Internet of things or IoT is possibly the next step in the evolution of the internet. IoT refers to the hundreds of physical devices that are connected to exchange data with each other over a network. It reduces human intervention in everyday activities. It can be any device ranging from personal computers, phones, and routers to baby monitors, Bluetooth locking systems, autonomous and IoT connected vehicles and more. Such devices, when connected to a network, perform functions that make life easier in general. Our Bluetooth devices, home assistants, security cameras, printers, refrigerators, smart home and office solutions and other connected devices are all basic examples of IoT Devices.
70% of IoT devices have a significant security vulnerability. When there are so many devices that are connected to each other over nonsecure platforms the possibility of data security and cyber security being compromised are incredibly high. For instance, Chevrolet reported an increase in data usage by 200% for its internet-connected vehicles. In spite of its advantages, this also exposes vehicles to possibilities of a security breach. As expected hackers were able to remotely control the brakes and steering of one of their vehicles. The impact of such hacking into any physical product is immense. Apart from the loss of brand loyalty, payment of claims, product recall; such security compromises can also lead to loss of life and property. To cite another instance, there have been studies where doctors have been handed hacked devices which have led to the death of simulated patients.It is horrifying to consider the real life implications.
Security Breach cases related to IoT Devices are in fact innumerable:
Notice that we have still not even begun talking about the vulnerability of corporate and personal data and the consequences of data theft. The result of such noncompliance can be catastrophic for safety and privacy of businesses, networks, individuals in particular and the society in general.
In Spite of such dire consequences, most manufacturing companies do not abide by any IoT security measures. This is mostly due to lack of scalable security standards which can be easily implemented.
However, in the face of such potential danger from insecure IoT systems, it is imperative that Manufacturing Companies take IoT Security Compliance seriously, to avoid market backlash.
Security Policies are on their way, and the sooner most companies implement IoT security compliance measure, the better prepared they shall be to meet such policies and prevent disruption of operations. In fact, The Internet of Things (IoT) Cybersecurity Improvement Act of 2017 is a bill pending before the US Senate which seeks to put in place a basic level of security that all IoT devices sold to the US Federal Government must comply with. Once passed it is expected that a similar guideline for manufacturers to provide the same level of security to consumer grade products will follow.
There are some industry-specific standards too such as NERC-CIP which was developed specifically for the electric utility industry. NIST Cybersecurity Framework applies to the energy, financial, healthcare systems, and was developed to help these industries protect information and physical assets from DDoS attack.
Even though a more all-encompassing IoT security policy is awaited, service providers and manufacturers of IoT devices must not wait to start adopting security policies. Rather companies must be enthusiastic about setting standards of market security and IoT compliance. This will help them build brand reputation, ensure consumer safety as well as align product development with emerging standards and get a head start as security standards are implemented.
Given the above scenario, many organizations want to implement IoT security standards. In fact studies suggest that, “security and LoB leaders are experiencing high levels of anxiety due to IoT/OT security concerns, largely due to the negative business ramifications a security failure can have on critical business operations.”. As a result several organisations prefer to outsource their IoT Security Compliance framework to third-party organisations which work to ensure that a business is compliant with necessary security measures. A well developed IoT Security compliance framework helps a company to ensure that all their IoT devices, products, and services are protected from security threats.
While choosing a Security Compliance Framework organizations must ensure that it boasts of the following features:
It is important that any IoT Security Framework comprise of the above features in order to ensure blanket security of physical products as well as data. Such features will mitigate the threat potential of IoT Networks to ensure:
If you wish to know more about IoT Security compliance you can contact us and find out extensively about creating a robust IoT security compliance Framework that is customized to the needs of your organization.
Qwentic is a leading technology consulting company, engaged in offering end to end consulting services. We are technology consulting partners to several leading businesses across a diverse range of industries spanning Logistics, Healthcare, Advertisement, and E-learningRead More