More than half of manufacturers of IoT equipment cite cybersecurity cost as the main barrier to improving security in the gadgets. However, the cost of failure to enhance security remains higher, with a single successful IoT incident costing more than $330,000. 

The impact of IoT attacks ripple through the entire organization, not just the direct financial implications. Thirty-four percent of victims of IoT breaches faced cumulative breach costs ranging from $5 million to $10 million. 

Why are IoT Devices and Networks Vulnerable?

Firstly, IoT environments have large attack zones and surfaces ranging from IoT gadgets to communication channels. Malicious actors can effortlessly send off attacks through IoT device’s firmware, memory, or interfaces. Additionally, they can exploit unpatched web applications and programs and buggy and outdated firmware running on the gadgets. Besides that, IoT networks could have security loopholes, such as unencrypted communication channels and obsolete networking protocols, that hackers could exploit.

Secondly, IoT products lack adequate in-built security controls to deter frequent and sophisticated cyber threats. Most IoT devices have limited processing power and restricted functionalities, making it difficult to implement cybersecurity measures.

Moreover, some IoT devices still operate with weak and default passwords. They have easy-to-guess pre-configured credentials that hackers can exploit to enter your network without a hitch. Some IoT devices collect and transmit sensitive data in an unencrypted format that can be intercepted. 

Fending Off IoT Vulnerabilities

Core security obstacles must be tackled to create secure and integrated IoT solutions. Conducting a security audit of the IoT environment is a reliable way to mitigate vulnerabilities. The security measure helps discover vulnerabilities that allow unauthorized access so users and developers can close the gaps for a more secure IoT environment.

Network vulnerability assessment can also reveal cybersecurity gaps in IoT device components such as firmware, software, configuration, and storage. For instance, network scanning tools can show details of all devices on the network and their connections. This process helps security personnel to visualize potential entry points for malicious actors. Besides that, network vulnerability assessment can uncover weaknesses like outdated and unencrypted communication protocols in IoT environments.  

As the IoT landscape continues to boom with an ever-expanding array of smart devices, organizations and users must proactively identify vulnerabilities and take proper steps to safeguard their data and networks. The convergence of IoT and cybersecurity is the solution needed for today’s fragmented IoT to reach its full potential.