Internet of Things cyber-attacks may cost the UK Firms with €1 Million

The cyber-attacks on the Internet of Things devices may cost the economy of the UK with €1 billion every year, based on Irdeto, a new research firm.

The Dutch security vendor has conducted a survey which states that numerous manufacturing, transport, and healthcare sectors. The findings of the report suggest that attacks on connected kit could cause a loss of €244,000 on an average rate.

In addition to the cost of the headline, more than half of the respondents suffered serious downtime in 2018. By the looks of it, the rate of suffering is a direct result of the Internet of Things attacks. Around 41% of the respondents said that the customer data was compromised during those raids.

The Internet of Things either has a devastating or constructive impact on the physical world. The technological breakthrough has made IoT reach different sectors; it ranges from connected cars, smart homes to drug infusion pumps. Alarmingly, around 28% of the organizations reported Irdeto that they have been suffering from devastating end-user safety. Moreover, the unsafe nature of the end-users is due to concurrent attacks on the cyber domain.

Steeve Huin, the Vice President of Irdeto, said that the unsafe end-points in the Internet of Things acts like low-hanging fruit for the cybercriminals. And if the vulnerable nature of the Internet of Things is not addressed, then it would ultimately lead to a serious financial threat to the United Kingdom's broader economy. So far, several Internet of Things devices which have entered the market; moreover, they have been deployed in multiple businesses. And this brings the need to develop new and improved security measures.

The Internet of Things manufacturers needs to move away from the conventional mindset of building, shipping, and forgetting. The manufacturers need to make sure that the devices are secure in terms of design, numerous layers of security, and uniform security update patches for smooth functioning.

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