Viakoo, a provider of IoT security has released findings from its 2024 IoT Security Crisis: By the Numbers. The survey, commissioned by Viakoo, uncovers insights from IT and security executives, exposes a dramatic surge in enterprise IoT security risks. The research highlights a critical missing piece in the IoT security technology stack. Viakon says the clarion call is clear. IT leaders urgently need to secure their IoT infrastructure one application at a time in an automated and expeditious fashion.
Increased IoT security threats
IoT application and device systems are critical to the profits and operations of many organizations. As cybersecurity threats grow, IoT systems remain vulnerable due to missing pieces in enterprises’ current technology stack. In surveying IT leaders across a range of organisations, it’s clear that poor IoT security is causing serious issues:
- 95% of IT leaders have an IoT security plan in place, but only 51% feel confident in their efforts.
- 55% of IoT cyber incidents could have been prevented with better security measures.
- 50% of IT leaders say IoT is the weakest part of their security.
- 50% of companies have experienced an IoT cyber incident in the last 12 months, of which 44% were serious, and 22% threatened business operations.
The Right Technology Stack for IoT Security
IT leaders are focused on improving IoT security, but their current technology security stack is missing key pieces:
- 90% of IT leaders believe that agentless security solutions are the foundation for successful IoT security.
- 93% of IT leaders use agentless network-based asset discovery to help remediate IoT vulnerabilities. However, only 35% feel they are successful with these efforts.
- Over two-thirds (71%) of IT leaders wish they started their IoT security plans differently so they could remediate vulnerabilities faster.
- 83% of IT leaders agree their attack surface grew one application at a time, and should be remediated one application at a time
“The IoT attack surface was built one application at a time. It is growing one application at a time,” said Bud Broomhead, CEO of Viakoo. “Viakoo’s 2024 IoT Security Crisis: By the Numbers findings reinforce the criticality of securing IoT infrastructure one application at a time, and in an automated and rapid fashion.”
Growing investment, lack of confidence
IT professionals recognise the threat IoT presents to their business. Based on the survey results, the top emerging IoT threats for IT professionals include data breaches (69%), ransomware attacks (60%). This is followed by supply chain attacks (45%), and Denial of Service (DDoS) attacks (42%).
IT leaders plan to increase spending on security stacks in the following year. However, they lack the knowledge and confidence to make informed decisions on filling security blind spots:
- 87% of companies spent more on IoT security in 2023 compared to 2022.
- 89% of companies plan to spend more on IoT security in 2024 compared to 2023.
- Only 63% of Boards feel they have enough information on IoT security to make informed decisions.
Methodology
The report yielded responses from 150 US IT leaders at companies that use IoT. An independent research firm conducted the survey in November 2023.
Last April, Utimaco released new consumer research that has found a low level of trust around Internet of Things (IoT) devices. The research suggested the need for more education into how smart devices are secured with the latest digital security solutions.
Enterprise Times: What this means for business
The data spilling out from this research spotlights how IoT applications and device systems that organisations rely on are vulnerable. Furthermore, they are being attacked. Worryingly, the survey highlights how applications and systems lack the focus on cybersecurity that traditional IT systems have.
While there may be board-level visibility into IoT security and internal discussions between the managers of IoT systems, most organisations lack the proper technology solutions, reporting, and governance to ensure that IoT systems are always visible, operational, and secure. So it is not too surprising from one of the key headline stat from Viakoo’s research.
71% of IT leaders wished they had started their IoT security plans differently. so they could remediate vulnerabilities faster. As Viakoo’s CEO, Bud Broomhead, emphasised, there is an importance to securing IoT infrastructure one application at a time. Additionally, in an automated and rapid manner.
