As the use of IoT devices continues to accelerate, a new report from Asimily highlights the growing cybersecurity risks facing enterprises that fail to properly secure their connected devices. 

The report, titled ‘IoT Device Security in 2024: The High Cost of Doing Nothing,’ analyses emerging attack trends targeting IoT infrastructure and outlines potential consequences for companies neglecting sufficient resilience measures.

With hospitals, manufacturers, government agencies, and other organisations increasingly relying on connected technologies to drive efficiency and boost customer experiences, IoT ecosystems have become prime targets for cybercriminals. Attackers are leveraging unsecured IoT endpoints as entry points to access wider corporate networks and sensitive data.

According to the report, outdated legacy vulnerabilities remain a persistent issue.  34 of the 39 most used IoT exploits are over three years old on average.

Routers make up 75 percent of infected IoT devices, as they provide gateways to access additional nodes on a network. Security cameras, digital signage systems, medical devices, and industrial control systems also rank among the most targeted.

As attacks increase, more cyber insurers are capping coverage payouts and requiring advanced IoT security controls to qualify organisations for policies. Without adequate protections, manufacturers, financial services, and energy companies – now the most targeted sectors – face heightened risks of IP theft, operational disruption, and steep recovery costs from incidents.  

“The rapid adoption of IoT devices continues to outpace security, leaving major gaps in enterprises’ cyber resilience,” said Shankar Somasundaram, CEO of Asimily.

“Organisations that fail to implement a comprehensive IoT risk management strategy and monitor for vulnerabilities risk significant financial, operational, and reputational damage from inevitable attacks.”

By deploying robust IoT security tools and analysing attacker behaviours, the report highlights that enterprises can prioritise and mitigate the most pressing risks within their connected ecosystems. Asimily advises companies to formalise strategies centred on managing critical IoT risks to maximise resources devoted to strengthening cyber defenses.

A full copy of the report can be found here (registration required)

(Photo by Basil James on Unsplash)

See also: 5G RedCap set to dominate cellular IoT growth

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Tags: asimily, cyber security, cybersecurity, Enterprise, hacking, infosec, IoT, report, research, security, study, vulnerabilities