The expected growth in the IoT market will increase security risks and make organisations and people more vulnerable to hackers, according to Dave Worrall, the CTO of Secure Cloudlink.
Worrall feels that passwords should not be used as a means for authentication as they are outdated and will not be able to cope with the rise of IoT. According to a recent research, the IoT market is expected to increase from $598.2 billion in 2015 to $724.2 billion by 2023. With the rise of IoT come large deposits of data, which can form appealing targets for malicious hackers.
This, combined with IoT communicating frequently across a greater proliferation of devices, opens up an increased risk of cyber-crime. “With any rapid technical revolution, such as IoT, security is often the last element to be updated,” said Worrall.
He added smart homes that are filled with connected devices like smart fridge can offer hackers access to personal and credit card information, while smart buildings can be targeted by hackers to gain illegal entry or to steal company data. “Put simply, designs that were once appropriate have not been updated to keep up with today’s increasingly digital and connected economy,” said Worrall. “It only takes one password to compromise an entire IoT network, therefore changing this more regularly is simply not enough, especially considering that passwords are still one of the most common causes of data breaches.”
Naturally, there is a reason why Worrall is speaking out. The patented technology from Secure Cloudlink features unhackable security technology and biometric technology, so there is no need of creating, storing or transmitting passwords. In the context of IoT, Secure Cloudlink does two things; firstly, it controls the access to the IoT device, so only the right authorised person is able to use it, and secondly, the company provides secure communication between IoT devices with zero overheads.
Interested in hearing industry leaders discuss subjects like this and sharing their IoT use-cases? Attend the IoT Tech Expo World Series events with upcoming shows in Silicon Valley, London and Amsterdam to learn more.