Date published: October 10, 2024
Despite the rapid proliferation of Internet of Things (IoT) devices now considered integral to today’s modern enterprises, the need to protect digital operations significantly lags behind. Luckily, the core elements required for strong IoT protection are an innate part of Verizon’s mobile device cybersecurity capabilities.
Today, the use of IoT devices has become nearly ubiquitous, with 95% of organizations using them in some capacity and 62% having mature, full-scale deployments, according to the 2024 Mobile Security Index (MSI).
These devices are essential in industries ranging from manufacturing to healthcare, providing real-time visibility and enabling data-driven decision-making. At the same time, rapidly expanding IoT growth also generates a host of evolving security challenges that are forcing organizations to continually adapt and improve their defenses.
Despite high confidence in their mobile defenses, many organizations face a disconnect between perceived and actual security. In the 2024 MSI, 67% of respondents say their current mobile device security measures are very effective. At the same time, however, 53% of respondents have experienced security incidents involving mobile or IoT devices that resulted in data loss or downtime.
This gap underscores the need for organizations to embrace a robust security culture that focuses on education and awareness programs to ensure that employees understand the risks associated with IoT devices and are equipped to manage them effectively. “It’s crucial to educate employees about the risks associated with IoT devices and ensure robust security measures are in place,” said Lorna Jones, Verizon’s Senior Manager of IoT Security Product Management.
Verizon’s comprehensive IoT security capabilities are designed to help organizations address these security risks and safeguard modern enterprise operations.
Many IoT devices lack strong authentication mechanisms and often transmit and store unencrypted information making them particularly vulnerable to exploitation. “The lack of strong authentication and encryption in many IoT devices makes them vulnerable to being hijacked by botnets,” said Sam Junkin, Director of Cybersecurity Consulting for Verizon.
Another significant issue is the use of default usernames and passwords, which make IoT devices easy targets for attackers. The 2024 MSI reports that 53% of IT departments do not have oversight of IoT projects, and 63% of organizations do not centrally coordinate IoT projects, leaving substantial security gaps. In addition, 31% of respondents report having no systems in place to automatically track and patch all IoT devices, indicating that those organizations are shouldering significant risks.
The report also highlights that only 39% of respondents have defined organization-wide IoT standards, and even fewer (37%) say their organizations centrally coordinate IoT projects.
This lack of standardization and coordination exacerbates the security challenges organizations face when managing IoT devices across their networks.
Critical infrastructure sectors, such as energy, public services, manufacturing and healthcare face unique security challenges due to the essential nature of their operations and the sophisticated threat actors targeting them. In the 2024 MSI, 96% of critical infrastructure respondents reported some degree of IoT adoption, with 87% believing that a security breach involving mobile or IoT devices would have a substantial impact on their business.
In the manufacturing sector, the focus on operational technology (OT) and safety often overshadows cybersecurity concerns. “Manufacturing facilities are now realizing the significant role cybersecurity plays in helping secure operations and retaining physical safety measures,” Junkin explained.
According to the MSI, 82% of manufacturing respondents agree that a security compromise could disrupt their company’s supply chain, bringing serious financial implications.
Similarly, the healthcare sector is also ramping up IoT use, which heightens its vulnerability to targeted attacks. “Healthcare’s increasing adoption of IoT technologies is directly linked to its heightened vulnerability to cyberattacks,” Junkin said.
In the MSI, 92% of healthcare respondents agreed that the highly confidential nature of patient data makes their organization a prime target for cybercriminals.
Verizon’s Mobile Private Network (MPN) solutions secure IoT traffic by directing it to protected environments, such as data centers and cloud services. This approach helps organizations minimize the risk of unauthorized access and ensures that sensitive data is transmitted securely.
In addition, 5G technology is considered crucial to the proliferation of IoT devices, offering faster data processing and reduced latency. Verizon’s 5G network includes built-in security features that enhance the protection of IoT devices. Verizon’s 5G network enhances IoT security through encryption, network virtualization, and tailored security protocols that reduce vulnerabilities and protect against unauthorized access. “5G is essential for handling the vast amount of data generated by IoT devices. Its speed and low latency are key for processing and transferring this data effectively,” Junkin explained.
Also, Verizon’s IoT Security Credentialing solution provides a digital identity for each device, helping to secure network access and protect against unauthorized use.
Verizon’s IoT security strategy follows leading industry guidelines. “Our IoT security strategy is married to our overall security strategy, following all recommended best practices from agencies such as NIST and constantly monitoring for threats,” Jones explained.
The Zero Trust security model is essential for securing IoT environments, requiring that all devices, users, and connections are continuously authenticated and monitored. Verizon’s Zero Trust approach involves multiple steps to address IoT cyber threats, such as establishing a baseline of current security capabilities, identifying gaps in IoT security, and mapping solutions to IoT security priorities.
By prioritizing the implementation of Zero Trust principles, such as least privilege access and continuous monitoring, organizations can significantly reduce the attack surface and help prevent unauthorized access to critical systems. Verizon can help deploy Zero Trust so organizations can better protect their IoT ecosystems and integrate effective security measures into their daily operations.
To effectively secure IoT devices, organizations should implement device authentication, encrypt data in transit and at rest, and keep device firmware updated. “Best practices for IoT security include multi-factor authentication, encryption, and vulnerability management,” Junkin explained.
Organizations must also inventory their IoT devices, continuously monitor for threats, and maintain a comprehensive tracking system.
In the 2024 MSI, 69% of respondents said they have systems in place to track and automatically apply security patches to all IoT devices. And 70% of IoT users have applied role-based access control to provision access to their devices.
As the use of IoT devices expands, robust security measures will be essential to protecting organizational assets and data. Verizon’s comprehensive IoT security solutions provide the tools and strategies you need to help lower risks and better safeguard enterprises.
The integration of AI and machine learning into IoT security strategies is expected to become increasingly important. “While AI and machine learning haven’t reached the same adoption rate as IoT, they are experiencing explosive growth,” said Junkin.
And according to the 2024 MSI, 88% of respondents recognize the increasing importance of AI-assisted cybersecurity solutions.
Verizon’s comprehensive IoT security solutions provide the tools and strategies that CISOs and security leaders need. Increasingly these leaders find they must prioritize IoT security to stay ahead of evolving threats. Verizon remains committed to advancing IoT security measures, including the implementation of Zero Trust principles and continuous monitoring solutions.
For more insights into the benefits of Verizon’s solutions, visit our site for IoT and Zero Trust.
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