2020 could be the worst year for losses incurred on account of IoT breaches
According to official reports published last year, frequent IoT breaches generally cost the British economy more than £1 billion per year on average. As Covid-19 has pushed almost everyone towards smart devices in 2020, that amount can only be expected to reach alarmingly high figures this year.
Why 2020 will be an even worse year in terms of losses incurred due to IoT network breaches
More and more companies are being pushed towards taking a digital route to commence with their business needs due to the ongoing pandemic, which has not slowed down to any significant effect. As a result, the following can be inferred:
- Both usage and adoption rate of IoT hardware has already increased and will continue to increase throughout 2020
- A natural increase in breached LoraWan networks is expected, simply on account of increased usage
- A large number of new users will enter the interconnected world of IoT, without a proper understanding of how important LoraWan gateways are for security
- Work-from-home models will make it even more difficult for companies to prevent all IoT network breaches
Understanding the threat
LoraWan networks are low powered connectivity protocols which smart IoT devices use to connect with the internet, without requiring an active, traditional internet connection such as Wi-Fi or cellular network. This means that without the security of dedicated hardware gates that can restrict these networks from accessing the web without authorisation, they can easily be accessed by unauthorised personnel with the right skills.
It must be understood and realised that the situation has changed drastically for companies due to the Covid-19 outbreak. While a single office building protected by LoraWan gateways was previously enough on most occasions to prevent external parties from hacking into a stray IoT network, it isn’t so anymore. Remote working has opened up the opportunity for hackers to exploit unprotected IoT networks from multiple locations. For example, if a company has 30 remote employees, they now have 30 potentially vulnerable points that must be secured or closed off completely.
On UKIoT, you’ll see encrypted LoraWan gateways such as the MatchX MX1701, which was specifically designed to handle heavy, commercial workloads. Any office that has a significant number of IoT devices and internet traffic will be able to greatly reduce their risks of getting hacked by installing commercial-grade LoraWan hardware gates like that. What is more interesting is that they also have more affordable models such as the LG01 or LG02 to secure home-based work environments. This is going to be crucial in protecting IoT breaches, even when there are multiple access points to exploit.
Preventive measures on a granular level will be necessary to prevent as many IoT breaches as possible
Preventive measures must come in the following forms if the British economy hopes to save itself from an unprecedently severe hit by IoT breaches alone. As mentioned by experts on multiple occasions already, the following should be considered a necessity:
- Every office network and employee home network must be protected by LoraWan gateways
- Employees working remotely should be made aware of both the dangers of IoT breaches, as well as the importance of installing affordable IoT access points
- If required, each employee working remotely should be supplied with a gateway device
Although the situation does look quite grim, with robust safety and awareness protocols in place, the hacks can still be kept to a minimum. SMEs in particular, have a manageable task ahead due to their comparatively smaller size, but they are also, at the same time, the most likely to be targeted.
