Recurrent cases of cyber attacks such as the Dyn Cyberattack in 2016 and the Jeep Cherokee Hack in 2014 are all proof that any IoT device needs a robust IoT security framework in place to avoid any security breach. Any hack into an IoT network can make bring a business to a complete standstill. This can lead to a loss in brand loyalty, loss in revenue, and more, depending on the nature and severity of the attack. In fact, Cyber attacks cost U.S. enterprises $1.3 million on average in 2017. This is a huge figure considering the fact that the average cost of a cyber attack for enterprises grew from $1.2 million in 2016 to $1.3 million in 2017. That’s 10 times higher than the $117K cost of a breach for SMBs. To understand more, read the Importance of IoT Security Compliance.
Components of IoT Security Compliance Framework
Several businesses prefer to outsource their IoT security compliance to third party agencies to ensure that the best minds in the industry are at work to maintain IoT and device security of the organization. However, merely entrusting your security compliance framework with an external body does not mitigate your risk of falling prey to cyber attacks and IoT security breaches. You need to ensure that the compliance framework takes into consideration the following factors in your security audit checklist:
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