According to a new study from Juniper Research, the advent of 5G will cause an explosion in ubiquity and profitability for IoT devices: total operator-billed revenue is predicted to rise dramatically, from $525 million in 2020 to $8 billion in 2024.
Compared to traditional devices that cannot communicate over a network, IoT devices bring powerful new capabilities in data collection and processing. However, unlike traditional devices, they bring cybersecurity risks as well. The security of any device connected to the Internet can potentially be compromised by a hacker exploiting a vulnerability in its code. In today’s world, it is critical that you – the IoT device manufacturer – take the appropriate steps to ensure the cybersecurity of your products.
Cybersecurity Vulnerabilities in IoT Devices
Vulnerabilities in the code of IoT devices are like backdoors that can be exploited for hackers to gain illicit access. Your employees should understand the magnitude of this issue and its potential consequences.
- Researchers from the Israeli cybersecurity firm JSOF found 19 vulnerabilities in a TCP/IP stack made by the company Treck that is used in hundreds of millions of IoT devices across a wide range of sectors. They named these vulnerabilities Ripple20.
- OEMs (Original Equipment Manufacturers) rely on third-party vendors like Treck when building IoT devices. However, they generally do not monitor the cybersecurity risks in the code provided by these third-party vendors, instead passing on the risk to the end users.
- End users rarely have the cybersecurity knowledge and resources to protect their own IoT devices from hackers. Most people struggle to set secure account passwords, let alone patch code vulnerabilities!
- Hackers can infiltrate systems and remain undetected for years while they steal money or mine valuable private information to sell. Foreign and domestic cyberterrorists could cause massive power outages or catastrophic system failures from their laptops.
Ensure the Cybersecurity of Your IoT Products
Since third-party vendors cannot possibly ensure the cybersecurity of every kind of IoT device in which their code will be used, and end users lack the knowledge or resources to do so, the responsibility falls to the IoT device manufacturer.
Manufacturers of IoT devices: it is in your interest to ensure the cybersecurity of your products, especially since 5G connectivity is predicted to increase both the risk of cyberattacks occurring and the damage they can cause. If personal information is leaked due to vulnerabilities in your company’s products, your customers can file a lawsuit. Large data breaches could seriously threaten your revenue streams, stock prices, and consumer trust. On the other hand, if you take the right steps now to ensure the cybersecurity of your company and its products, you can maintain the trust of your customers and profit from the success of the IoT industry. Timely action now can help your company get its fair share of that predicted, enviable $8 billion revenue in 2024!
GlassHouse Systems is here to help your company meet its cybersecurity requirements. Our GHS manageTM line of service offerings is specifically tailored to the needs of modern companies. We mitigate risk, build a predictable operations budget, and focus staff on critical initiatives so that you can concentrate on what you do best: building a competitive edge and ensuring the best possible user experience for your customers.
Contact us today or leave a comment below to learn more about how we can help your company step up its cybersecurity.
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