With so many IoT devices clouding the market, we wonder about the security of each unit. And rightly so, if you consider that cyber attacks cost U.S. enterprises $1.3 million, on average, in 2017. It is predicted that around 29 billion connected devices will be present by 2022, of which around 18 billion will be related to IoT. Given these figures, it is easy to imagine how important it is to have safe and secure IoT devices. In fact, 70 percent of IoT devices have a significant security vulnerability. When there are so many devices connected to each other over nonsecure platforms, the possibility of data security and cybersecurity being compromised are incredibly high. For instance, Chevrolet reported an increase in data usage by 200 percent for its Internet-connected vehicles. In spite of its advantages, this also exposes vehicles to possibilities of a security breach. As expected, hackers were able to remotely control the brakes and steering of one of their vehicles. The impact of such hacking into any physical product is immense. Apart from the loss of brand loyalty, payment of claims, product recall, such security compromises can also lead to loss of life and property. To cite another instance, there have been studies where doctors have been handed hacked devices which have led to the death of simulated patients. It is horrifying to consider the real-life implications.
So, here is a checklist of all important points that must be considered while creating an IoT Security Compliance checklist.