<img alt="" src="https://secure.data-insight365.com/782167.png" style="display:none;">
Skip to content

The Risks of Using IOT in Your Enterprise

There is no doubt that the Internet of Things (IoT) can be of huge importance to enterprises, in order to increase productivity and efficiencies across a business.

However businesses also need to realise the risk which comes with these devices. It is stated there will be an estimated 20 billion connected devices by 2020, with many of these technologies leveraging the cloud and containing masses of confidential data, competitive intelligence and intellectual property traversing the on-site as well as off-site IT ecosystem. Two-thirds of enterprises are expected to experience IoT security breaches by 2018. By 2020, more than 25 percent of attacks could also be IoT-related. However IoT security accounts for only 10 percent of IT security budgets.

Cyber security cannot therefore not be overestimated as the IoT is critical to businesses of today. Cyber security strategists will need to adapt to accommodate the ever changing landscape of connected devices and the entirely new risk this could create.

With new IoT innovations emerging at a rapid rate, traditional cyber security frameworks in many cases are inadequate for the enterprise it is trying to protect. As IoT numbers increase as well as the complexity and advancement in tech, the legacy hardware, software and processes are unable to keep up, thus increasing the risk factor of IoT within businesses.

New business trends such as ‘Bring Your Own Device’ (BYOD) do not help the cause. Consider the already vast amount of sensored and internet-enabled devices operating and collecting data, from TV’s and appliances, to cameras, printers, scanners and more. All of these could be hacked, allowing hackers to steal confidential data. Personal mobile phones and tablets as well as other devices being brought into work only increases this risk.

In order for enterprises to begin the ‘fight back’, it is important they first understand the level of complexity presented by each IoT, based on three criteria: devices, ecosystems and use cases.

Low Complexity

These devices typically produce no data, simply capturing information shared via WIFI. This includes heat or light sensors or popular fitness watches. Although quite simple, they still gather lots of specific data which should be monitored by the enterprise.

Moderate Complexity

Devices which are ‘embedded’ and which contain sensors are considered moderate. This includes anything from lighting and heating systems to sliding doors. These specific units contain on-board controls which monitor and control activity whilst also producing data. These devices can prove extremely dangerous if unsecure. For example the heat being turned off in a hospital or lighting turned off on public transport.

High Complexity

Smart phones which possess sophisticated operating systems and various application capabilities are considered highly complex. Unfortunately, it is also easier for hackers to attach malware to these devices by detaching its operating system and access sensitive data.

Recent

More Like This

Insights

Albany Beck Appoints Paul O’Brien as Managing Partner in Ireland

Paul O’Brien has been appointed as Managing Partner for Ireland at Albany Beck, a London-based financial services consultancy firm. A highly accomplished financial expert, Paul brings over two decades of industry leadership to the role. Most recently, as CEO of Delta Capita's Irish operations, Paul was responsible for the business's growth, transforming it from a six-person team with a single client in 2018 to a thriving enterprise of almost 100 employees serving more than 25 clients. Paul’s appointment marks a significant milestone in Albany Beck’s rapid expansion in the Irish financial services market. His deep expertise in financial operations, combined with his professional credentials as a Fellow Chartered Certified Accountant (FCCA) and his Master’s in IT for Accountants, positions him to successfully lead Albany Beck’s growth in Ireland. Paul's career includes several senior leadership roles at PwC, Delta Capita Consulting, eBay, Pfizer, JP Morgan and Bank of Scotland, where he gained invaluable experience in driving high-performance teams and strategic business transformations. Albany Beck recruits, trains and deploys consultants for global financial institutions, having first entered the Irish market in 2018. Since then, the company has expanded significantly, creating hundreds of jobs across high-demand sectors such as KYC, AML, fund administration, risk management, and technology. One of its most notable achievements in Ireland has been the launch of its ‘Change Management Solutions’ service, designed to address the evolving needs of its growing client base. Looking ahead, under Pauls’ leadership, Albany Beck aims to continue its momentum by focusing on job creation in emerging areas such as Operations, Data & Technology and Transformation, strengthening its role as a trusted partner for Ireland’s financial institutions. Adam Kelly, Managing Partner with Albany Beck commented on the appointment, “We are delighted to welcome Paul to the Albany Beck team as Managing Partner for Ireland. His extensive leadership experience and proven track record in driving business growth make him the ideal person to lead our Irish operations at this exciting phase of our expansion. His expertise in financial services, coupled with his strategic vision and ability to deliver results, will be invaluable as we continue to expand our footprint in the Irish market. We’re excited about the new opportunities Paul’s leadership will bring, not only for our clients but also for our team, in helping position Ireland as a leader in innovation, sustainability, and change within the global financial markets”. Reflecting on his new position, Paul said,
Read More

An Interview with Derek Collins – Irish Banking Leader and Albany Beck Board Member

Derek Collins is a huge name in the Irish Financial Services industry. Having worked across Bank of Ireland’s retail and corporate operations, he went on to lead its Foreign Direct Investment (FDI) team in his long and successful career with them. Now he’s putting that experience to good use as a non-executive director at Albany Beck.
Read More

Demystifying Blockchain: Understanding, Applications, and the Promising Future

In today's data-driven world, blockchain technology has emerged as a disruptive force with the potential to revolutionize numerous industries beyond its origins in cryptocurrencies. With its decentralized and immutable nature, blockchain offers secure, transparent, and efficient solutions to some of the most pressing challenges faced by businesses and individuals. In this comprehensive blog, we delve deep into the intricate workings of blockchain, exploring its foundational principles, real-world applications, challenges, and the promising future it holds. Understanding the Foundations of Blockchain At the core of blockchain lies its decentralized and distributed ledger system. Blockchain networks operate on a consensus mechanism rather than relying on a central authority, wherein participants validate and agree on transactions. Cryptographic hashing ensures the integrity and security of data. The pioneering work of Satoshi Nakamoto in the Bitcoin whitepaper introduced this concept, setting the stage for a technological revolution. According to a report by Markets and Markets, the global blockchain market size is projected to reach $39.7 billion by 2025, with a CAGR of 67.3% during 2020-2025. This exponential growth highlights the increasing significance of blockchain technology in modern business landscapes.
Read More