Security for IoT: Managing Cybersecurity Risks in Connected Devices

The Internet of Things (IoT) has ushered in an era of unprecedented connectivity, integrating devices into homes, businesses, and industrial operations. However, this interconnectedness comes at a price: IoT devices are uniquely vulnerable to cyberattacks, posing significant risks to personal privacy, corporate data, and critical infrastructure.

IoT devices are designed with convenience and affordability in mind, often prioritising functionality over security. Their constrained hardware and software capabilities make them ill-equipped to handle advanced cybersecurity measures, leaving them open to exploitation. Compounding this issue is the sheer volume of IoT devices—over 17 billion globally—creating an expansive attack surface for cybercriminals.

A compromised IoT device doesn’t just affect itself; it can serve as a gateway to larger networks, enabling attackers to steal sensitive data, disrupt operations, or execute further attacks.

Understanding the specific vulnerabilities of IoT devices is key to addressing these risks and implementing effective safeguards. Below are the most common weaknesses that leave IoT devices exposed to cyber threats:

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1. Weak Default Credentials

Many IoT devices ship with default usernames and passwords, which are often left unchanged by users. These credentials are easily exploitable by attackers.
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2. Limited Security Features

Unlike traditional IT systems, IoT devices often lack robust built-in security measures such as firewalls or encryption, making them easy targets.
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3. Lack of Regular Updates

IoT manufacturers may not prioritise timely software updates or patches, leaving devices vulnerable to emerging threats.
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4. Interconnectivity Risks

IoT devices often operate within larger networks, meaning a single compromised device can serve as a gateway to other systems.
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5. Data Overload

IoT systems generate vast amounts of data, much of which is sensitive. This makes them attractive targets for attackers aiming to steal valuable information.

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A Real-World IoT Hack Example: The Ring Doorbell Hack

In 2019, hackers infiltrated Ring smart cameras, spying on families, issuing threats, and harassing individuals by speaking through the devices. While Ring initially blamed users for weak passwords, critics pointed out the company’s failure to enforce strong password requirements or mandate multi-factor authentication at the time. Allegations of compromised credentials from a prior breach further highlighted systemic vulnerabilities.

The incident led to a class-action lawsuit and prompted Ring to improve its security protocols, but it remains a stark reminder of the risks posed by poorly secured IoT devices.

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What the Cyber Security Bill 2024 Says About IoT Security

The Cyber Security Bill 2024 introduces specific provisions to improve the security of IoT devices supplied in Australia. One critical measure is the ability of the Minister to mandate security standards for IoT devices. These standards, detailed in legislative rules, are designed to ensure that IoT products meet baseline security requirements before entering the market.

Key aspects of the Bill include:

• Mandatory Compliance Statements: Suppliers must provide a statement of compliance confirming that their devices meet these security standards.
• Legislative Rules for Standards: The Bill allows for the creation of detailed rules specifying technical requirements, such as secure default settings, data encryption, and software update mechanisms.

While the compliance requirements primarily apply to suppliers, it remains unclear whether businesses purchasing these devices will face additional obligations. Further details on compliance requirements under the Cyber Security Bill 2024 for Australian businesses can be found here.

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What Does the Bill Mean For IoT Suppliers?

The rapid growth of IoT technology brings immense opportunities but also significant security challenges. With regulations like the Cyber Security Bill, IoT suppliers must prioritise cybersecurity to meet evolving standards.

Security must be embedded at every stage of the product lifecycle, starting with designing secure devices. This includes stronger default credentials, encryption protocols, and other measures to address vulnerabilities before products hit the market.

Suppliers are also expected to provide comprehensive documentation to demonstrate regulatory compliance and assure businesses and end-users of their devices' security. Additionally, ongoing updates are essential to address emerging threats, maintain compliance, and build trust.

For businesses, this shift signals a more secure IoT future, but they must also take responsibility by sourcing compliant products and integrating them into their networks responsibly.

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Emerging IoT Cybersecurity Threats in 2025 and Beyond

As IoT adoption continues to grow, so do the threats. The interconnected nature of IoT devices makes them an attractive target for cybercriminals, who are constantly devising new ways to exploit vulnerabilities. Here are some of the most pressing threats on the horizon:

• Botnet Attacks: Cybercriminals can exploit IoT devices with weak security to build botnets—vast networks of compromised devices. These botnets are often used to launch Distributed Denial of Service (DDoS) attacks, overwhelming systems and rendering them inoperable. As more IoT devices come online, the potential scale of these attacks is staggering.
• Ransomware on IoT: Traditionally associated with computers, ransomware is now targeting IoT systems. Hackers gain control of devices and threaten to disrupt operations unless a ransom is paid. This is particularly concerning for critical infrastructure and industrial IoT, where downtime can have devastating consequences.
• Data Interception: Many IoT devices communicate with each other over networks, but if these communications are not secured, they become easy prey for attackers. Intercepted data can lead to breaches, exposing sensitive information and compromising privacy and operational integrity.

The increasing sophistication of these threats underscores the importance of robust security measures across the IoT ecosystem.

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Best Practices for Securing IoT Devices

Securing IoT devices is no longer just a technical challenge; it’s a business imperative. To safeguard your business (and personal) networks, protect sensitive data, and comply with evolving regulations we highly recommend the following for all your IoT devices:

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1. Change Default Credentials

Many IoT devices come with factory-set usernames and passwords, which are often weak and widely known. Replace these with strong, unique credentials immediately upon installation to block easy access by attackers.

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2. Implement Network Segmentation

Isolate IoT devices from critical systems by creating separate network segments. This ensures that even if one device is compromised, the attacker’s access is limited, protecting core business operations.

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3. Regularly Update Firmware

Firmware updates are critical for addressing newly discovered vulnerabilities. Establish a routine to ensure all IoT devices receive timely updates and patches from their manufacturers.

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4. Enable Device Authentication

Require devices to authenticate themselves before connecting to your network. This step ensures that only trusted devices are allowed access, reducing the risk of rogue devices infiltrating your systems.

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5. Monitor IoT Traffic

Use advanced monitoring tools to keep an eye on IoT traffic. These tools can detect unusual patterns or behaviours, enabling you to respond swiftly to potential threats.

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6. Adopt a Zero-Trust Approach

In a Zero-Trust framework, every device, user, and connection is treated as untrusted until verified. This mindset ensures that even if a device appears to be part of your network, it must prove its legitimacy before being granted access.

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Secure Your IT Environment with Superior IT’s DefenderSuite

Securing IoT devices can be complex, but with the right tools and expertise, it’s achievable. This is where Superior IT’s DefenderSuite packages come in.

Superior IT’s DefenderSuite offers tailored solutions to meet the varying needs of businesses, helping companies simplify cyber security, safeguard critical data, and focus on driving innovation without worrying about vulnerabilities. It's an ideal choice for those seeking advanced threat protection and comprehensive security measures.

Contact us to secure your business today.