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Trust is biggest victim of IoT cyber attacks

Trend Micro Incorporated recently released survey findings that show businesses are most concerned about losing customer trust in the event of an Internet of Things (IoT) related cyber attack, however they remain unprepared.

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The survey, which was issued to 1,150 IT and security decision makers across the globe,indicates major discrepancy between the investment in IoT systems and security to protect them.

As the growing number of connected devices opens businesses up to additional cyber threats, close to half (43%) of IT decision makers and security decision makers say that security is an afterthought when implementing IoT projects (peaking at 46% in Germany). In addition, while nearly two-thirds (63%) agree that IoT-related cybersecurity threats have increased over the past 12 months (rising to 71% in the UK and the US), only about half (53%) think connected devices are a threat to their own organisation (75% in Japan).

Additionally, the results suggest there could be minimal testing taking place ahead of implementation to ensure new devices added to corporate environments are secured. The survey also showed businesses are experiencing an average of three attacks on connected devices in the last 12 months. Thirty-eight percent of those that have already implemented, or plan to implement, an IoT solution enlist security decision-makers in the implementation process. This falls to one in three for smart factory implementation (32%), with a similar proportion enlisting the help of security teams for the roll out of smart utility (31%) and wearables (30%) projects. This suggests that a significant proportion of businesses globally could be unwittingly opening themselves up to a range of threats.

“IoT systems are the future for businesses and many new types of connected devices are being introduced to corporate networks,” said Kevin Simzer, chief operating officer, Trend Micro. “While this is beneficial for business operations, the embedded operating systems of IoT devices aren’t designed for easy patching, which creates a universal cyber risk problem. The investment in security measures should mirror the investment in system upgrades to best mitigate the risk of a breach that would have a major impact on both the bottom line and customer trust.”

Security, responsibility, reputation, and business impact

According to businesses, the top consequences as a result of a breach include loss of customer trust (52%) closely followed by monetary loss (49%). Despite the recent introduction of GDPR making it top of mind for many, the following consequences were ranked significantly lower. Some of the areas businesses think an IoT breach would impact are:

  • Customer trust (52%)
  • Monetary loss (49%)
  • Loss of personally identifiable information (32%)
  • Being fined by regulators (31%)
  • Breaking data security regulations (28%)

With breaches having the potential for a significant impact on business operations – such as jeopardising GDPR compliance or taking critical networks offline – the research confirms that cybersecurity cannot be an afterthought and it must be key to the IoT implementation process from the outset.

Simzer at Trend Micro continued: “The significant investment in this technology across the globe is testament to the fact that IoT solutions can bring many advantages to businesses. But if security is not baked into the design of IoT solutions, and SDMs aren’t involved in the IoT implementation process, businesses could face damages far greater than the benefits this connected tech delivers.”

The findings show significant investment is going toward IoT systems, with businesses spending over $2.5 million on average each year. Given the substantial financial investment, and the significant impact to organisations that could come from a cyber attack against these systems, security must be equally prioritized to mitigate this risk.

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New iPhone pricing for SA

The iStore has announced that the latest iPhones, the Xs and Xs Max, can now be pre-ordered at www.myistore.co.za , and will be available in stores starting 28 September 2018.

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iPhone Xs and iPhone Xs Max feature 5.8-inch and 6.5-inch Super Retina displays that offer remarkable brightness and true blacks while showing 60 percent greater dynamic range in HDR photos. iPhone Xs and iPhone Xs Max have an improved dual camera system that offers breakthrough photo and video features, A12 Bionic chip with next-generation Neural Engine, faster Face ID, wider stereo sound, longer battery life, splash and water resistance,

Pre-orders will be open for cash purchases and on iStore’s revised payment plan in partnership with FNB Credit Card, allowing customers to pay off their iPhone at a reduced interest rate. However, the contract period is 37 months rather than the usual 24 months.
*FNB Credit Card Payment Plan, price per month over 37 months, a 40% trade-in value after 24 months

How to pre-order – Pre-ordering online for either cash or the FNB payment plan gives customers the benefit of reserving their purchase without having to queue and the added convenience of having purchases delivered directly to their door. Pre-orders of iPhone Xs and Xs Max are completed online by visiting www.myistore.co.za.
FREE iCare Plus – Exclusive to iStore, all customers can get its 2-year extended warranty, which includes one Apple Certified screen repair, that normally sells for R1 999, for FREE. To qualify, customers should secure a voucher online now at www.myistore.co.za , and subsequently redeem it when they upgrade their contract or purchase any new iPhone at iStore (iPhone 8 and newer) between now and 31 December 2018. Offer is limited, secure your voucher now.

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Accenture opens Fjord design centre in Johannesburg

Accenture has launched its first design and innovation studio on African soil, Fjord Johannesburg.

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The company says the move significantly expands its design capabilities and demonstrates its commitment to unlocking Africa’s innovation potential through the creation of experiences that redefine industries in our constantly evolving digital era.

The new studio, opening in November, will be located at Accenture’s new 3875m² offices in Waterfall. It will be led by Marcel Rossouw, design director and studio lead for Fjord Johannesburg.

Said Rossouw, “Brands are constantly asking, ’how does one take a business need or problem, build that out into a definition of a service experience, and then bring it to market?’ It’s about re-engineering existing service experiences, identifying customer needs, prototyping rapidly, iterating often and proving or disproving assumptions. But it’s also about getting feedback from customers. The combination of these factors helps companies advance towards the ultimate service experience.”

Fjord is the design and innovation consultancy of Accenture Interactive. The Johannesburg location marks its 28th design studio globally, solidifying its position as the world’s leading design powerhouse.

Working in the same location as Accenture Interactive will allow Fjord to fuse its core design strategy DNA with the digital agency’s expertise in marketing, content and commerce to create and deliver the best customer experiences for the world’s leading brands. Accenture Interactive Africa‘s blend of intelligent design and creative use of technology has already been used by some of South Africa’s largest and most prominent brands, including Alexander Forbes, Discovery, MultiChoice and Nedbank. The digital agency has also earned industry accolades for its innovative and compelling business results, most notably two gold awards in the Service Design category at the 2017 and 2018 Loeries awards.

“Great design tells great stories,” says Wayne Hull, managing director of Accenture Digital and Accenture Interactive lead in Africa. “It unifies a brand, drives innovation and makes the brand or service distinctive and hyper-relevant in both the digital and physical worlds. This is critical to achieving results. Having Fjord Johannesburg as part of Accenture Interactive, and collaborating with all of Accenture Africa, will provide unique experiences and forward-thinking capabilities for our clients.”

“Businesses in South Africa are becoming more design-aware and are looking to take greater advantage of design skills to compete with the rest of the world,” said Thomas Müller, head of Europe, Africa and Latin America at Fjord. “We’re excited to open our first design studio on the continent and to be part of an emerging market that is ripe for design and innovation, and open for business. Developing markets like South Africa are challenging assumptions and norms about what digital services and products are meant to be, and we’ll strive to put design at the heart of the innovation being produced there.”

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