A new study from DigiCert, a provider of TLS/SSL, PKI and IoT security solutions, reportedly reveals that enterprises have begun sustaining significant monetary losses stemming from the lack of good practices as they move forward with incorporating the Internet of Things (IoT) into their business models. In fact, among companies surveyed that are struggling the most with IoT security, 25 percent reported IoT security-related losses of at least $34 million in the last two years.
The survey was conducted by ReRez Research in September 2018, with 700 enterprise organizations in the US, UK, Germany, France and Japan from across critical infrastructure industries.
Security and privacy topped the list of concerns for IoT projects, with 82 percent of respondents stating they were somewhat to extremely concerned about security challenges.
“Enterprises today fully grasp the reality that the Internet of Things is upon us and will continue to revolutionize the way we live, work and recreate,” said Mike Nelson, VP, IoT Security, DigiCert. “Securing IoT devices is still a top priority that many enterprises are struggling to manage; however, integrating security at the beginning, and all the way through IoT implementations, is vital to mitigating rising attacks, which can be expected to continue. Due diligence when it comes to authentication, encryption and integrity of IoT devices and systems can help enterprises reliably and safely embrace IoT.”
To give visibility to the specific challenges enterprises are encountering with IoT implementations, respondents were asked a series of questions using a wide variance of terminology.
Respondents were asked about IoT-related security incidents their organizations experienced within the past two years. The results indicate that companies struggling the most with IoT implementation are much more likely to get hit with IoT-related security incidents. The companies having the most difficulty were:
The top five areas for costs incurred within the past two years were:
“When it comes to accelerating implementations of IoT, it’s vital for companies to strike a balance between gaining efficiencies and maintaining security and privacy,” Nelson said. “This study shows that enterprises that are implementing security best practices have less exposure to the risks and resulting damages from attacks on connected devices. Meanwhile, it appears these IoT security best practices, such as authentication and identity, encryption and integrity, are on the rise and companies are beginning to realize what’s at stake.”
Recommendations
The survey points to five best practices to help companies pursuing IoT realize the same success as the top-tier performing enterprises:
For more information on the survey, click here.