Least Priority = Most Damage, The Flaw of Underestimating IoT Cyber Security

“While traditional cybersecurity has grabbed the nation’s attention, IoT security has been somewhat under the radar, even for some companies that have a lot to lose through a breach”

These are the words of Stefan Bewley, the Director of strategy consulting firm Altman Vilandrie and Company. The unfortunate truth behind the IoT solutions boom is that not enough companies are taking securing it seriously enough.

The International Business Times published an article Sunday addressing this perilous lack of focus when it comes to the security of the increasingly convenient Internet of Things in the industry sector. Despite the fact that industrial IoT integration is only expected to increase in the coming years, companies are still failing to take precautions against the damage that a cyber breach can cause. What many companies are failing to realize, is that as they continue to develop internet-enabled technologies to further the efficiency of their businesses, the amount of destruction a malicious cyber breach can cause increases in tandem.

Roughly 68 percent of companies recognize that IoT security is a distinct category of security.  However they fall short when it comes to actually allocating resources to properly deal with it, because only 43 percent have independent budgets for it. This negligence has proven disastrous for some businesses, with damages caused by cyber breaches ranging from almost $5 million in smaller firms to nearly $2 billion in larger ones. On a global scale, the stakes of the IoT game are not being taken seriously enough, a thought pattern that is wholly unwise and surely unsustainable in the long term.

Without a holistic approach to security, no IoT can ever truly be secure. Every smart watch, wireless heart monitor and WiFi camera connected to a network becomes a potential entry point for an attacker. The intellectual awakening that the businesses of today need to undergo is, unfortunately, still far-off. Without companies like Trillium are dedicated to spreading awareness ofthe need for security in any IoT setting, be it business or personal, IoT development is just a figurative time bomb that grows larger every year. Until the world moves on from traditional IT security and embraces the coming IoT revolution, we may as well be trying to lock a gate with a safety pin.