{"id":1684,"date":"2019-02-28T07:00:27","date_gmt":"2019-02-28T07:00:27","guid":{"rendered":"http:\/\/investspectrum.com\/uma\/?p=1684"},"modified":"2020-05-15T12:34:37","modified_gmt":"2020-05-15T12:34:37","slug":"iot-internet-of-things","status":"publish","type":"post","link":"https:\/\/investspectrum.com\/uma\/iot-internet-of-things\/","title":{"rendered":"IoT (Internet of Things)"},"content":{"rendered":"

\u201cAugmenting the human experience with a connected world\u201d<\/strong>[i]<\/strong><\/a><\/p>\n

\u201cOh! Sorry I didn\u2019t see you sitting there. It\u2019s my morning break here at work, so I was checking a few things at home. Making sure that I locked the front door and checking to see if we had eggs in the fridge. Looks good. And the dog\u2019s behaving.<\/p>\n

So, do you remember back in 2019 when IoT was new and security was sketchy? I figured I didn\u2019t have a lot to lose by installing that smart front door lock. After all, it was nice for the door to unlock when I pulled into the driveway, and then have it auto-lock when I left for work. I could even unlock it for my daughter who dropped by unannounced from out of town. Nice.<\/p>\n

At that time, some people weren\u2019t comfortable with the level of cybersecurity in IoT, so they stayed away. Others\u2026they did their homework and only went with devices that were designed from the ground up for security. Smart.\u201d<\/p>\n

What\u2019s Involved?<\/h2>\n

IoT (Internet of Things): \u201cthe interconnection via the Internet of computing devices embedded in everyday objects, enabling them to send and receive data.\u201d So, many \u201csmart\u201d things are in this category: locks, thermostats, lights, alarms, toys, automobiles, garage doors, sprinklers, IP cameras, refrigerators, or your home DVR. Convenience and utility.<\/p>\n

IoT can make your home more secure from burglars by automatically locking your front door when you leave, alert you to someone at your front or back door, make your coffee, turn your lights on and off, etc., etc. What\u2019s not to like, right?<\/p><\/blockquote>\n

This transformational technology is growing geometrically and is poised for an explosion. IHS Market (a London-based global information provider) predicts that by 2025 there will be 73 billion IoT devices installed[ii]<\/a>. That\u2019s more than 9 per person on earth! With all these devices connected to the Internet, the bad guys are constantly attempting to gain access in order to steal information and steal your stuff.<\/p>\n

Are they secure?<\/h2>\n

With all these advantages, the question becomes what is the risk of installing a smart device? It turns out that there is a lot NOT to like, IF you are not careful. Alas, most IoT manufacturers have no program for disclosing and reporting security issues. A December 2018 report explains that \u201c90% Of Consumer IoT Vendors Don’t Let Researchers Report Vulnerabilities\u201d[iii]<\/a>. That could mean that if you are not technically inclined or are not willing to do the homework, you may want to wait until IoT technology is more mature and secure.<\/p>\n

Here are some of the issues and possible consequences:<\/p>\n\n\n\n\n\n\n\n\n
Issue<\/strong><\/td>\nPossible Consequence<\/strong><\/td>\n<\/tr>\n
No security updates<\/td>\nDevice could be vulnerable<\/td>\n<\/tr>\n
Weak credentials that can\u2019t be changed<\/td>\nDevice is vulnerable<\/td>\n<\/tr>\n
A hacked IoT device<\/td>\nAllows access to your other accounts on your network, identify theft<\/td>\n<\/tr>\n
Remote (unattended!) enablement of stoves, cookers, microwaves<\/td>\nSafety hazard<\/td>\n<\/tr>\n
Self-driving car vulnerabilities<\/td>\nTheft, safety concern<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

\u201cAs an example, an IoT thermostat very likely communicates to a cloud server to provide updates and to control the device remotely,\u201d Jett [Justin Jett, director of audit and compliance for Plixer] says. \u201cIf the IoT security is robust, but the cloud security is significantly lacking, the entire system is vulnerable.\u201d[iv]<\/a><\/p><\/blockquote>\n

What can you do?<\/h2>\n

For those who want to enjoy the benefits of current IoT tech, this may be a good time to do a little online research and get a smart lock for your front door or smart LED lights that turn on at sundown and can be controlled from anywhere in the world.<\/p>\n

If you decide to take a step into the Internet of Things, remember that your smart device will be part of your local network. So, here\u2019s what you should do.<\/p>\n