The Cat is Out of the Bag

If you provide IoT (Internet of Things) solutions, then you must provide requisite security. IoT security is fundamental for more reasons than the obvious. Certainly, general protections are always necessary when it comes to technology. With IoT, though, this is especially considerable.

For one thing, IoT tech is becoming ubiquitous. There are all kinds of applications out there, from remotely operated garage door openers, thermostats, LED lights, security cameras, and refrigerators, to data collection devices used in productive capacities. IoT enables more cohesive, comprehensive Big Data solutions. Big Data increases visibility, which can further optimize many areas of operations from supply chain management to production.

Botnets and Consequences

That said, there are many who don’t believe the issue is as bad as it is represented. Unfortunately for that perspective, object examples exist where IoT devices were used by cybercriminals to launch concerted, devastating attacks. In 2016, toward the end of the year, there was a DDoS (Distributed Denial of Service) attack on the east coast. This attack was caused by poor security measures pertaining to IoT devices like routers, webcams, smartphones, and more. A “Botnet” is what facilitated the attack.

A “Botnet” is a set of automated software designed to act in a way similar to real users but maximized for one reason or another. Twitter has many profiles which aren’t managed by actual people but are really “bots”. These are used for a variety of political purposes, but it’s important to note that bots of this kind aren’t restricted to social media. Especially in terms of IoT, Botnets can wreak absolute havoc on operations. Having security measures in place to combat these things is absolutely fundamental.

Education

One thing you can do to help expedite security involves education. If you’re selling IoT devices or making a business promoting them, then you want to ensure that your own digital “house” is clean of bad actors hailing from cybercriminal realms. You don’t want to download third-party apps, as these are often rife with Trojan software used as a means of hijacking systems for varying purposes. IoT security protocols should have strict limitations on applications; only those vetted by your tech team should be used on the network. You need to provide education for clients as well, so that they understand the dangers of IoT in addition to its many positives.

Staying Ahead of The Game

Something else to consider is remaining competitive. There is currently pressure for those designing and supplying IoT solutions to effect better security measures. If you can get ahead of the market on this, then the IoT solutions you provide may be desired over those competitors provide. This demand will increase as IoT becomes more ingrained professionally.

Optimizing Your IoT Provisions

IoT security is tantamount to the success of businesses providing IoT solutions. If you want to see the greatest ROI for your new IoT provision, it makes sense to find established means of securing IoT systems, and those which are more obscure. It’s not quite the wild west, but there is a lot of room for innovation here and the right application of successful security is more likely to make your business an industry leader in IoT.

Cryptocurrencies have been on a rollercoaster ride for many traders. Some have experienced significant financial gains, while others have not. News stories have reported on bitcoin trading activity revealing cases in which scammers have taken advantage of greedy people seeking to get rich quick in cryptocurrency trading. To help you steer clear of this malfeasance, here are a few of the fraudulent cryptocurrency scams to look out for and how to avoid them.

Common Cryptocurrency Fraud Schemes

• Pump and Dump Investment schemes
• Exchanges that lack proper security or credentials
• Fake Wallets
• Pyramid or Ponzi Schemes through email
• Phishing Schemes aimed to trick employees
• Imposters posing as brands or friends

One of the reasons why many new traders end up losing money due to cryptocurrency scams is because they don’t know much about how this digital asset works. It’s easy for newcomers to be confused by the various types of cryptocurrencies available, as some can be exchanged for U.S. dollars, whereas others have no value other than the fact that they can be used as digital tokens.

Some people who hear about altcoin bubbles can get lured into putting money into companies claiming to crowdfund. This makes it easy for a fraudulent company to pose as a valuable investment in an initial coin offering (ICO). Many of these ventures have been like the dotcom bubble companies of the late 1990s in that they lacked a real plan for generating revenue. Shady ICOs trade on several unregulated online exchanges and brokerages involved with cryptocurrencies.

Due to rising fraudulent ICOs, China has banned them, while the U.S. Securities Exchange Commission (SEC) has filed fraud charges against two ICOs. Once a fraudulent firm collects deposit money, it may charge high commissions and create obstacles for withdrawing funds.

One of the most traditional schemes that has crossed over into the digital world is “pump and dump”, in which scammers promote worthless tokens, and then sell these tokens once they’ve attracted enough buyers. Pyramid schemes are designed to reward early investors at the expense of later investors. Social engineering is another traditional scam that has gone digital, in which scammers befriend strangers in social media or email, and then take advantage of them by promoting worthless cryptocurrencies.

How to Defend Your Business Against Cryptocurrency Fraud

Trading cryptocurrencies, or any other speculative financial instrument, requires careful risk management. Here are some steps traders can take to minimize or prevent losses:

• Carefully research details about the investment opportunity
• Store cryptocurrency in a secure online place
• Understand how fraudulent ICO schemes work

It’s imperative to know what an investment opportunity is all about, which requires thorough research. Here are some of the dead giveaways that should raise suspicion about a new cryptocurrency offer that may just sound too good to be true:

• Unoriginal whitepaper
• Anonymous team players
• Sense of urgency to enter a trade
• Inconsistencies in written and spoken words
• Lack of good responses to deep questions
• No sense of business model
• No reason to be associated with tokens

Traders should also do research on the exchange that offers the altcoin transaction. Be aware that several altcoin exchanges have come and gone in recent years, usually because the operations were too small to take on large volume. Another scam to avoid involves fake or cloned wallets discovered on Google’s Play Store that are designed to send money to scammers.

Conclusion

When exploring the new world of cryptocurrencies for investment opportunities, it’s important to understand the different types of schemes that are trying to fool people who don’t do their due diligence.

The best way to avoid cryptocurrency scams is to act with a sense of caution and knowledge that there are countless schemes out there. Fortunately, the cryptocurrency world is also full of reputable exchanges, and as long as you do the research necessary to find out who they are, you can have peace of mind knowing that you’re investing in safe, legitimate cryptocurrencies.

The rise of the Internet of Things (IoT) and location-based tech like GPS has made it possible to improve security that much more. IoT security makes it possible to track the location and deploy assistance for protection against threats or other dangers with the push of a single button. It is clear the focus of security has quickly transitioned from the physical realm to the digital realm.

Take Advantage of IoT Technology

Wouldn’t it be nice to be provided with the help you need during emergencies? Though you cannot personally prevent threats from looming and danger from lurking, you can tap into the power of IoT security. This technology relies on location-based sensors, a unique software platform, and additional security services to ensure you are provided with the assistance you need as quickly as possible. In fact, such assistance is merely the push of a button away.

Track and Locate

IoT allows for location tracking through location-sensing devices. Such a device can be hardware specifically created for that purpose. Alternatively, it can be an app on a smartphone that leverages the phone’s location-sensing capability. The device’s location sensor tries to triangulate across already-known points to determine the relative location such as “50 feet from the known point of A, 100 feet from the known point of B” and so on. Points of reference are known locations like cell towers, RFID readers, Wi-Fi routers, BLE beacons, etc.

The location tracking device is designed with the capability to transmit its location to remote systems to ameliorate processing. The remote system computes the location, translating it to something easily understood. The plotting of geo-coordinates allows for the computing of the location. If possible, an address is provided. The remote system knows when to give an address and when providing an address is inappropriate. This technology is so advanced it can track a location-sensing device that is moving. As long as the system has the ability to receive information from the location-sensing device in specific intervals, tracking can occur.

An Example of IoT in Action

Location-tracking platforms are now capable of enhancing security through IoT technology. It is now fairly easy to track and locate individuals and assets in real-time thanks to these tech advances. The caller’s location, status regarding movement and additional details such as emergency contacts and medical history will be available to the call center operator. All the subscriber has to do is push a button and a direct line of contact will be made with such an operator. The operator has all the data at his or her fingertips thanks to the convenient central station monitoring dashboard made possible with IoT technology.

IoT Will Ultimately Enhance Business

Advancements in IoT security will improve business that much more. As an example, customers who are provided with the ability to pinpoint their location regardless of whether they are outdoors or indoors will find this technology to be quite convenient. Furthermore, businesses can provide customers with a convenient dashboard that empowers them to notify others in the event assistance is necessary. Make the most of IoT for your business and you will find this technology is well worth the investment.

IoT security is most effective if it functions on a network where everything can be cohesively monitored from one location by users. CEOs of IoT organizations need to be able to provide such solutions for clients one way or another. Following is how some of those security solutions should look:

When it comes to the Internet of Things, ensuring that cybersecurity is properly interconnected involves finding the newest security solutions. Devices that are procured (and how they are distributed throughout a business) should be approved by professional security personnel who know what to look for. Certain IoT devices will have vulnerabilities where others do not. For example, you may find clients who have a bad taste in their mouths because they got a great deal on wearable “bands” which go on a person’s wrist and connect to the web. But if they were able to get a great discount on those bands because those bands were after-market (or several generations behind the current models), then those bands represent a security hazard for your clients. This means selling such devices to clients could cost you your business in the long run through the fallout from cybercriminal elements exploiting more vulnerable networks. This is a selling point which can help explain to clients certain pricing models.

Though those in procurement may think they get a great deal by purchasing discount bands, in reality, they’ve opened up their business to thousands in losses through ransomware or other pernicious cybersecurity threats. Meanwhile, newer bands that do the same thing, but cost more due to their added digitally protective design, will end up costing operations less money in the long run. IoT security can help make that happen if it is properly aligned with procurement— and this is integral for any IoT CEO to incorporate into outbound marketing as well as service provision.

Mistakes

There are many common mistakes that can seriously undermine operations, and with the compliance regulations in place today, getting ahead of those mistakes is instrumental. This is yet another reason that outsourced security solutions are recommendable. Because of HIPAA, many IT agencies providing support for healthcare industries are under something called shared liability. This is just what it sounds like. Basically, if a compliance fine is slapped on a healthcare institution, the group that secures the institution is likewise responsible. If you’re providing security for IoT so you have more satisfied clients, you need to be aware of this and act accordingly. Your IoT organization may have some level of HIPAA liability because of security concerns. If this isn’t the case now, there’s a large possibility it will be the case soon— keep your fingers on the pulse of such industry changes.

Cybersecurity Solutions

When it comes to securing IoT, there are a number of common practices in use today. As a CEO of an agency providing IoT solutions, it would make sense for you to see which solutions can be managed by your company, or at the very least, which ones you can act as a “middleman” to obtain for clients. Several such security solutions include:

• Proper encryption
• Intrusion detection and prevention software
• Proactive monitoring and support
• Multi-phase authentication protocols

Oftentimes, data isn’t encrypted as it should be when it is transferred from an IoT device to a given network, which can usher in malware of varying kinds. Encryption can prevent this for the most part, but sometimes something will still get through. This is where intrusion detection and prevention software come in. These can stop a lot of intrusions, but there are some which will still go under the radar if proactive monitoring solutions aren’t brought to the table so that anomalous activity can be detected. Multi-phase authentication ensures users like physicians and nurses don’t accidentally compromise systems through lax access habits.

Implications

If your IoT company has cybersecurity properly coordinated, you can help clients avoid many breaches. If you supplement such practices with commonly known effective security measures, you can additionally avoid compliance issues.

IoT security has many complications defining it, but it is possible to have a secure system which decreases operational costs and expands profitability. Demonstrate this to clients for greater conversions.

The Possibilities

IoT security is absolutely important for any serious healthcare institution. Why? Because the technology of the Internet of Things is too medically helpful to be ignored. Trends surrounding this innovation will only continue to increase as time passes. This means patients will enjoy better procedures and other tangential advantages, but those who facilitate such tech will see even greater advantages. IoT technology is a multi-billion-dollar industry that is only expanding as time goes by, and providing it is profitable.

Consider the pacemaker. Through IoT, common trends and patterns can be detected which can help both doctors and patients determine proper levels of healthy physical activity. This can make using such a device much less hazardous and much more comfortable than it had previously been. Simple IoT innovation like this upgrading existing tech can be a game changer.

Also, pacemakers are older technology. Smart watches, fit bits, smartphones, smart cars— the list goes on— such devices can be keyed into medical parameters such that users are able to spend their day-to-day lives under the knowledge that whatever happens, medical professionals are receiving steady information and will be alerted should an issue arise. Especially for elderly individuals who have amassed some capital over time, this can be a key to independence.

With this knowledge, any IoT provider out there looking to find the ear of medical clients needs to put a direct focus on IoT security. There are quite a few diverse vulnerabilities which result from IoT and planning for them requires premeditated strategy. With that in mind, several effective security measures include:

• Multi-factor authentication
• Proactive monitoring
• Data encryption
• Installation of intrusion prevention solutions
• Regular updates

Multi-Factor Authentication

For example, if you’re in a hospital with a tablet of some variety, multi-factor authentication would look something like this: you’d tap on a program you’d like to access and the program would send a text message with a passcode to your mobile device. You would then enter that into the text-box acting as security for the program in question. There are different methods of multi-factor authentication, whichever best fits the healthcare provider you’re looking to sell IoT services to will likely be recommendable here.

Proactive Monitoring

Finding means to continuously monitor operations can help businesses notice anomalous activity that wouldn’t be detectable through other means. Such activity often indicates cybercriminal elements at play. If you’ve got proactive monitoring, you can prevent these elements from compromising operations.

Data Encryption

This is pretty self-explanatory: data needs to be encrypted when sent from one device to another, over email, or between networks. Proper encryption and decryption techniques can make selling IoT much easier.

Installation of Intrusion Prevention Solutions

There are various means of protecting systems from intruders. Antivirus software can be integral here, though it has to be regularly renewed as fresh viruses are continuously making the rounds. There are quite a few automated intrusion prevention solutions available. Find client preferences and design IoT intrusion prevention measures that match those preferences.

Regular Updates

Updates don’t just include new versions of old software. They also include new safety protection measures like patches. One of the most dramatic examples demonstrating the integral nature of updates comes from the WannaCry ransomware attack of May 2017. Basically, an NSA backdoor was made known to hackers, and within two months, they designed a worm which compromised over 150 countries. Those with patches did not experience losses; those without patches did.

When it comes to healthcare, clients can’t afford to have their systems held for ransom. Someone might die as a result. This means many businesses in medicine immediately pay ransom attackers, losing them tens of thousands of dollars. Ensure your IoT solutions are secure enough to save healthcare clients such expenses.

Security Considerations

One final thing to consider when it comes to IoT security is time. Getting everything a client may require upgraded instantaneously is difficult. These things can take months or even years depending on the medical institution. The best strategy will be to start a security overhaul immediately. The faster everything’s secured, the more you’ll be able to provide additional protective measures as they become necessary.