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A/NZ businesses recognise significance of IoT security

The challenge of guaranteeing enterprise security is vastly increasing as more devices become connected in the workplace, according to a recent report.

Every aspect of the organisation is being permeated by the Internet of Things (IoT) enabling businesses to drive efficiency and increased revenues.

67% of large-scale IoT users, or those with more than 50,000 connected devices, have reported significant returns on their investment.

It is unavoidable that businesses will struggle to maintain security in the face of such a rapidly expanding attack surface especially since the number of connected devices is expected to reach over 20 billion by 2020.

Moreover, the risk of highly sensitive data being compromised and exploited by cybercriminals is even higher for those connected devices that are equipped with cameras and microphones.

IoT provides businesses with new streams of data to quantify and analyse, delivering key insights that can help increase business value.

However, it is vital for organisations to realise the security considerations in managing the vast streams of big data being generated by IoT.

Most Australian businesses, according to research, lack concern for the threat cyberattacks pose on connected devices within the enterprise.

Only 34% of companies intended to assess IoT risks across their business while 16.1% do not know whose responsibility IoT security is.

It is important to note that there was a 600% increase in attacks on IoT devices from 2016 to 2017, making it imperative for businesses to be prepared and ready to protect their connected devices.

Educating employees on how to detect and prevent data breaches is essential, especially because the majority of data breaches are caused by human error.

Businesses need to ensure they have a cybersecurity strategy in place that can adequately secure and protect their operations.

53% of Australian and New Zealand companies now believe that keeping IoT secure is the greatest challenge they face in rolling out their IoT capabilities.

Authentication is a major part of this process and will work to prevent malicious actors from accessing business networks early on.

Authenticating employees and assets onto networks can allow organisations to detect potentially harmful assets.

Even people attempting to breach networks can be detected before they have time to access large sets of data.

Assets such as time-series data transmitted from IoT sensors and structured data within application and database systems are also crucial resources that require significant security.

As a bare minimum, organisations should ensure their cybersecurity approach can lock down data security across the cloud, and edge devices.

There should be an appropriate key management and encryption in place.

With 70% of IoT devices vulnerable to cyberattacks, implementing adequate security software is necessary to protect big data.

Security mechanisms should efficiently detect anomalies in data and ensure that only legitimate people are accessing data.

Encryption of data needs to be maintained from the core where most data is stored, and especially at the fringes, which are the areas that are most vulnerable to attack.

In cases of data breach, businesses must guarantee that the cybersecurity software they have in place is capable of detecting affected assets quickly.

This would inevitably limit the revenue loss and avoid damages to brand reputation.

The rise of IoT and connected devices has the potential to completely change the way business operations are enhanced.

But this increased interconnectedness of devices and the growing number of things that are becoming connected to the internet are leaving a lot of businesses vulnerable.

Implementing effective cybersecurity software and strategies is necessary to guarantee that the big data stored within IoT is completely protected.

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