In the simplest non-technical terms, Internet of Things ( IoT), means taking objects in the world and connecting them with the internet that can collect and exchange data.
Every sector can benefit from sensor-based devices. Some of the areas where IoT has had huge influence are as follows:
• Smart bed cuts down on wait-times by 50 percent. The bed helps customize care and increase efficiency.
• Hardware monitoring Sensor keeps tabs on MRI systems and instantly alerts IT personnel if something is amiss.
• Sensors help track personal health and can provide doctors with important data on factors that contribute to chronic diseases.
• Sensors being fitted at seniors’ homes that send data to machine learning programs, which identify patterns that indicate problems.
Industrial and military giants are implementing IoT on a large scale. Sensors feed data to analytics software, which predicts when and why machinery will break down. This is extremely important in terms of efficiency and the cost.
IoT can help monitor everything that happens on the factory floor and in the shipping process, helping reduce errors and getting products to market more quickly.
Utilising sensors in stores to monitor product activity, create a more visible supply chain and improve customer experiences’, reduces friction in the buying experience and helps customers to interact with products often in a virtual reality environment, before the purchase.
IoT Security issues
Despite all the benefits that IoT provides, security issues have been a cause for concern. The reason being that every internet-connected sensor is a potential attack point for hackers. Multinational companies should be more concerned about the security implications of IoT, since some countries do not monitor the types of devices or how data can be collected by them. Without these standards in place, it’s much easier for hackers to steal sensitive information and damage critical infrastructure.
These security issues have been preoccupying businesses, who are now setting standards to avoid the potential security breaches.
It is important to develop policies around the specifications IoT devices should have. Multinational companies should keep track of regulatory changes impacting IoT devices. Experts believe we are just on the cusp of some great advancements in business by utilising the potential of IoT. As companies add more and more of these smart devices, they gain more data to make intelligent decisions.
There have been a few widely publicised IoT related attacks that could leave the impression that IoT is highly insecure. But the actual scenario usually goes unreported. Many of these attacks were due to failures to implement even the most basic security measures.
The failure to implement basic security features should not lead us to conclude that Internet of Things is unsafe. PQube has decades of experience in IT security and hence employs the most efficient security standards to IoT.
Internet of Things does have some unique security challenges owing to the fact that the number of people who can access the devices are more. So the risk goes up. So all these aspects need to be considered while implementing the security protocols including the organisation’s broader network: clients,customers,suppliers,vendors and partners. Following are some of the factors to be considered and implemented for securing IoT.
Using data analytics
Using data analytics to anticipate when the threats are most likely to occur.
Limit device-to-device communication
By limiting the number of IoT devices that need to communicate with each other we can limit the damage in case an attack occurs.
Encrypt all data in transit
IoT devices need to incorporate industry standard encryption to ensure that the data is safe and secure during transfer.
A secure update mechanism
This mechanism involves one that receives an update from the vendor and checks the signature of the update to verify that it is valid.
Internet of things is emerging as the next big revolution in the world of technology. .
Benefits of IoT to businesses
- Efficiency and productivity
By connecting a business’s key processes, the efficiency and productivity can be significantly boosted. This in turn boosts the revenues. It becomes easier to identify bottlenecks and eliminate/reduce them.
- Reduction in wastage
IoT has been successfully adopted by several companies that have optimised the supply chain and improved efficiencies by accurately tracking and in the process reducing wastage.
- Cost and downtime
Implementation of IoT has resulted in reduction in operational expenditure. For example, consider an instance when the failure of one small, but critical component could cause hours or days of downtime before the faulty component is traced and fixed. With IoT, engineers are already aware when a component would fail, several weeks in advance.
- Data Sharing
Apart from offering access to consumer data,IoT devices track and record patterns in which a consumer interacts. Businesses are using this data to study buyer cycle, consumer requirements. This helps them come up with innovative inventions and methods for advertising.
The end goal for a business is achieving customer satisfaction. A platform that enables companies to get insights into their businesses and enhance customer experience will be highly beneficial.
Adoption of IoT device management platform enables organizations to create new revenue streams using insights gathered from analysing and monitoring real time data.
Businesses that are accepting the change, and are adopting the Internet of Things are seeing higher growth than the ones who still seem sceptical. The key to reap the benefits of this amazing technology called Internet of Things is balancing innovation with security.
PQube partners with your business by understanding the challenges and then delivers the best possible ways IoT can be implemented.
Investing in IoT, has helped in rapid expansions involving increased revenue streams and reduction in operating costs. PQube has emerged as a leader in helping businesses adopt the latest, most innovative technology standards that allow companies to make smarter products and making business decisions smarter.