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January 23, 2019

Corporate IoT Breaches Are Invisible to Half!


In a recent announcement, Gemalto, digital security company, reveals that only around half (48 percent) of businesses can detect if any of their IoT devices suffers a breach, according to a recent study the company has released.

With the number of connected devices set to top 20 billion by 2023, businesses must act quickly to ensure their IoT breach detection is as effective as possible.

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Surveying 950 IT and business decision makers globally, Gemalto found that companies are calling on governments to intervene, with 79 percent asking for more robust guidelines on IoT security, and 59 percent seeking clarification on who is responsible for protecting IoT. Despite the fact that many governments have already enacted or announced the introduction of regulations specific to IoT security, most (95 percent) businesses believe there should be uniform regulations in place, a finding that is echoed by consumers1 95 percent expect IoT devices to be governed by security regulations.

“Given the increase in the number of IoT-enabled devices, it's extremely worrying to see that businesses still can't detect if they have been breached,” said Jason Hart, CTO, Data Protection, Gemalto. “With no consistent regulation guiding the industry, it's no surprise the threats - and, in turn, vulnerability of businesses - are increasing. This will only continue unless governments step in now to help industry avoid losing control.”

38 percent agree with Apple CEO Tim Cook, that governments should get involved with data privacy. Protecting an increasing amount of data is proving an issue, with only three in five (59 percent) of those using IoT and spending on IoT security, admitting they encrypt all of their data.

Companies need to ensure they realize the latest sensors, voice assistants and smart locks are being installed throughout their networks and they come with new risks often unforeseen before a breach. In order to stay secure, companies must ensure they vet vendors carefully, run security audits on their networks, segment networks when possible, encrypt data at rest, perform penetration testing, run phishing simulation and training on their employees, educate line managers on security issues to be aware of and instill a cybersecurity culture in their organization.

This is a starting point. Bring in cybersecurity experts to assist. There are many companies out these with the knowledge to ensure your organization is secure. Check references. Meet the management – see who they are and what their backgrounds are.

Cybersecurity is not a commoditized market yet companies often hire an MSP like they buy paper cups. The difference is, substandard IT support and cybersecurity can destroy the reputation of an organization and put it out of business. You can always return your cups or buy new ones. If you leak customer data, you may never be able to recover and your cyberinsurance rates could skyrocket.

Cybersecurity is one area to not skimp. Former Intel CEO Andy Grove famously wrote Only the Paranoid Survive and in the world of cybersecurity, this is more true than ever


 

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