Insecure communications and data storage are the frequent concerns of IoT applications. The main challenge for IoT privacy and security is devices that can access confidential data. Cryptography is an effective approach to overcome this challenge. Data encryption prevents data visibility in case of any unauthorized access. It can protect data in motion and at rest. Cryptography makes sure the preservation of data privacy and confidentiality, and the risks of data theft are minimized. It is a solution against sniffing attacks when the cybercriminal accesses data as it is being sent or received on the network. Cryptography also provides defence against the attack in which the hacker intercepts all messages and injects new ones between two. The same rule is applied in communication between the connected smart devices and the interface. Such as the web and mobile apps. Nowadays, more sensitive data is being shared. As a result, the risks of cyberattacks are greater.

For example, imagine a garage door opener with the function to deactivate the home alarm after entry. This for a house owner is a convenient feature. But, for a hacker, the entire alarm system can be deactivated when only the garage door opener is compromised. The other connectable home devices like TVs, door locks, home alarms, smart home hubs, garage door openers form a connection point for hackers. This helps them to gain entry into IoT ecosystems, access customer information, etc... Many technologies, media, and telecom companies are trying to develop solutions for these cyber risk challenges.

Cybersecurity is one of the important factors in every manufacturer’s mind. These days as more machines are connected more security standards are expected to promote security. While the focus is on the control systems, there are many other areas on the network to be considered. Like, sensors, 3D printers, etc. The lack of confidence may be the result of a decrease in security standardization across industries. Also, the reason for less awareness of cyber risks and connected devices. The number of cyberattacks, data breaches, and business disruption is a result of unsecured IoT devices. These are increasing because companies don’t give importance to the deep risk exposures they face.

The major security risks associated with the current IoT environment are:

1. Lack of security and privacy programs.

2. Not having ownership to drive security and privacy.

3. Not incorporating security into the design of products and ecosystems.

4. Less security awareness and training for designers.

5. Insufficient product security and privacy resources.

6. lack of monitoring devices and systems to detect security events.

7. Insufficient implementation security and privacy risk management.

8. Troubleshooting the risks of legacy products.

To incorporate security into IoT, an approach called security-by-design is the best to install. It should also include live monitoring and assessment of threats. This will manage the risk related to industrial control systems (ICS) and operational technology (OT) environments. Once the threats are understood the organizations can develop cybersecurity strategies.