IoT Pose A Threat To Anything And Everyone Connected
By Chuck Brooks
Loosely defined, the Internet of Things (IoT) refers to the general idea of things that are readable, recognizable, locatable, addressable, and/or controllable via the Internet. It encompasses devices, sensors, people, data, and machines. As broad as the definition of IoT are the cybersecurity challenges that pose a threat to anything and everyone connected. A well thought out risk-management security posture for the evolving cybersecurity threats to IoT is an imperative.
According to a study conducted in April of 2017 by The Altman Vilandrie & Company, nearly half of U.S. firms using the Internet of Things experienced cybersecurity breaches. Their study surmised that the cost of the breaches represented 13.4% of the total revenues for companies with revenues under $5 million annually and tens of millions of dollars for the largest firms. Nearly half of firms with annual revenues above $2 billion estimated the potential cost of one IoT breach at more than $20 million.
An EY (Ernst & Young) study [note: opens a PDF], Cybersecurity and the Internet of Things, it is estimated that the number of connected devices globally will exceed 50 billion by 2020. predicts that 50 billion devices (including our smartphones, appliances, and office equipment) will be wirelessly connected via a network of sensors to the internet by 2020. Cisco also estimates that IoT will be valued at $4.6 Trillion for the Public Sector in the next 10 years predicts that 50 billion devices (including our smartphones, appliances, and office equipment) will be wirelessly connected via a network of sensors to the internet by 2020. Cisco also estimates that IoT will be valued at $4.6 Trillion for the Public Sector in the next 10 years predicts that 50 billion devices (including our smartphones, appliances, and office equipment) will be wirelessly connected via a network of sensors to the internet by 2020. Cisco also estimates that IoT will be valued at $4.6 Trillion for the Public Sector in the next 10 years That is a lot of devices and sensor surface for anyone to protect and regulate. Making matters more complicated are the mix of devices and manufactures that make of the IoT, and the “Internet of Everything”.