Flashpoint: Cyber risk in an Internet of Things world

More data, more opportunity, more risk

The IoT offers new ways for businesses to create value, however the constant connectivity and data sharing also creates new opportunities for information to be compromised. Explore some of the more notable developments in the battle to combat cyber risks.

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Cyber risk in an IoT world

What makes the Internet of Things (IoT) different from the traditional Internet? People, for starters. The IoT doesn’t rely on human intervention to function. With the IoT, sensors collect, communicate, analyze, and act on information, offering new ways for technology, media and telecommunications businesses to create value—whether that’s creating entirely new businesses and revenue streams or delivering a more efficient experience for consumers.

But this also creates new opportunities for all that information to be compromised. Not only is more data being shared through the IoT, among many more participants, but more sensitive data is being shared. As a result, the risks are exponentially greater.

Take the smart home as an illustrative example. Imagine a garage door opener with the added functionality to deactivate the home alarm upon entry. This is a convenient feature for a homeowner entering their home in a hurry. However, now the entire alarm system could potentially be deactivated when only the garage door opener is compromised. The broad range of connectable home devices—TVs, home thermostats, door locks, home alarms, smart home hubs, garage door openers, to name a few—creates a myriad of connection points for hackers to gain entry into IoT ecosystems, access customer information, or even penetrate manufacturers’ back-end systems.

Many technology, media and telecom companies are already grappling with these cyber risk challenges. What are they finding? In this issue of Flashpoints, we’ll take a closer look at some of the more notable developments in the battle to combat cyber risks and take advantage of new opportunities as the IoT expands its reach:

An integrated risk philosophy is not optional

Cyber risk management and innovation must be on equal footing

No global risk standards? No excuse.

Retrofitting can work – but it introduces new risks

Loosely coupled systems can help now—in lieu of an overhaul

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