Since 2018 the price of IOT connected devices such as the Google Home or Amazon Alexa has halved. It was still a popular present on last year’s Christmas list, and we should soon find out the figures as to how many devices were actually sold during 2019. Looking forward, it is expected that by 2025, IOT connected devices on the planet will reach a whopping 64 billion according to a recent report by Insider. That’s up from about 10 billion in 2018 and includes appliances, security and energy equipment being top of the list.
The challenge is, how safe are IOT connected devices?
Currently, IOT connected devices are recognised as the weakest link in our home networks as often manufacturers and suppliers do not re-iterate the importance of cyber security. This has led to an increase in ransomware attacks whereby hackers gain entry through the devices and into other connected equipment such as laptops and smartphones which often hold more important data.
The most critical piece of information to remember when connecting any new IOT device is to update the factory default password which is supplied in the set-up. The problem is that we are often so keen to get the device up and running, that we overlook the importance of the password.
Not only does this issue resonate in the home but at work too. As more businesses and office premises utilise IOT connected devices within their daily duties, it is important that the equipment is properly secure and especially when introducing to the office or factory floor. This will prevent private information from becoming hacked – an avoidable situation that could have major implications on a business.
Do you use IOT connected devices within your business or are you manufacturing IOT homeware? Here at Crendon Insurance Ltd we provide IOT insurance to businesses, manufacturers and innovators so that they may secure their products in the correct way prior to delivery through retail chains. To find out how we will support your company, please get in touch or see our IOT website page for more details.
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