By definition Internet of Things (IoT) is: A proposed development of the internet in which everyday objects have network connectivity, allowing them to send and receive data.
Telephones, automobiles, refrigerators and seemingly anything that can host a computer chip are quickly becoming part of the Internet of Things (IoT) – a concept that the US Federal Trade Commission (FTC) defined in a report as “the ability of everyday objects to connect to the internet and to send and receive data.”
The internet is everywhere and the IoT is a trend that will continue to grow exponentially for the next couple of years.
Everything once disconnected are now wired and interconnected.While these interconnected devices have made life easier, they’ve also created new space for hackers. IoT devices are increasingly gaining access to the most sensitive personal data like social security numbers and banking information, making it a hyper vulnerable space.
Research firm IDC predicts that there will be over 28 billion IoT devices installed by 2020, while fellow analyst Gartner forecasts that 4.9 billion connected things will be in use in 2015, up to 30 per cent more from 2014, and that it will reach 25 billion by 2020. But this expansion in connectivity brings new security threats.
As the number of connected IoT devices constantly increase, so does the security concern. A couple of security concerns on a single device such as a mobile phone can quickly turn to 50 or 60 concerns when compared to multiple IoT devices in an interconnected home or business ecosystem.
Knowing what IoT devices can/will have access to, it’s important to understand their security risks:
The below are a summary of recommendations from various sources like “The Federal Trade Commission (FTC)” for companies developing IoT devices:
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