IoT Devices and Cybersecurity Threats

The Internet of Things (IoT) has increased over the past few years. By 2030, over 25.44 billion IoT devices will be connected worldwide, outpacing non-IoT devices since 2020. Homeowners are adopting smart devices at a rapid rate, and it has also formed a crucial part of industrial automation.

However, with this widespread adoption of IoT devices comes inherent security risks. Cybercriminals can interfere with the processes and access valuable personal information through IoT devices.

This article will take a closer look at five main cybersecurity threats to be aware of and how to protect yourself from cyberattacks.

5 Cybersecurity Threats for IoT Devices

1. Ransomware

IoT devices are very vulnerable to data theft. This vulnerability can lead to cybersecurity threats like ransomware attacks.

Ransomware attacks are when a hacker gains access to personal data and holds it “ransom” until payment is made. This payment is often requested in the form of cryptocurrency.

Ransomware attacks on IoT devices usually don’t involve holding onto information. Instead, it blocks the device’s functionality. This attack can include stopping cameras from working or mics from recording. A ransomware attack might shut down an industrial device at a larger scale, halting business operations.

2. Botnets

A botnet is a computer network controlled by one or a group of cyber attackers. It can include thousands of devices. These devices use bots to send malware to unsuspecting victims or perform DDoS attacks (more on that below).

IoT devices are easily targeted by malware due to a lack of security measures in their operating systems.

Installing malware on a single IoT device won’t benefit a hacker much. However, they can use several IoT devices to form botnets, which they use to carry out attacks on other devices or systems in the network.

3. Shadow IoT

Shadow IoT refers to IoT devices that are in use but have not been authorized. They could be personal devices (like a fitness tracker) or company equipment (like a wireless printer).

These devices pose significant cybersecurity risks, primarily if used within an organization. If the devices are not configured to meet security standards, they could provide cybercriminals with undetected access to the company’s network.

4. DDoS attacks

Distributed Denial of Service, or DDoS, attacks happen when hackers access IoT devices to create botnets. These botnets then launch DDoS attacks, where a server is flooded with internet traffic. This attack prevents users from accessing specific targeted sites or services.

While IT struggles to get a site back online, it becomes vulnerable to hacking.

5. Poor authentication

Poor authentication on IoT devices—like weak passwords—makes these devices vulnerable to hacking. Cybercriminals can access smart home devices to create botnets, gather personal information, and disrupt functionality.

Real-World IoT Attacks

Let’s look at some real-world incidents where IoT devices were hacked and the consequences of these attacks.

1. Mirai Botnet

This is the largest-ever DDoS attack launched on a service provider. In 2016, hackers used an IoT botnet to attack Dyn. This attack caused notable sites to go down, including CNN, Reddit, Twitter, and Netflix.

The malware used was called Mirai. Once a computer was infected with Mirai, it searched online for IoT devices using default usernames and passwords and then infected them with malware.

The devices included DVR players and cameras.

Modern iterations of Mirai malware are still around, targeting IoT devices like routers, which shows their scary potential for DDoS attacks on a massive scale.

2. Ring Security Breaches

Ring experienced a severe IoT security breach when hackers accessed several video users’ doorbells.

Cybercriminals used default usernames and passwords to access the live camera feeds and communicate through the devices. And that was just the beginning.

ALPHV (an infamous hacking group) reported that they were able to breach Ring’s data and hold it hostage until the company paid up. Ring, of course, denied these claims.

3. The Jeep Cherokee Hack

In 2015, Jeep was involved in a hacking incident. Two security experts demonstrated how they could remotely access a Jeep Cherokee, stop the engine, and switch on the radio and windshield wipers.

This resulted in a product recall of over a million Jeep Cherokees.

How To Protect IoT Devices From Cyberattacks

Below are steps that can be taken to prevent IoT attacks:

Good cyber hygiene: Use unique passwords and don’t share personal info online.
Secure network: Use a secure WiFi network with a strong password. Change the WiFi network name from the default name. Encrypt web traffic in the WiFi settings.
Use a guest network: Some IoT devices need to be on the same network as your phone or computer, but if that’s not the case, use a guest network to run IoT devices.
Understand privacy settings: Some IoT devices allow you to control who has access to the account from the privacy settings. The more people with access, the more vulnerable the device is to attack.
Update software: Tech companies know cybersecurity threats and are constantly issuing patches to enhance security. Device owners should update software to install these patches to prevent cyber-attacks.

The Impact of Smart Home IoT Security Threats On Homeowners

Cybersecurity threats to smart home IoT devices go beyond privacy concerns and botnets. It can also affect a homeowner’s financial standing.

A cyberattack can result in identity theft or financial fraud, which could damage your credit score. This crime can then impact your financial standing, like if you were to apply for FHA loans or have your mortgage refinanced.

The value of a home can also be diminished if the IoT devices installed are considered vulnerable.

For this reason, homeowners need to prioritize the security of their IoT devices. This includes updating software, creating strong passwords, implementing multi-factor authentication, and taking network security measures.

Conclusion

IoT devices are revolutionizing our daily lives and how companies operate. But with modern tech innovations come cybersecurity risks. The connectivity of IoT devices creates vulnerabilities where hackers can access personal information or create botnets to launch malicious malware attacks.

Fortunately, there are accessible ways to secure your IoT devices to keep them safe from cyberattacks, like using strong passwords and a secure WiFi network.