Open scene on a mysterious figure furiously typing away at a keyboard. He/she is not only mounting a massive hacking attack which will shut down access to many of the world’s biggest websites and immobilize a huge portion of the internet, but is doing it all using the personal video cameras, televisions, DVRs and routers of hundreds of thousands of unsuspecting individuals.
It may sound like the stuff of the latest blockbuster techno-thriller, but this was exactly the scenario that played out during last fall’s distributed denial of services (“DDoS”) internet assault on domain name system (DNS) host Dyn. Even more alarmingly? While this was the largest cyberattack of its kind, it wasn’t the first. And it won’t be the last, either, according to security experts.
Technology continues to transform how the world functions. This is largely for the better: We can accomplish things more efficiently and effectively thanks to these advancements. This is no better exemplified than when it comes to the Internet of Things (“IoT”). In fact, according to the Global IoT Report 2017, “IoT Strategy: Insights from Early IoT Adopters,” a full 100 percent of senior IT and business decision makers expect to see benefits from increasing their use of IoT.
Meanwhile, Cisco’s EVP of Industry Solutions Wim Elfrink predicts that IoT has the potential to increase global corporate profits by more than 21 percent by the year 2022, as reported by digital consulting firm Atlantic BT.
But just as all progress is accompanied by new challenges, so is the exponential growth of IoT. And while its benefits for ease, productivity, decision-making and revenue generation are undeniable, there are also obstacles in the way. Topping the list? Security and privacy.
IoT is here to stay—in fact, the digital marketing experts at CMO forecast that the number of internet-connected things will reach 50 billion by the year 2020. And while October’s DDoS attack exposed the vulnerabilities of IoT, it did more than that: It also highlighted the value of cybersecurity in our increasingly digital world.