Cybercriminals can access digital infrastructure through IoT devices

The Internet of Things (IoT) has created a new paradigm in which a network of machines and devices capable of communicating and collaborating with each other are driving new process innovations in enterprises.

Along with the growing threat of cyberattacks, cybersecurity has become one of the most important areas of the Internet of Things (IoT). The purpose of IoT cybersecurity is to reduce cybersecurity risk for organizations and users through the protection of IoT assets and privacy. New cybersecurity technologies and tools provide potential for better IoT security management. However, there is a lack of effective IoT cyber risk management frameworks for managers.

New cybersecurity technologies are constantly emerging and provide opportunities and challenges for IoT cybersecurity management. In the IoT system, the network layer plays a critical role for the overall IoT security performance, since secure data transmission over the network is essential for the function of devices, processing stations, and the entire IoT system.

The IoT industry will play a pivotal role in these innovations. The technology is on track to embed itself into countless aspects of our day to day lives, playing a pivotal role in the creation of smart cities and infrastructure, connected vehicles, digital healthcare, smart homes and more at a pace that is hard to keep up with. However, the rapid growth of the IoT market also brings significant cybersecurity risk.

A survey says there were 3.9 billion daily email users in 2020. The number will be 4.3 billion by 2023! The growing numbers of emails raises a huge concern into cyber security. cybersecurity is one of the top priorities among businesses and end-users alike. Data from the National Cyber Security Coordinator shows that everyday across India there are almost four lakh pieces of malware found, and 375 reports of cyberattacks. In 2020 alone, India saw a 37% increase in data breaches and cyberattacks, keeping IT departments on their toes working around the clock to combat these threats. While cybersecurity solutions do require certain investments and financial commitments, organisations need to understand that losing data and the recovery process can cost much more than your investments.

The Internet of Things (IoT) is the key driver of this trend, as there are 64 billion IoT devices estimated around the world by 2026. It is expected that the spending on the IoT devices, solutions, and support systems is going to reach nearly 15 trillion dollars. To determine the success of an AI project, there might be a need for multiple metrics that go beyond simple financial measurements. Some sectors, like energy and manufacturing, are implementing IoT at scale, giving CISOs in those industries much more infrastructure and data to secure. CIOs should prioritize the value of measuring success from the start of an AI project. Be proactive in gathering data and consider including a mix of metrics that go beyond financial numbers.