Last year, in 2018, IoT-related attacks took an unprecedented leap, with reports of 26 percent of network breaches attributed to unsecured IoT devices or IoT applications, as per the report published by the Ponemon Institute on IoT Security & Risk Management. The figures are almost double the unsecured IoT-related breaches reported in 2017.
These figures stress on to the critical need for institutions to take immediate measures to safeguard their networks. According to the Institute, “the actual number may be greater as most organizations are not aware of every unsecured IoT device or application in their environment or from third-party vendors.”
On further delving, one can find that the report also sheds some light on statistics and common practices followed by the industry. The report mentions that only less than half of company board members approve of programs aimed at reducing third-party risk, and only a 21 percent of board members are actually engaged in security best practices and understanding third party and cybersecurity risks in general, which is an alarming issue, not just for IoT but for all “digital risk management” as enterprises and organizations keep on connecting more systems, sharing critical data among systems, and participating in API-based ecosystems.
With these diminishing figures of senior management’s attitude towards security, the report also highlights that a whopping 87 percent of survey respondents in their response mentioned that it’s very likely that their own organizations will experience a cyber-attack such as a DoS attack in the next 24 months, and 84 percent expect their organizations to experience a data breach due to the same.