Top 5 Ways to Ensure Cybersecurity in the Age of IoT

Despite many instances of hacking and other malicious online activity, a vast majority of the businesses are still clueless or undecided about cybersecurity. Meanwhile, implementing an effective cybersecurity strategy is fairly straightforward and comprehensive.
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The rising rate of digitization has resulted in an increased demand for enhanced cybersecurity skills and processes that can easily cater to the rising challenges posed by IoT. In fact, increased adoption of IoT has necessitated that companies build capabilities which are efficient enough to meet the ever-changing demands of the industry.

Why are several organizations lagging in their cybersecurity strategy?

Amit Sharma, our lead analyst in ICT, is of the view that often companies fail to recognize what component of their organization is responsible for creating a cyber secure environment. Frankly, the responsibility begins right from the product development stage and ends with the sales team. Often, the product managers lack the expertise needed to deal with the various aspects of cybersecurity, thereby making it rather problematic to allocate various security related responsibilities within the team.

Lack of standards for processes and technical skills is another major reason why several organizations are lagging in their approach to cybersecurity. There are so many workplaces where the IoT security standards are almost non-existent. In places where these standards do exist, the implementation part is bad, solely due to the lack of skilled workforce.

And, most of all, what makes the entire process of implementing cybersecurity solutions difficult is the lack of prioritization on the part of the management. There are few companies where the stakeholders give the deserved priority to security IoT applications and allocate resources accordingly.

Five ways to ensure cyber security

#1 Choose the right IoT security based on one’s business model

As a matter of “hygiene”, a basic range of IoT security is needed in almost all the organizations. But, to build a system that is cyberproof, a clear understanding of your business model is the first step. It is very important to choose IoT security solutions which align with your business model and enable fruitful monetization. Cybersecurity solutions, thus, need to be selected based on the risk aspect of that specific business.

#2 Right allocation of responsibility

As discussed in the earlier part of this article, often, organizations fail to allocate clear roles and responsibilities of IoT security – especially evident in the case of supply chain management. Also, the decision makers in the organization should realize that IoT applications demand a holistic cyber protection plan which covers the entire IoT stack. Therefore, it is crucial that all key decision makers in each IoT stack be trained to understand the pitfalls which the product could potentially face.

#3 Impart rigorous training to the resources

The best way to keep the workforce in-the-know about the latest updates in the cyber protection is by organizing trainings on a regular basis. Cybersecurity is a long-term process, and this is precisely why experts hold the view that decision makers should focus on enhancing the skills and mind-set of the workforce. Also, a culture needs to be built in the work area that places due importance to following the “hygiene”, and exposing employees to cross-system training.

#4 Pull in regulators and other industry players on the same platform

It is vital that businesses, regulators, and fellow industry players are on the same page when it comes to following cyber protection measures. Industry specific standards make the task of cybersecurity quite uncomplicated. The need of the hour is to establish industry specific IoT security standards, which are accepted by all the players as well as regulators so that right action be taken in case of any security mishap.

#5 Have a post-breach plan in place

This is another major area where most organizations lag miserably. A post-breach plan is one of the cornerstones of a practical cyber protection strategy. The plan may involve external security researchers, disaster-recovery solutions, and a transparent issue redressal blueprint. This way, in case of any mishap, there is already a process available which can be followed to contain the loss.

Check out the Technavio report featured in this article :

Global Cyber Security Market 2017-2021-150x193

Global Cyber Security Market 2017-2021

Aug 2017

73 Pages

SKU: IRTNTR14831

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