The Verizon Mobile Security Index 2021 took a special look at IoT by identifying a subset of respondents who were responsible for buying, managing and securing IoT devices and giving them a customized question set. It found that the challenges seen in mobile were mirrored in the IoT environment.
For example, 31% of IoT respondents admitted to having suffered a compromise involving an IoT device. As with mobile compromises, cutting corners on security was partially to blame: 41% of respondents admitted to sacrificing IoT security to "get the job done."
When individuals bypass best practices, there are consequences. In fact, Verizon found that organizations were 1.7 times as likely to experience a compromise involving an IoT device when employees ignored IoT security guidelines. It just goes to show that even if you create robust security policies, you need to follow through with user education and enforcement of the rules to better protect the IoT network.
Take a closer look at what can happen as a result of all this rising risk: Of all respondents who suffered a compromise, 66% called the impact "major," and for many, recovery was difficult and costly—59% suffered downtime, 56% lost data and 29% faced regulatory penalties. If you think your organization is likely safe due to size or industry, think again. Security breaches impact businesses of all sizes and across all industries.