The Internet of Things (IoT) is driving huge advances in organizational efficiency, reinventing the customer experience and spurring business innovation and opportunities. But the explosion of IoT devices is also dramatically changing the cyber risk landscape, creating new product vulnerabilities and system exposures for organizations that make or deploy them.
In our new Insight, “The Internet of Everything: Building Cyber Resilience in a Connected World,” we explore how internet-connected devices – from toys and refrigerators, to medical devices and industrial control systems – are introducing or increasing cyber risk for businesses that design, manufacture, service or use IoT products. We also look at ways organizations can prepare for IoT-related cyber risks through the use of IoT risk assessment and review of their cyber and E&O insurance policies.
Among the key findings of our article:
Many smart devices lack strong or even basic security features or product support, such as patching and updates, making them particularly vulnerable to newly discovered hardware and software weaknesses.
Smart technology that connects once-siloed computer systems and devices to the internet can expose organizations to cyber threats they haven’t traditionally considered or mitigated.
Cyber-attacks that interfere with IoT-device functions, such as vehicles or pacemakers, can pose a danger to human life and property.
Policy makers have shown considerable interest in the security of IoT devices and continue to take regulatory and legislative actions to improve IoT cybersecurity.