IoT & Cyber security
The number of connected IOT connections in 2023 was 15.7 billion, and they are expected to reach around 38.8 billion by 2029, including cellular IOT data.
With the proliferation of IOT devices in the market, attaching IOT devices has become relatively easy for cybercriminals.
According to a report by Zscaler in 2023, the number of malware attacks on IoT devices represented a 400% increase from the previous year. Manufacturing sees an average of 6,000 IoT malware attacks every week. The report found IoT malware attacks in the education sector increased by nearly 1000%.
Research done by checkpoint software indicated that in 2023, Europe suffered from the most attacks targeting IoT devices, with an average of almost 70 such attacks per organization every week.
According to PSA certified, the financial repercussions of a successful IoT device attack are substantial, with the cost averaging a staggering $330,000. This underscores the serious financial risk that organizations face from IoT device attacks.
Cybercriminals are using AI to increase the attacks on IoT devices. Attackers are using AI in the following ways:
· The process of scanning for vulnerabilities can be automated.
· Attackers can change their strategy during an attack in real-time in response to any mitigation by the enterprise.
· Automating the analyses of behaviour for IOT devices and users can help find patterns, anomalies, and vulnerabilities.
· AI models and IoT devices can be tricked into making incorrect or unintended decisions through Adversarial attacks
Canada Ecosystem
The manufacturing, mining, quarrying, and oil and gas industries are Canada's most significant contributors to GDP. These sectors are also heavy users of IoT devices, making them prime targets for cyber-attacks. This vulnerability underscores the urgent need for robust cybersecurity measures in these industries.
According to a PWC report on Canadian cyber threat intelligence, in 2022, manufacturing faced the most significant cyber-attacks after services sectors.
A 2023 poll conducted by manufacturing automation in Canada revealed that 54 percent of the respondents admitted to being unprepared.
Advice for Cybersecurity solutions providers
· A deeper understanding of the customer industry and requirements would help service providers provide customized solutions.
· A precise ROI analysis of the cyber security solutions would help solution provider sell their solution quickly.
At Strategy Spark Advisory, we specialize in providing customized intelligence solutions designed specifically for service providers to help understand the Canadian demand landscape for cybersecurity solutions. Let us help you stay ahead of the competition.
Source pwc.com, ericsson.com, weforum.org, zscaler.com, checkpoint.com, psacertified.org, automationmag.com
