What does the Internet of Things mean for risk management?

The Internet of Things (IoT) is one of biggest tech innovations currently being implemented within commercial entities. But what does this mean for security risks and their management? Can information security training provide the answers? 

According to ISACA’s IT Risk/Reward Barometer, 72 per cent of IT professionals believe that IoT devices are not being properly safeguarded against IT threats by their manufacturers, while 73 per cent of IT professionals feel that their company will be hacked through a network connected device.

According to Gartner, there were close to 4.9 million connected devices in 2015 but by 2020, there will be 25 million.

What is the Internet of Things?

The IoT is the network of physical devices which communicate, sense and interact with each other and their environment through embedded technology.  

Within the IoT, devices such as smart phones and coffee machines are connected to the internet, as are industry specific objects such as components of a jet engine or a manufacturing plant. 

The number of objects connected to the IoT is continually increasing. According to Gartner, there were approximately 4.9 million connected devices in 2015 but by 2020, there will be 25 million. 

Jim Tully, vice president and distinguished analyst at Gartner, pointed out that “the digital shift instigated by the Nexus of Forces (cloud, mobile, social and information), and boosted by IoT, threatens many existing businesses. They have no choice but to pursue IoT, like they’ve done with the consumerisation of IT”.

The argument is that as the IoT expands into new applications for customers, businesses and other entities, it will create a transformation in economic output. Research by Gartner projects that IoT-associated spending will increase from 69.5 billion in 2015 to $263 billion in 2020. 

If the IoT is ever expanding, what does this mean for risk management? 

How can organisations manage their risk?

Courses focused on IT security training are becoming increasingly popular with both IT students and established professionals. This derives from the sustained risk most information technology services face. 

How can information security courses help your company manage risk? How can information security courses help your company manage risk?

Risk occurs through a range of issues, for instance as workplaces shift to a handheld environment, they are becoming more difficult to safeguard. This is due to devices like smart watches and phones connecting to a business’ IT network and creating more entry points for possible cyberthreats. 

So what can a business do to mitigate the risk associated with the IoT?

Banning new technology puts businesses at a higher risk because of the possibility of falling behind competitors. Instead, controlling for the IoT relies on integrating risk management into core IT services. 

Information security training courses, such as CRISC certification, prepare IT professionals for the challenges of information technology and enterprise risk management. 

Get in contact with an experienced course provider to find out more.