Three Steps Enterprises Need to Take to Handle IoT Risk

IoT Risk

Organizations need to go the extra mile to protect IoT connected devices.

One of the core components of digital transformation programs is Internet of Things (IoT).  However, there are several digital risks as connected devices typically produce significant types of data in big volumes is used, shared, and stored in different areas of a company’s  IT infrastructure.

This can lead to a domino effect across the entire risk landscape, including cyber security, and third-party risk. IoT security is not only restricted to that of device management.

Here are the top three steps enterprises can take for IoT end-to-end security

Read More: Top IoT Security Threats that CISOs Need to Prioritize

  1. Prioritizing risk assessment

Organizations need to prioritize risk assessments regularly as it is not enough to just deploy IoT devices and let them run. Several activities including inclusion and removal of devices, discovering vulnerabilities, software updates are some of the factors that change the risk profile over time.

Read More: IoT Risk Management – Organizations Need to Enhance their Safety Policy

There is also a possibility of third-party risks if IoT data is shared between the enterprise and external service providers. The number of guidelines and regulations will continue to increase as digital transformation accelerates and the usage and adoption of IoT tools grows further. Companies will need to track and comply with all them.

  1. Data protection is Crucial

IoT devices process sensitive data including product information or customer records and it is subject to the same privacy controls which can be completely isolated from control systems.

This can lead to a major risk for organisations and make them a target for cyber threats. The data collected from connected devices is critical for success of an IoT project and hence it is crucial to protect the data along with securing the devices.

It is important for security teams to consider how the data is protected when it is idle or in a process. Moreover, risk teams should manage and document this process.

  1. Monitoring device access

In order to ensure that overall operational security is being maintained, it is important to protect access to and from devices. It is critical for companies to authenticate user identities to access devices and ensure their credentials have not been compromised. Enterprises can focus on emerging standards such as FIDO IoT to create an appropriate IoT identity foundation.

CIOs need to first acknowledge the growth of IoT adoption and then manage the initial rollout along with understanding the effect on risk that the IoT has across their organisation.