Business Automation and Software Blog

IoT May Create Cybersecurity Risk for Businesses

Posted by Robert Baran on Wed, May 23, 2018 @ 11:00 AM

With the advent of the Internet of Things (IoT), we’ve created lives and data that are more connected than ever. From smartphones to thermostats to even smart coffee mugs, software and app enabled devices make our lives easier. These devices are everywhere: According to one report, by 2020, the world will boast approximately 34 billion connected devices to the tune of a $6 trillion industry, with business as the main adopter.

But, IoT devices are also a great source of data exchange that create a cybersecurity risk, offering hackers easy access to intercept Wi-Fi credentials. Thousands of IoT devices were hijacked in 2017, leaving not only individuals at risk but small businesses too.

The Impact of IoT Cybersecurity Risks

At first thought, it may not seem like IoT would pose that much of a threat. Not so, explains a cyber solutions CEO. “IoT is notoriously unsecured ... Hackers exploit this reality, targeting IoT as a pivot point to enter systems and take control of physical operations.” When hackers use tools such as botnets to flood servers with bogus data through IoT openings, it can shut down websites and even entire networks. Any time a business experiences unplanned downtime, it costs money: An ITIC study found that 98 percent of organizations say a single hour of downtime costs them more than $100,000, with some enterprises saying that amount could be closer to $1-5 million.

Downtime doesn’t only impact businesses in dollars. It also can chip away at reputation. Unexpected downtime can impact a customer’s experience when they are trying to purchase from your website. It only takes one bad experience to lose a customer.

The impact of IoT cybersecurity risks is real.

Small Business, Big Risk

Small businesses may be at particular risk for IoT data breaches due to resource limitations that can impact the ability to effectively secure systems. Some hackers may even use those small business back doors to then gain access to data from bigger organizations, essentially creating a domino effect from the small business IoT breach to widespread damage of a larger company. Despite these risks, while more than half of small businesses experienced a security breach between 2015 and 2016, only a small number report seeing cybersecurity as a serious issue.

Don’t wait for the wake-up call of a breach: Before your company experiences a breach, commit to finding and implementing better security measures to protect your business. This doesn’t have to be a daunting task. Should your organization lack the resources to add to headcount, consider using an IT consulting services firm—such as Chicago-based PositiveVision—to put your cybersecurity concerns to rest. Add cybersecurity personnel to your roster and ensure that these professionals can secure your networks and your devices against unwanted infiltration.

Secure Your Data with PositiveVision IT Consulting Services

Using dependable business software services, PositiveVision is committed to ensuring that every business it works with has the best system for their needs, the knowledge to use it efficiently and effectively, and the appropriate modifications to tailor for each individual company. Let PositiveVision help you defend your network against attack and protect data confidentiality. Build confidence back in your cybersecurity efforts: Contact PositiveVision today to keep your data flowing smoothly, and above all, safely.