The statistics are staggering. According to NewGenApps.com:
- By 2020 the number of IoT devices is expected to reach 50 billion, with a total of $19 trillion in anticipated cost-savings their use.
- IoT smart devices have a deeper penetration in manufacturing, healthcare, and business than in our homes or phones.
- By 2025 the global worth of IoT tech is projected at $6.2 trillion, with the maximum value from healthcare ($2.5 trillion) and manufacturing ($2.3 trillion).
- The number of Business to Business (B2B) devices is expected to increase from 2.5 billion in 2017 to 5.4 billion in 2020.
- Of all the enterprise organizations who chose to implement IoT, 94% have already seen a return on their investments.
At the heart of this revolution is the need for device and system manufacturers to secure their IoT devices by detecting and eliminating firmware vulnerabilities before launching products. With IoT devices becoming the entry point-of-choice for cyber-attacks, IoT device and system manufacturers are producing technology that without consideration of the threat attack surface, leaving them vulnerable to cyber-attacks. The result – a breach of sensitive data, unauthorized access to the corporate network, potential loss of revenue, and an increase in production downtime.
According to the IoT Security Summit, 48 percent of manufacturers said that they have been subject to a cybersecurity incident, half of whom suffered some financial loss or disruption to business as a result. Twelve percent admit they have no technical or managerial processes in place to even start assessing cybersecurity risk.
Complicating the matter is the fact that many IoT devices have limited RAM and processing power. This can complicate over-the-air (OTA) updates. Moreover, these limited IoT specs make it difficult to implement security systems via disk.
The Finite State team bolsters the security of IoT development through Iotasphere, a solution that IoT device manufacturers can use to analyze the firmware stack that goes into their devices. We bring national-security grade capabilities to identify and secure IoT vulnerabilities. Our platform not only uncovers hidden firmware vulnerabilities but also empowers manufacturers to proactively mitigate IoT risk.