Securing industrial and commercial IoT: Vital steps to prevent cyber attacks and data breaches

The implementation of 5G in India's technology sector is set to drive the growth of IoT and edge computing. The market for IoT-enabled solutions is projected to reach $1.1 trillion by 2028. However, the increasing number of connected IoT devices is exposing networks to vulnerabilities, making security a critical concern.
Manish Kothari
  • Updated On Jul 4, 2023 at 02:39 PM IST
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<p>Manish Kothari, Senior Vice President, Silicon Labs<span class="redactor-invisible-space"></span></p>
Manish Kothari, Senior Vice President, Silicon Labs

India's technology sector is at an inflection point, where the implementation of 5G is going to accelerate the new use cases driven by edge computing.

The Internet of Things (IoT) is set to become an integral part of our daily lives our personal as well as work lives. The market for IoT-enabled solutions is expected to reach $1.1 trillion by 2028, with a projected CAGR of 22.8% between 2021 and 2028.

As more enterprises adopt IoT solutions, the number of connected IoT devices (nodes) increases, exposing networks to more vulnerabilities. Once a vulnerable node is compromised, it can be a link to other nodes, leading to disastrous effects, ranging from minor data breaches to catastrophic information leaks. Infrastructure damage can also occur, resulting in network disruptions and loss of valuable services. IoT devices do not have a one-size-fits-all solution to their security problems because of the wide variety of hardware and operating systems.

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IoT is mission-critical, but so is its security. The security measures start from state-of-the-art internal security features that address Internet of Things (IoT) threats, greatly reducing the risk of IoT ecosystem security breaches and the compromise of intellectual property or revenue loss from counterfeiting. Architecting for security at the core of IoT infrastructure protects against scalable local and remote software attacks, which are on the rise due to the surge of affordable and easily accessible tools.

The biggest challenge in IoT security is safeguarding connected devices. Protecting the apparatus is a necessity as customer data and modern online business models are increasingly targets for costly hacks. To stay secure, device makers need an underlying security platform in the hardware, software, network, and cloud. The following is crucial for a secure and smooth shift towards IoT dependency in the industrial sector:

Know your IoT device

A user/company must know about the device. Most users do not understand the functions and security roles that the device or system plays. Identify system flaws and security hazards by gaining insight into the system's devices, sensors, communication networks, and data storage systems.

Authentication systems are vital

Commercial and industrial IoT systems must use strong authentication and authorization methods to prevent unauthorised access to sensitive data and systems. Use, two-step authentication, and a strong password, and do not over utilise it. Ensure your systems cover protocols like access control, role-based access control, and multi-factor identification. This prevents the IoT system and device from showing up in identified devices and safeguards them from internal threats. Authenticated code and security keys, can also help build trust with cloud operators that they are communicating with the intended device, and not a counterfeit.

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Ensure regular firmware and software updates

Regular firmware and software updates are essential in securing industrial and commercial IoT systems. These updates address security vulnerabilities and other bugs that could compromise the security of the system.

Data encryption and modern encryption algorithms

With vast multitudes of an industrial firm’s data being saved online or stored on the cloud, data encryption prevents data from brute forces like ransomware and malware by securing transmitted digital data on the cloud and computer systems.

Segment your network

By segmenting your network, you can prevent an attacker from accessing all of the firm's confidential data and limit them to just one particular function or group of data. Every section ought to require a couple of credentials to be unlocked, which will further limit the attackers.

Take cybersecurity education as a priority

A 2021 Fortinet study found that 42% of respondents had encountered insider breaches, up from 18% the previous year. To increase security, commercial and industrial IoT systems must encourage stakeholder cooperation and information exchange. By doing so, it will be easier to spot possible security threats at an earlier stage to stop them from getting worse.

Physical Security

In order to prevent unauthorised and outsider access to equipment, sensors, and other vital infrastructure, industrial and commercial IoT systems must also assure physical security.

IoT systems used in industry and commerce offer companies a number of advantages, but they also pose a number of serious security risks that need to be addressed. Businesses can guarantee the security of their IoT systems, networks, and data by adhering to these crucial measures, and they can also stop potential security threats from developing into serious problems. These measures will accelerate and ensure a carefree implementation of IoT in the industrial sector, to make work easy and more efficient for future generations.

The author is Senior Vice President, Silicon Labs

Disclaimer: The views expressed are solely of the author and ETCIO.com does not necessarily subscribe to it. ETCIO.com shall not be responsible for any damage caused to any person/organization directly or indirectly.
  • Published On Jul 4, 2023 at 02:39 PM IST
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