IoT Survey Highlights Chasm in Corporate Cyber Security

The majority of IoT devices have been built without consideration for cyber security. In fact, many devices aren’t cryptographically protected and can be hacked from a teenager’s poster-adorned bedroom within seconds.

The third annual study on third-party IoT risk, published last month by Shared Assessments and the Ponemon Institute, gathered responses from 625 leading corporate governance and risk executives to understand the risk and level of preparedness for IoT cyber security.

The study findings show that IoT device manufacturers are not baking in sufficient cyber security protection for IoT technology, leaving corporations exposed to the risk of data breach. Indeed, more than one in four survey respondents’ organisations had already suffered a data breach caused by unsecured IoT devices.

Findings from the survey include:

• 84% say it is very likely their company will have a data breach caused by an IoT device
• 27% say their board of directors require assurance that IoT risk is being assessed, managed and monitored
• 26% reported experiencing a data breach caused by unsecured IoT devices

As Niall Browne states in his article on eetimes.com, the time for enterprises to apply more pressure on IoT device manufacturers to increase their cyber security protection is now.

Securing the IoT

Integrating industry security standards into IoT technology is a must for enterprise use. As well as securing the device, corporations need a robust means of centrally managing their IoT devices and recognising trusted technology from imposters, something MyID® as part of a public key infrastructure (PKI) solution delivers for enterprise IoT.

A significant part of securing the IoT is recognising and trusting IoT devices that access corporate networks. Without a secure means of recognising a device it is all too easy for hackers to mimic devices and gain access to corporate networks. With MyID large enterprises have the software to issue and manage encrypted credentials to IoT devices.

From a centralised tool to manage credential issuance and recognise trusted devices, to the software necessary to lifecycle manage the cryptographic credentials placed on IoT devices, MyID helps large enterprises secure their IoT.

Discover MyID for enterprise IoT and the Industrial Internet of Things or contact us now to discuss your IoT requirements further using the contact form below.