Why Data Safety Matters in the Internet of Things
Securing your information infrastructure against breaches
Big Data and the Internet of Things (IoT) are transforming the way businesses interact with their customers. Companies can collect and analyze massive amounts of customer data to power web applications, smartphone apps, and connected devices to provide hyper-personalized service.
With great opportunity comes great challenges, though. The same technology that allows businesses to provide hyper-personalized service to customers can also increase the risks of data breaches and information security incidents.
Cybersecurity incidents can be costly. A 2018 Experian Data Breach Resolution/Ponemon Institute LLC study found that the average consolidated cost of a data breach is $3.62 million. The rise of connected devices and cloud-based technology continues to increase the risk of data breaches according to the research:
Proliferation of cloud services and lack of visibility are the biggest barriers to improving IT security’s ability to respond to a data breach. …Respondents recognize the difficulty in dealing with the proliferation of cloud services and the lack of visibility into end-user access of sensitive and confidential information as serious barriers to responding to a data breach.
Businesses that depend on cloud-based technology aren’t just responsible for protecting their own networks. They have to deal with securing their interactions with a whole ecosystem of third-party services and applications. The requirements of the European Union’s (EU) General Data Protection Regulation (GDPR) that went into effect in May 2018 further complicate matters.
In a Forbes article, Rishi Bhargava writes that the proper information security requires many businesses to move beyond their own expertise, compounding security risks:
It’s difficult for organizations to achieve competence in multiple fields. Whenever product companies make an IoT-enabled device, they struggle to reconcile their expertise in their original industry with their unfamiliarity in internet connectivity and security. This results in manufacturers having outdated (if at all) OS and patching features on their products, being lax with password protection and changes and having no regular software update mechanisms to communicate to their customers.
These risks make it vitally important for businesses to find qualified project management and data protection partners. At LMS, our team members have years of experience guiding businesses through the development of secure digital backbones needed to power innovative technology while protecting consumer data. To learn more, reach out to us today at [email protected]