Cyber Risk in Internet of Things World

Internet of Things (IoT) is an emerging technology which has revolutionized the network in the global world. It is estimated that about 38.5 billion IoT devices will be connected by 2020. These devices are used in every part of life. Large number of data are collected by these IoT devices and transmitted from one device to another and from devices to enterprise systems. As large numbers of devices are connected with each other and to the world network and the number is increasing every day, there is a major risk of security threat, vulnerabilities, data manipulation, stealing, identity, device manipulation, and hacking. Due to the ease of automation and digitization, these devices bring with them numerous security issues. Poor security of these devices can provide an entry point for cyberattacks which may compromise sensitive data, threaten users' privacy and weaponize the device. The IoT ecosystem needs proper security at device level, application level, and network level. Different vendors with diverse goals but inadequate cybersecurity expertise manufacture these devices. The purpose of this paper is to identify the current security and privacy issues in IoT devices and propose recommendations for the solution of Cyber security issues in IoT devices.