Skip to main content

Predictions for Tomorrow’s Internet

October 16, 2017

Currently, an estimated 6.4 billion Internet-of-Things (IoT) devices are connected, with 67 percent residing in North America, Western Europe and China. By the end of 2017, IoT growth is predicted to continue with an explosive 8.4 billion connected devices with a high concentration in electric utility and commercial security applications. However, the development and use of cross-industry devices targeted at smart buildings, such as control of lighting, HVAC and security systems, will take the lead.

IOT Blog

In the last two years, 48 percent of US companies (with IoT deployed) experienced at least one security breach and the financial impact of these breaches is significant.  For small business, the cost per breach is estimated to be 13.4 percent of annual gross revenue, while large businesses (revenue of $2 billion and greater), approached $20 million per breach. Some of the major IoT targeting malware strains that have been unleashed and continue to attack connected devices include:

  • October 2016, Mirai botnet DDoS attack blocked more than 1,200 websites.
  • October 2016, NyaDrop targeted IoT connected CCTV cameras by use of brute force.
  • April 2017, Brickerbot infected targeted IoT devices, seeking firmware destruction.
  • May 2017, Persirai botnet targeted webcams to conduct DDoS attacks.
  • June 2017, DvrHelper was introduced to bypass the solutions following Mirai.

Growth of IoT deployment, while significant, lags behind actual demand due to security concerns. Industry leaders are inhibited by several factors, including:

  • Physically unsecure endpoints; 
  • Poor endpoint authentication; 
  • Application security vulnerabilities; and 
  • Unsecured communication between networks and devices. 

A significant number of consumer and business devices lack basic security protocols, making them ripe for digital compromise. Rapid industry growth, demand for new applications and a widely divergent manufacturing base has exacerbated the problem in several ways:

  • Response to consumer demand feeds the frenzy to mass produce products without security considerations in the design phase.
  • Rapid development of IoT took place without a governing body or security-driven regulations, resulting in independent decision making by each device manufacturer.
  • Devices are deployed with default, static passwords with no opportunity for end users to modify.
  • In order to keep production costs down and time-to-market periods short, many IoT devices are produced without the ability to update firmware to address future security vulnerabilities.

Since delivery of ransomware has been at the forefront of traditional cyber security measures due to its widespread proliferation and relatively easy delivery methods, IoT devices are not immune to the threat and may very well be involved in the next wave of ransomware attacks. Ransomware targeting IoT devices will seek to control devices and processes they support, causing much more harm and potentially increasing ransom demands. We anticipate that lawmakers will need to set forth regulations that govern the secure design of IoT devices and software deployed within critical infrastructure. 

Related Blogs

March 08, 2018

Part 2: Frameworks in Context: The Business-Aligned Information Security Program and Control Frameworks

In part 1 of this series, we provided insights responding to the frequent question regarding control frameworks and their place in the security strate...

See Details

February 28, 2018

Part 1: Frameworks in Context: The Business-Aligned Information Security Program and Control Frameworks

During hundreds of strategy, risk and compliance engagements, Optiv’s consultants often have been asked very thoughtful and deep questions about contr...

See Details

February 26, 2018

The GDPR 90-Day Countdown is on! (No Need to Freak Out)

May 25, 2018 is a day that many organizations have (or should have) marked on their calendars as a game-changing moment for their business. That’s the...

See Details

How Can We Help?

Let us know what you need, and we will have an Optiv professional contact you shortly.


Privacy Policy

RELATED INSIGHTS

February 14, 2017

IoT and the Impact on Wireless Networks

Traditionally, wireless networks were considered a luxury, as well as highly unreliable and unsecure. Over the past 10 years, wireless networks have e...

See Details

July 21, 2015

Network Security Solutions

Learn how we help protect your environment while maintaining connectivity.

See Details

September 03, 2015

Internet of Things Brief

Learn about the challenges and opportunities the Internet of Things (IoT) presents to society and businesses.

See Details

Stay in the Know

For all the latest cybersecurity and Optiv news, subscribe to our blog and connect with us on Social.

Subscribe

Join our Email List

We take your privacy seriously and promise never to share your email with anyone.

Stay Connected

Find cyber security Events in your area.