| | December - 2019ENTERPRISE SECURITY8SECURING IOT APPLICATIONS FOR THE NEXT ERA OF INDUSTRY UNDERSTANDING THE CHALLENGES AND BEST PRACTICES OF IOT SECURITY TO CLOSE VULNERABILITY GAPSBy Srinivas Bhattiprolu, Senior Director, Solutions for Asia Pacific and Japan, Nokia Software [HEL: NOKIA]IoT Security ­an axe to grind for businessesThe Internet of Things (IoT) has today become one of the most popular ­ and probably the most touted ­ trends across both business and technology. It is set to transform the business landscape as we know it, as we expect there to be some 50 billion internet-connected things by 2030. These will comprise dedicated-function objects such as refrigerators, connected cars and homes, and many more. It goes without saying that IoT will have a tremendous economic impact; transforming organizations into digital enterprises and enabling new business models, enhancing productivity and client experiences. However, the ways in which enterprises can realize any benefits will be diverse and, in some cases, laborious, as IoT is introducing a gamut of security and privacy risks to the IoT eco system. To add to the challenge, IoT security is beyond the skillsets of traditional IT leaders, as it involves the management of physical devices, rather than purely virtual assets. Research by Gartner shows that by 2020, more than 25% of identified attacks in enterprises will involve IoT, yet the budget allocations on IoT security are insignificant today. With IoT projected to provide an opportunity worth nearly 2.25 Trillion USD by 2025, every organization is jumping on this bandwagon to take advantage of this enormous potential and communication service providers will be at the forefront of this charge. However, very few organizations are focused towards implementing a holistic and an all-inclusive security framework for their IoT offerings. The pressing need to secure IoT applicationsDuring the infancy stages, IoT solutions managed to get away with making security an afterthought. Yet, that approach can no longer be accepted as IoT has now become part of the mainstream and making its way into mission-critical systems. To illustrate, incidents involving Trendnet's SecurView camera, St. Jude's cardiac device and Jeep Cherokee have demonstrated how successful IoT attacks can result in significant financial, reputational damage. In worse cases, they can be life threatening as well. From a security perspective, a geographically distributed structure of IoT requires data communication: which typically has associated risks across the CIA triad (confidentiality, integrity and availability). The diversity of technologies enmeshed in an IoT system therefore has the potential of introducing a range of vulnerabilities. To secure an end-to-end IoT system, it is necessary to grasp the vulnerabilities and exploits concomitant with individual components, as well as the whole system, including human elements. This requires a comprehension of the In My Opinion
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