Problems With the Internet of Things You Need to Know

The Internet of Things is a nexus of devices and services that allow for data exchange. These devices range from home appliances— whether furniture, coffee makers, or agricultural machinery— that can be implanted with various software and means of electronic connectivity. To put things into simpler terms, everything and anything can be adjusted to connect to the internet and become part of the web. Thus, this network spans a large number of devices that also includes people and their interactions via the internet.

The idea behind IoT is to create a system that stores all data required by human beings without having a direct hand in collecting it. Research suggests that the impact of IoT on the world will be monumental in upcoming years. The growth in its influence and application can be assessed from consumer patterns for entertainment and media, infrastructure and energy management, agriculture, transportation and even medical care. Given the current trends, the impact of IoT on human life is increasing exponentially and will only continue to rise.

However, questions have emerged simultaneously on the dangers and potential risks of inculcating the IoT into all aspects of human life. Here are some of the problems with the IoT:

1. Security

One of the greatest threats to the IoT comes from the strain put on the global system of information exchange that the IoT relies upon. The Global Risks Report of 2018 highlights the menace of cyber-attacks and the danger to all interconnected enterprises if the IoT is compromised as a result of internal weaknesses. Clouds will be the first to be compromised as security regulations are still not fully developed given how severe the issue. The Annual Economic cost of cybercrime is estimated to be around 1 trillion US dollars, which supersedes costs of natural disasters such as Hurricane Sandy and Katrina.

The recent rise in ransom-ware is expected to pose a serious security threat, for cloud vendors and service providers will be the prime targets. The nature of cloud activity is known for being complex given the numerous clientele and the variations of enterprises it caters to. Therefore, interconnectivity can also serve as a disadvantage to various enterprises if the cloud is compromised.

Security threats also encompass Artificial Intelligence-based devices and services. Experts suggest that malware is now becoming better at evading detection via AI. At a contrast, some argue that AI is limited due to the lack of human intervention in its activities, which also affects its performance when it comes to identifying cause and effect in an investigation. Thus, AI might not be equipped enough yet to deal with the rapidly increasing problems that are facing the cloud and IoT in the face of cyber-attacks.

2. Privacy

Another pressing issue with the IoT is that of user privacy. Not only is hacking a security breach, but also a violation of consumer privacy. A recent study at the University of Glasgow shows that consumers are largely unsatisfied with the lack of privacy the IoT allows them. As users have grown more aware of the extent of cyber-surveillance, they have begun taking their privacy more seriously and thus demand that the ultimate control over their data should remain with them. An increased corporate transparency is needed to ensure that user data is not vulnerable to others.

3. Internet Walls

The risk of losing important data via hacks is a dangerous proposition not just for corporations, but also for nations via cross-border attacks. The World Economic Forum predicts that these attacks will propel nations to create internet walls that will limit the activity of the IoT to particular regions. Moreover, nations will eventually be motivated to protect their economic interests as governments cannot operate freely in a global system of online companies and enterprises. This ultimately compromises the very idea of the IoT as barriers prevent the unregulated exchange of data that many corporations demand. Regulations such as this will also serve as an obstacle to technological advancement by substantially slowing it down.

4. Cloud attacks

Observing the traces of this digital war, it is highly likely that the next potential threats to IoT would be cloud networks. This is because cloud networks have the biggest data stocks to run the IoT. According to recent statistics, the annual economic cost of cybercrime was estimated around $1 trillion in 2017, which is a multiple of 2017’s record-year aggregate cost of almost $300 billion from natural disasters. To comprehend the magnitude of the problem, the World Economic Forum report quotes a study that put forward the takedown of just one cloud provider could cause $50 billion to $120 billion of financial damage.

5. Understanding IoT

Rapid growth in technology has resulted in a limited understanding of the IoT. For consumers to make use of the internet and all that the IoT has to offer, it is essential to work upon their awareness of the changes taking place within IoT to make it more efficient. Not only will the comprehension empower them, it will prepare them mentally and they will possibly be able to find solutions on how to take caution from any of the mentioned problems.

6. Lack of Confidence

According to the latest research report shared by the State of IoT Security, which was released at the end of October, showed the following information:

• 96 percent of companies and 90 percent of consumers believe there should be IoT security code of practice.

• 54 percent of consumers possess an average of four IoT devices, but then again only 14 percent consider that they are familiar with IoT device security.

• 65 percent of consumers are petrified about a hacker monitoring their IoT device, whereas around 60 percent are fretful of their personal or professional data being leaked.

Conclusion

It's quite evident that organizations all over the world are boarding onto IoT-driven digital transformation ventures to drive competences and business suppleness, in addition to better meet the demands of their customers and citizens. There might be risks to these ventures, but, nonetheless, if coped appropriately, organizations could be further assured and the road to IoT victory and efficiency should be impartially smooth.