3 Things Product Managers Should Know About Enterprise IoT Device Security

Product managers, corporate innovators, and supply chain experts alike are increasingly expected to understand enterprise data strategies. As the Internet of Things is incorporated into more and more business models, the importance of having a sound data strategy becomes clear. IoT devices generate massive amounts of data; organizations that make proper use of it will develop a competitive advantage in their market. However, with great assets come great responsibilities. If consumer data is being stored, securing said data is critical to maintaining the customer’s trust. If internal operational data is somehow breached, proprietary intellectual property or differentiators may be lost. 

Identidad Technologies IoT understands the importance of enterprise IoT device security. Throughout our installations, business processes, and devices themselves, security is emphasized. We’ll continue by sharing three things we believe all product managers should know about IoT device security:

• The Value of Proprietary IoT Data
• The Importance of Securing IoT Data
• Common IoT Data Vulnerabilities

1. The Value of Proprietary IoT Data

IoT devices are being incorporated into enterprise operations across industries. From manufacturing to agriculture, Internet of Things technologies provide the hardware and software to generate, visualize, and leverage expansive datasets. Compare a non-smart factory with a factory using IoT. Product managers and supply chain experts in the former lack visibility into production efficiency and operational performance. The same persons in the latter will have access to wide-ranging, real-time data being generated by autonomous IoT devices. Organizations that capture and use IoT data are simply better positioned to maximize revenues and actively monitor their cost structure. 

2. The Importance of Securing IoT Data

However, because that data is so valuable, it’s incredibly important to keep secure. If an enterprise develops an advantage over its competition, it’s crucial that advantage is secured and maintained. Data is no different than Coca-Cola’s recipe in this one respect: some trade secrets are meant to be kept private. Additionally, companies that are capturing consumer data through the use of IoT devices are met with security and privacy concerns. Unexpected data breaches could lead to deteriorating consumer loyalty and trust or worse, legal ramifications.

3. Common IoT Device or Data Vulnerabilities

Some of the most common IoT vulnerabilities are as follows:

• Unpatched vulnerabilities: devices running on outdated software are more subject to MITM attacks and other hacks
  
  
• Weak passwords: devices and networks which are protected by weak authentication barriers cost organizations heavily in the long run
  
  
• Legacy data transfer and storage techniques: valuable or sensitive data that isn’t secured via encryption or access control is unsafe

Other vulnerabilities include the use of insecure APIs or components, lack of user permissions or informed consent, and hackable cloud interfaces.

Discuss Your IoT Device Security Plan with a Professional

We at Identidad Technologies IoT consult with companies to determine how best our solutions can be leveraged by your teams. We understand the importance of security in the 21st century and will work with you to develop a plan that makes sense given your objectives.