The Internet of Things and why it matters

The Internet of Things, which is commonly called IoT, refers to the billions of devices around the world that are connected to the internet through sensors or Wi-Fi. It's basically a giant network of objects that connect to the internet. Each device collects data, and this data, known collectively as big data, is exchanged and analyzed.

Learn about IoT's benefits for businesses, IoT security risks, IoT-related jobs, how industries and smart cities are using IoT, and more in this post from TechRepublic - Internet of Things (IoT): Cheat sheet

Smart Home devices are vulnerable to remote attacks

The number of connected devices in the average home is rising very rapidly. The Internet of Things (IoT), is likely to be the norm in the next couple of years. However the IoT can also contain many vulnerabilities and security issues.

Smart home devices may be vulnerable to attacks due to outdated software, or unpatched security flaws, or weak credentials according to a new report that was recently produced by Avast. This report can be accessed HERE.

16 million different home networks worldwide have been included in Avast’s study. The report focuses on 21 countries in North and South America, Europe, and the Asia Pacific region. 56 million devices were scanned as part of the study. Two out of five (40.8%) smart homes worldwide have at least one device that is vulnerable to attacks, out of which,69.2% are vulnerable due to weak credentials. The UK Government advocates that strong security should be built into internet-connected products by design.

In October 2018, the UK government published the Code of Practice for Consumer IoT Security to support all parties involved in the development, manufacturing and retail of consumer IoT. You can access this HERE.

Aditionally, the NCSC (National Cyber Security Centre) has called for the adoption of Secure by Default which covers the long-term technical effort to ensure that the right security primitivesare built in to software and hardware. Read that HERE.

Wireless jammers cast a dark shadow on IoT security

From Tech Republic –

“Autumn DePoe-Hughes captured on video a rather bizarre scene at Manchester Fort Shopping Park this past summer. If car doors were locked, they could not be unlocked. The reverse was true as well. And, annoying car alarms defied any attempt to silence them. DePoe-Hughes told John Leyden of The Register, "Someone else had complete control over our cars for well over half an hour."

Leyden asks Ken Munro, a security researcher at Pen Test Partners, what he thought had happened. "This attack is about jamming the radio signal from the key fob to the car," explains Munro. "Jammers are readily and cheaply available online from overseas sources.... It's also fairly easy to make a jammer from components available at electronics shops."

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3 Ways the Internet of Things Will Change Bank of America and Citigroup

From The Motley Fool –

“The future looks pretty amazing for bank customers and shareholders.

Wouldn't it be nice if there was an easier way to do business with your bank? Easier than online banking and mobile apps? More convenient that heading into the branch? A smarter, faster, and more efficient process to get a loan, make a deposit, and manage your money?

Likewise, wouldn't it be amazing if your favorite bank stock could post dramatically higher margins and better efficiency, and take on less risk?”

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Proliferation of mobile devices and Internet of Things to send ‘cyber risk skyrocketing over next five years’

From Continuity Central –

“The 2015 Global Cyber Impact Report, released by the Ponemon Institute and sponsored by Aon plc, has found that while cyber is one of the fastest growing risks for companies across the globe, and information technology assets are often as valuable as property assets, companies are only protecting 12 percent of those assets compared to 51 percent of tangible property assets.

“This survey is unique as it focused on the relative financial statement impact of cyber incidents compared to tangible asset vulnerabilities,” said Kevin Kalinich, global practice leader for cyber/network risk at Aon Risk Solutions. “The explosion of cloud computing, mobile devices, big data analytics and the Internet of Things is creating enterprise risk management issues that are rapidly growing with the increased use of information assets and technology. Companies large and small are advised to consider cyber threats in this perspective.”

The report’s findings act as a roadmap for risk managers and finance, helping them take a broader look at their organization’s overall risk profile to help establish comprehensive insurance coverage is in place compared to the impact of each risk on the organization,” added Kalinich.”

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