Here at Serviceteam IT the team have written a lot about the Internet of Things (IoT). It seems to be everywhere. However, now there are an increasing number of reports which warn technology companies, governments and the insurance sector about cyber-security threats from the IoT. We all need to take an interest in how we can make sure this emerging technology of connected devices is safe to use.
There are more reports everyday about tens of millions of connected cars on the road. There are hundreds of millions of smart appliances in our homes including Amazon’s Alexa and Smart Meters. But IoT is not only in our everyday lives: the world is preparing to build as many as 61 nuclear power plants to power cities.
With new technology also comes higher spending. The compound annual growth rate of IoT is 43.6%. Although still relatively new at understanding the technology world, anyone can plainly see that this is potentially a great deal of money.
By 2023, the number of IoT devices in the Asia-Pacific region is expected to jump 300%. This is the largest expected growth of any region. Within this region, China and Japan are the largest IoT contributors. Therefore, they were responsible for 78% of the market in 2013.
What does this mean?
This scale of emerging technology growth is huge. So much so that we must all wonder whether it is growing too fast. Furthermore, should we question whether it can outgrow the pace of cyber-security incidents. The IoT potential for attacks can only increase. Many reports show that cyber criminals have always kept up with changes to innovation and there is no reason why IoT would be an exception to this.
Manufacturers are rushing to roll out new devices which is understandable. However, they are not paying enough attention to device security at the design stage; this is not acceptable. The rate of change is fast. By the time new devices are secured against a security threat, the next and more sophisticated cyber-security attack will come to force.
Who is vulnerable?
There are reports which conclude that Asia are the most vulnerable. The frequency, scale and intensity can only be expected to increase. Therefore, with more IoT devices, there will be more cyber-security attacks.
More needs to be done to address these fast-evolving security threats. Furthermore, as we have progressed to connected devices in the home, IoT poses a threat to individuals beyond government and businesses.
Although the benefits of IoT are clear, we need to be prepared and protected.
How can this be solved?
I will not claim to know all about the IT industry and how these threats can be solved. However, the IT industry should be more vigilant, and businesses must be prepared. This could be done through business planning and recovery strategies.
Another emerging technology may also be able to help. Artificial Intelligence (AI) may help reduce the risk of cyber-security attacks through auto-recovery techniques.
Connected devices and concluding thoughts
Through IoT, Britain and the wider world can have connected devices. This will improve lives both at home and in businesses. This aim of this article was not to only promote the negatives of IoT. I for one think it is an amazing piece of emerging application fort technology.
However, I would like a greater level of confidence that I will be protected when I am using these devices.