<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

In conversation: Tarrill Baker on why fractional advisors multiply strategic impact

At Albany Beck, we’re dedicated to bringing fresh thinking to the challenges our clients face. To strengthen this commitment, we’ve recently launched our Fractional Advisory Service, offering access to senior expertise on a flexible basis. We sat down with Tarrill Baker, former Chief Data Officer at HSBC and Albany Beck Fractional Advisor, to explore the value of fractional advisory services. With her extensive experience in executive leadership, transformation, and advisory roles, Tarrill brings a unique perspective on how organisations can unlock real business outcomes through this model. This insightful Q&A with Tarrill explores where fractional advisors add the greatest value, how success should be measured, and why external expertise can be a powerful multiplier for firms navigating complexity.
Read More
Latest News

Insights from the Bank of England's Reports

As a Consultancy, we understand the importance of staying informed about the latest trends and developments. Find out more about the latest economic challenges and opportunities below. The Current Economic Outlook: The global economy is traversing a period of uncertainty, influenced by a multitude of factors. Geopolitical tensions, trade disputes, and technological advancements are just a few variables that shape the economic landscape. According to the Bank of England's latest report, global GDP growth is projected to reach 3.2% this year, driven by robust growth in emerging markets. However, the report also highlights the risks of inflationary pressures and potential trade disruptions. By staying informed about these trends, you can make informed decisions to safeguard your business against potential risks. Interest Rate Policies: The Bank of England plays a crucial role in managing interest rates to control inflation and stimulate economic growth. Recent discussions have centred around potential adjustments to interest rates in response to evolving economic conditions. As a business owner, staying abreast of these discussions is vital, as interest rate changes can significantly impact borrowing costs, investment decisions, and consumer spending patterns. The Bank of England's report indicates that interest rates are projected to remain stable in the near term, providing a favourable environment for businesses to pursue growth and investment opportunities. Financial Stability Measures: Safeguarding the financial system's stability is paramount to the Bank of England's mandate. Through constant monitoring and risk assessment, the bank implements measures to mitigate potential threats to financial stability. The latest report reveals that capital adequacy ratios for UK banks have improved, enhancing the financial sector's resilience. This and stricter regulatory frameworks contribute to a more stable business environment. You can fortify your business against potential financial shocks and disruptions by aligning your strategies with the bank's recommendations. Brexit and Its Implications: Brexit remains a pivotal focus for the Bank of England. The ongoing negotiations and potential outcomes of the UK's departure from the European Union continue to shape economic landscapes across industries. The bank's reports offer valuable insights into the potential implications of Brexit, guiding how businesses can effectively navigate this transformative period. For instance, the report highlights that UK exports to the EU have rebounded by 10% in the past year, demonstrating the resilience and adaptability of UK businesses. By staying informed and understanding the potential impacts on trade, regulations, and market dynamics, you can proactively adapt your business strategies to seize opportunities and mitigate risks. Embracing Digital Transformation: In addition to macroeconomic trends, the Bank of England also recognizes the transformative power of technology. Digital innovation continues to reshape industries, revolutionizing business models and customer expectations. The bank's reports highlight the need for businesses to embrace digital transformation, urging organizations to adapt to changing consumer behaviours and leverage emerging technologies to stay competitive.
Read More
Insights , Diversity & Inclusion

Celebrating Pride Month with Purpose

At Albany Beck Consulting, we take immense pride in our commitment to inclusivity, diversity, and corporate social responsibility. As Pride Month takes centre stage in the UK, we seize this opportunity to reflect on the rich history of the LGBTQ+ community, the origins of the Pride movement, and our unwavering support for fostering an inclusive environment. In this blog post, we delve deeper into the profound significance of Pride, its historical roots, and how our consultancy firm actively promotes inclusivity and supports this empowering movement. The History of Pride: A Catalyst for Change Pride Month traces its origins back to the ground-breaking events of the Stonewall Riots in 1969, a pivotal moment in the LGBTQ+ rights movement. During a time when discrimination and oppression were rampant, the Stonewall Inn in New York City became a sanctuary for queer individuals seeking community and acceptance. However, frequent police raids and mistreatment led to an eruption of resistance on the night of June 28, 1969. The ensuing protests and demonstrations, fueled by the courage and determination of transgender women of colour, drag queens, lesbians, gay men, and countless others, marked a turning point in history. The Stonewall Riots became a catalyst for change, sparking a global movement that continues to fight for equality, acceptance, and dignity for all LGBTQ+ individuals. The Significance of Pride: A Celebration of Diversity and Resilience Pride Month is far more than a celebration—it is a powerful reminder of the journey toward LGBTQ+ equality and the ongoing struggle for acceptance. It serves as a platform for the LGBTQ+ community and allies to honour progress, celebrate diversity, and raise awareness about the challenges that still exist. Today, Pride has blossomed into a global phenomenon, with vibrant parades, events, and festivities taking place worldwide. These colourful displays of unity and solidarity allow LGBTQ+ individuals and their allies to come together, share their stories, and advocate for a society that embraces and celebrates everyone's unique identities. Our Commitment to Pride: Fostering Inclusivity and Transforming Lives At Albany Beck Consulting, we firmly believe that an inclusive and diverse workplace fosters innovation, creativity, and success. We are committed to creating an environment where all employees feel valued, respected, and empowered to bring their whole selves to work. Here are some ways in which we actively support the LGBTQ+ community: Non-Discrimination Policies and Practices: We maintain robust non-discrimination policies that explicitly include sexual orientation, gender identity, and gender expression. We continuously educate our workforce about these policies and promote a culture of respect and equality. Education and Training: We understand the importance of education in fostering understanding and empathy. Our consultancy firm provides comprehensive training and resources to employees, ensuring they are equipped with the knowledge and skills to create an inclusive and supportive environment for LGBTQ+ colleagues and clients. Community Partnerships: We actively engage with LGBTQ+ organizations and initiatives, forging partnerships that aim to make a meaningful impact. Through sponsorships, volunteering, and collaborative projects, we demonstrate our unwavering support for the LGBTQ+ community beyond the confines of our office. Pride Celebrations and Corporate Social Responsibility: As part of our commitment to corporate social responsibility, we actively participate in local Pride parades and events. We encourage employees to join us in celebrating Pride, showing solidarity, and marching alongside community members, activists, and organizations dedicated to advancing LGBTQ+ rights. Embracing Pride, Inspiring Change As Pride Month unfolds, let us honour the bravery, resilience, and activism of those who fought for LGBTQ+ rights. At Albany Beck Consulting, we stand firmly alongside the LGBTQ+ community, promoting inclusivity, celebrating diversity, and working towards a future where every individual feels accepted and valued. By embracing the spirit of Pride, we inspire change within our organization, our communities, and society as a whole. Happy Pride Month!
Read More