indicated they have a policy for disabling risks associated with IoT devices, while 28% say they integrate IoT security into their IT master plan.

Why are IoT devices at risk?

Several factors explain the vulnerability of IoT devices. First, it's still a very young ecosystem, and few widespread industry standards exist. IoT solution manufacturers are therefore left to their own devices when it comes to establishing security solutions.

Furthermore, IoT devices are typically designed to perform only a single task, so they simply don't have enough power to dedicate to security.

Connected devices are also often plugged in and then forgotten about, and therefore don't receive updates after being turned on. Cybercriminals can thus take advantage of a known vulnerability in this device and gain access to the company's network, especially since these tools are used for a very long time, even 15 to 20 years.

Finally, many of these instantly usable tech tools rely on basic login information that can be easily guessed by online criminals. Think of Wi-Fi routers that can be logged in with the username Admin and whose password is also Admin.

How do IoT devices put businesses at risk?

Just like the computers and smartphones you use, connected devices are a gateway to your network and, as mentioned earlier, they are a vector for cyberattacks due to their poor security.

Compromised devices can be integrated into a botnet, used in a denial-of-service attack , which aims to bury a targeted system under a flood of internet traffic. The first botnet made up of IoT devices was discovered in 2013. 25% of the latter consisted of smart TVs, baby monitors, and various household appliances.

How to protect your IoT devices?

Unfortunately, much of the cybersecurity issues surrounding the Internet of Things fall under the purview of IoT solution providers, who often don't prioritize security. However, you can implement security and risk mitigation policies that will protect you from many issues.

First, you need complete visibility into your network. There are security solutions that allow you to authenticate and classify your connected devices. Then segment your devices into different groups based on the risks they represent and your security policies.

And finally, protect your IoT device groups by implementing monitoring, inspection, and policy enforcement solutions based on activities and different departments within the organization.

Nexxo can assist you in securing your IoT devices

Do you have questions about your company's cybersecurity or would you like assistance managing your IT? Don't hesitate to contact us today; we're available 24/7. We'll discuss with you how we can help. Nexxo IT Solutions has over 20 years of experience working with Quebec SMEs.