A Risk Assessment is the Smartest Thing You Can Do
The number of businesses using connected technology and the Internet of Things (IoT) is growing at a fast pace. These days, most organisations are using some kind of IoT technology in their day-to-day operations.
Improved connectivity provides businesses with almost unlimited benefits, from greater efficiency, lower overheads and greater potential for profitability. However, it also introduces new avenues for cybersecurity attacks. The cost of connectivity is that attackers with nefarious intentions are looking to exploit vulnerabilities in IoT technology. That’s why it’s imperative to conduct a risk assessment.
Assessing risk in your organisation is a continuous process of discovering vulnerabilities and detecting threats—from the individual, to individual devices, applications, sites, data networks and the organisation as a whole.
In an ever-evolving cybersecurity threat landscape, security is not a one-time action. Conducting a holistic risk assessment allows for current and future-forward risk mitigation. A good risk assessment includes up-front technical measures along with ongoing practices that enable organisations to evaluate their cybersecurity risks and establish actions and policies that minimise threats over time. Along with finding vulnerabilities, it’s equally important to prepare staff and equip the organisation with processes and practices to respond quickly and efficiently as soon as a vulnerability is discovered.
Security should come standard with your data network with a virtually impenetrable IoT network, you can build in defence by default.
Zero trust is a must
Your data network should use a zero trust model to ensure that unknown entities are not able to gain any access. By design, devices and users are not automatically trusted. Instead, the system constantly checks users and devices when they try to gain access to any data, at both a network and device level.
End-to-end encryption (E2EE) prevents third parties from accessing data while it's being transferred from one end device or system to another. With E2EE in place, only the intended recipient can decrypt the data being transferred. Along the way, it’s secured against any tampering from any entity or service.
IoT technology provider Smarter Technologies owns the private Orion IoT Data Network, the world’s first fully end-to-end IoT low-power radio network solution. This unique and proven system was developed alongside a long-standing involvement in the tracking and recovery of high-value assets such as cash in transit.
Smarter Technologies conducted a cyber risk assessment for the Financial Conduct Authority (FCA), a financial regulatory body in the United Kingdom.
The FCA receives information from many sources, including the Met Police, City of London Police and I-IMRC. These information partners required significant assurances that sensitive information shared would be appropriately secured; otherwise, they would stop sharing information with the FCA.
The FCA were planning to move their business intelligence and information storage to a cloud-based platform. They required assurances as to the risks associated, as well as a secure migration strategy.
Smarter Technologies conducted a full vendor-agnostic IS1&2 Risk Assessment complete with treatment plan, development of a security strategy and ethical phishing roadmap. A specific cloud security assessment fed into the cloud security strategy. The key findings from both of these deliverables were detailed in a report for key stakeholders to discuss the findings and implement a risk mitigation strategy.
A Safer Future for a Connected World
The world continues to be more connected than it has ever been. A holistic, and ongoing focus on cybersecurity is a requirement, not a nice-to-have. Defending against the IoT threats of today and tomorrow requires continual risk assessment to secure your IoT solutions. As the threat landscape evolves, so must you. Partnering with an expert in risk management empowers your organisation to manage risk so that you can focus on harnessing the true business value of your IoT solutions and products.