Recurrent cases of Cyber attacks such as the Dyn Cyberattack in 2016 and the Jeep Cherokee Hack in 2014 are all proof that any IoT device needs a robust IoT Security Framework in place to avoid a security problem. Any hack into an IoT Network can make bring a business to a complete standstill, and this can lead to a loss in brand loyalty, loss in revenue, and more depending on the nature and severity of the attack.In fact, Cyber attacks cost U.S. enterprises $1.3 million on average in 2017. This is a huge figure considering the fact that the average cost of a cyber attack for enterprises grew from $1.2 million in 2016 to $1.3 million in 2017. That’s 10 times higher than the $117K cost of a breach for SMBs.
Several Businesses prefer to outsource their IoT Security compliance to third party agencies to ensure security measures to maintain IoT security and Device security of the organization. However merely entrusting your security compliance framework with an external body does not mitigate your risk of falling prey to Cyber Attacks and IoT security breaches. You need to ensure that the compliance framework takes into consideration the following factors in security audit checklist:
Security needs due consideration right from inception stage of the product lifecycle. Security considerations should be embedded in design as well as the functionality of an IoT device. Similarly, the life cycle of devices being used in the organization also needs to be monitored. For instance past employees must not have access to current data and internet connected devices must not stay on a network after the requirement for access is over. A sound network security framework must closely monitor who can access specific devices, operators system and what actions a device is allowed to perform.
These are the two keywords that must be present in every security assessment checklist. Authority implies role-based access controls over functionalities of an IoT product. This not only limits access in multi-user products but also helps to mitigate the effects if the security of a device or product is compromised. IoT devices perform to their fullest potential by communicating with other IoT devices and networks. This is like a two-sided sword, the threats at times can outweigh the benefits. Communication with an unsecured device or network leads to potential vulnerabilities due to malicious applications. Thus IoT security solution must allow only for authenticated devices to connect with each other.
All IoT connectivity Products must limit the data that they collect so that there is a lower chance of data breach. Storing unnecessary Data about the consumer leads to a higher chance of data exposure to unauthorized parties. Manufacturing organizations also need to provide visibility about the data they are collecting and why it is crucial. Further, there should be opt-out options wherever possible.
Testing is an integral part of ensuring efficiency of your chosen IoT security framework. Testing must include physical testing, digital testing, and Third party testing. Continual testing followed by relevant patching is a must for a secure IoT Security compliance framework.
The security framework must be flexible enough to accommodate new tools and guidelines in the industry. An essential way of doing so is making software updates as automated as possible. Allowing this will mean that as and when new threats are discovered the mechanisms to deal with the vulnerabilities on attack surface can be updated across all devices without waiting for user validation.
All your IoT products must come with Remote Patching functionality. This can help save thousands of dollars spent on product recall or vendor services. Security management can be a lot easier with this functionality, and it also improves customer user experience.
Any number of functionalities are useless unless the IoT compliance framework can detect intrusion and send appropriate alerts in real time. The primary challenge for detecting intrusion is incapability of most platforms in processing Big Data. Since data deciphered from IoT is enormous, the platform being used to process such data must be compatible to process such vast volumes of data. The platform must be able to provide insights such as anomalies in the traffic pattern, malicious behavior to provide behavioral analytics. Any divergence from normal behavior can trigger alerts to required parties, giving them appropriate leads on action required.
The above are only the primary components that must be taken into consideration while developing a security framework. Companies must invest in a detailed IoT Security Compliance Framework. Get in touch with us to know more about the components of a robust IoT security framework and if your organization is compliant with all such components.