A new piece of research has revealed that cyber attacks are happening more often and are more numerous than ever before. As the endorsement of Internet of Things (IoT) devices are on the rise, the study showed that eight in ten companies had encountered a cyber attack on their IoT devices in the last year.
The organization’s Irdeto Global Connected Industries Cybersecurity Survey has quizzed 700 companies in China, Germany, Japan, the UK, and the US to find out more about the way hackers have targeted their enterprises and their IoT devices.
A percent of 90 of the companies whose IoT devices have been targeted in a cyber attack have encountered as a consequence operational dead time and endangered customer information or end-user safety.
The research also found that companies in the transport, healthcare, and manufacturing fields have experienced severe losses because of weaknesses related to IoT, with the medium financial effect of a cyber attack focused on IoT costing over $330K.
Irdeto’s study also implies that the earlier mindset of IoT security as a second thought is slowly changing. Even so, the research shows a serious lack of optimism regarding the future of IoT security in these companies with just seven percent of people participating in the survey stating that their company has the necessary equipment to confront cybersecurity issues.
The research found that 82 percent of the enterprises that produce IoT devices are concerned that their devices do not have the necessary security to protect against possible cyber attacks. In addition, 92 percent of manufacturers and 96 percent of users of IoT devices stated that the security of these devices could be enhanced.
Irdeto’s vice president of IoT Security, Jaco Du Plooy advised organizations saying that in order to protect the company, they should ask hard cybersecurity centric questions to merchants. They should also implement numerous layers of security into their protection system.