IoT attacks are "new normal"

(Image credit: Image Credit: Melpomene / Shutterstock)

Out of ten organisations, eight have experienced cyberattacks against their IoT devices in the past 12 months. 

This is according to a new report by Irdeto, which argues that IoT attacks are now considered ‘normal’. It found that nine in ten organisations have experienced negative impacts due to these cyberattacks, including operational downtime and compromised user data. 

Hackers mostly target transporting, manufacturing and healthcare industries, and businesses in these verticals have suffered most. On average, businesses lose roughly $330,000 due to an IoT attack.

Organisations are also changing their minds when it comes to the perception of IoT security, the report claims. It’s no longer an afterthought, but instead is considered an enabler of new businesses.

At the same time, there’s a ‘distinct lack of optimism’ when it comes to the future of security of IoT devices. Just one in fifteen believe they have everything to stay safe, while almost half need more skills and expertise, as well as tools and better strategy.

“One of the most promising results of the study found that today’s organizations in technology, transport, manufacturing and healthcare are thinking even more strategically about security,” said Steeve Huin, Vice President of Strategic Partnerships, Business Development and Marketing, Irdeto.

“This is a clear indication that today’s businesses realize the value add that security can bring to their organization. From enabling new rental or subscription models in connected vehicles, to Digital Twins revolutionizing the manufacturing processes, to providing patients with even better healthcare, security is the enabler to successfully implementing new and future business models in today’s connected world.”

Most IoT device manufacturers worry that they’re not building devices that are secure enough, and believe that a lot more could be done to protect themselves, as well as their customers. In the UK, Germany and China, literally all IoT device users believe device security could be improved greatly.

 Image Credit: Melpomene / Shutterstock