


To prevent the risks posted by IoT, businesses and government agencies must do the following:

1. Prioritize cybersecurity

When developing new IoT units, businesses may be eager to get their products to market and bypass taking time to implement cybersecurity measures. They also may prioritize user convenience over effective security measures.

Both approaches to IoT can lead to detrimental consequences if cybercriminals gain access to the systems controlling smart devices or appliances, for example.

Businesses must implement preventative cybersecurity strategies to protect IoT against such threats as account takeover, payment fraud, fraudulent account registration and multi-channel Web fraud.

2. Collaborate on a global level

Leverage a global trust identity network to differentiate between authentic and fraudulent activity. Such networks can analyze logins, payments, new account registrations and remote access attempts, evaluating the past behavior and reputation in the network to determine the level of cybercrime risk.

A global network also enables businesses to leverage context-based authentication, which establishes trust for each account login based on fully anonymous user identity, device usage, geolocation, behavior and other factors without compromising consumer identity or privacy.

While still in its early stages, IoT is here to stay and shows no signs of slowing down. Technological advancements in IoT can lead to a more efficient and productive society. By implementing effective cybersecurity measures, this can assure consumer and business data as well as critical infrastructure is protected against being compromised by individuals or state actors looking to capitalize on IoT.
