This is the era of the Internet of Things (IoT), where automation and digitization of the devices around us are changing the very aspect of our lives.
As IoT is changing the ways of livings like never imagined before, it is also attracting cybercriminals to target the technology and exploit it in numerous ways. The researchers have found out that cameras, internet-connected cars, and medical devices can be compromised and attackers can carry out nefarious activities like enabling remote controls and monitoring, taking control of the system, gathering data from smartwatches, and stealing healthcare data that can be fatal.
According to the American research firm Gartner, there will be over 25 billion IoT devices connected to the internet by 2020 and close to $2 trillion of economic benefit globally.
The IoT explosion will offer enormous opportunities for the vendors and consumers, however, it also poses major risks in terms of security. As more devices get interconnected, providing security for them will be the greatest challenge. For the IoT devices to work effectively, the hardware, software, and connectivity will all need to be secure.
Without security, any connected object from refrigerators to manufacturing bots can be hacked.
Once hackers gain control, they can usurp the object’s functionality and steal the user’s digital data. As such, the security of these devices needs to be addressed.