In a connected world, securing your IoT device is the smart choice. The number of products being shipped each year is growing rapidly and so is the level of interest in them. Enterprise security firm, Symantec, detected almost 19 million attacks on its IoT honeypots in the first quarter of 2020, up 13% on late 2019 figures. This increase in activity is worrying news for product developers because the technology and features you implement are all that stands between a hacks and an organization's data or someone's privacy.
The rise in attacks against honeypots is a reflection of what's happening in the real world, which means security is a problem we have to address sooner rather than later. Individuals, organizations and governments are more aware of the risks than ever before, in many cases, because high-profile attacks have been reported in the mainstream media. That means device manufacturers are under increasing pressure to assure their customers their product is secure.
That can be a challenge because security is complex, and it takes time, resources and expertise to implement. As a result, it is often overlooked in favour of encouraging innovation and reducing time to market. The question is, at what cost?
In this document, we compare the cost of implementing best practice security principles with the cost of insecurity. We review the financial and reputational losses associated with IoT insecurity, explore the relationship between insecurity and uncertainty and look at solutions that can alleviate the upfront costs of security, lowering the cost of failure.