Internet of things (IoT) devices are here and may already have outnumbered humans. IoT is proliferating at a rapid pace. The number of IoT devices likely to reach 125 billion in the next decade. So much so, IoT devices are likely to revolutionize the way individuals operate. It is poised to revolutionize in the current societal digital transformation scenario.
Meanwhile, control of individuals in the mega explosion of internet connected machines is the big question. What are the security implications of a massive machine-to-machine network? Besides this, threats associated with IoT devices and resulting risks are some pertinent questions. For power grids, this encompasses machine to machine connection ranging from wearables to industrial control.
Spring up of Malware pose Risks IoT Devices
Meanwhile, a new generation of malware software that targets embedded devices and IoTs have a playground for the last five years. Slowly, the consequences of prioritizing time to market and costs related to security considerations of smart devices are coming to a realization. Smart homes, smart meters, or anything smart may not keep to what they claim, and are vulnerable.
It requires five minutes to compromise vulnerable IoT devices. Furthermore, hackers can launch targeted attacks that compel compromising of specific devices within 24 hours . So much so, several vulnerable IoT devices are online 24 by 7 with significant bandwidth. Consequently, these devices are attractive targets for Distributed Denial of Service botnets. Additionally, the devices are also naïve stepping stones for compromise of internal networks via backend connectivity.
Thus, to conclude, IoT devices have the potential to be used as a gateway. This holds for any threat landscape – from ransomware to cryptomining.