Businesses lose more than $400 billion annually to cybercrime. terrible? That's just the tip of the iceberg. When you factor in all the funds and data stolen that go unreported or go unnoticed at all, the loss of device security risk on a global scale makes it almost incomprehensible. In addition to hijacking smart home devices like smart locks and lights they are also severely disruptive to the day to day operations of businesses.
As we become more connected and the IoT enables us to interconnect business processes and systems, hackers are targeting vulnerabilities in these systems at an alarming rate.
In addition to outright theft of your money, leaving your connected device unprotected or vulnerable can lead to the following risks: Website defacement, customer attacks, personal data leaks, etc.
Security Risks - Anything related to security has significant implications for companies that use automated monitoring systems for their processes, equipment, or machines.
Loss of Service and Production – The inability to assist customers, access data, or operate devices and processes costs a lot of money.
Vulnerability – A system-wide vulnerability that could be used to access sensitive data.
Personal Data - Vulnerability could expose personally identifiable information and sensitive data that can be accessed and used. In a sensational example of discovering and exploiting a vulnerability in the
system, hackers used Aquarium to steal data from a North American casino. Casinos are now known for their high levels of security, but in this case, an online-connected smart aquarium monitors temperature and feeding, which turned out to be the weakest link in the chain.
Hackers gained access to Aquarium and casino network from there, stealing over 10 gigabytes of data before breach was discovered
So how do you manage these risks? You'll be amazed at how much you can do!
How to Ensure Your Device Is Secure
There are several ways to reduce security risks on your device, many of which are simple as well as effective.
Make Security a Priority
From the outset, security should be a priority and at the top of your checklist. Integrating security into every step is important from product design to implementation.
Top 3 Things Designers Should Consider When Building a New Device:
Device Design - How does the design of the device affect its safety?
Usage - Where and how is the device used?
Operations - How is the device used and accessed and who has access? A structured, step-by-step approach to identifying and prioritizing. For example, where is the device located and who has access to it? Where is the data stored and how is it accessed?
Once a threat is identified, we examine all potential countermeasures against those threats, assess their cost and effectiveness, and determine how to implement solutions should the threat be identified rapidly.
Creating a Vulnerability Disclosure Policy
Creating a vulnerability disclosure policy is effective and valuable. It provides a way to communicate system vulnerabilities using information found by security researchers and ethical hackers. Once a potential vulnerability has been identified and notified, you can quickly troubleshoot the issue, track and monitor threats, and thank the group for helping identify the issue.