The Internet of Things (IoT): A New Era of Third-Party Risk
Ready or Not IoT Third Party Risks have Arrived
Efforts to mitigate third party risks in the IoT ecosystem are lagging
“More and more enterprises are turning to IoT to improve business outcomes and this growth is creating a breeding ground for cyber attacks,” said Dr. Larry Ponemon, Chairman and Founder of the Ponemon Institute. “What’s shocking about these findings is the complete disconnect between understanding the severity of what a third party security breach could mean for businesses, and the lack of preparedness and communication between departments.”
According the research, companies are relying on legacy technologies and governance practices to address potential threat vectors, with 94 percent indicating they still use a traditional network firewall to mitigate threats. Such risks include the ability of criminals to harness IoT devices, botnets to attack infrastructure and launch points for malware propagation, SPAM, DDoS attacks and anonymizing malicious activities.
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