According to reports many businesses are increasing IT budgets to address the growing threats in cybersecurity. However, does this include the security around IoT devices?

The Internet of Things (IoT) is comprised of physical devices embedded with electronics, software, sensors, actuators, and connectivity which enables these things to connect and exchange data directly onto your corporate network.  

Gartner predicts there will be 20.4 billion connected things used worldwide by 2020. IoT devices are designed with restrictive security features, and they typically don’t offer the ability to upgrade or apply patches when vulnerabilities arise. This represents an issue as how do you establish and implement corporate security standards?

The numbers below are interesting. They represent the rise in global cost and damage from ransomware and show that the problem persists despite advances in endpoint protection:

2015 – $325 million
2016 – $1 billion
2017 – $5 billion
2018 – $8 billion
2019 – $11.5 billion (estimated)

Ransomware attacks are on the rise and IoT devices are yet another entry point that the cyber-criminals can manipulate to enter your organizations network. The cost of deploying the right technology compared to the potential costs and damage that a ransomware attack could inflict is important to consider.

With IoT vendors rushing their products to market despite a critical lack of security standards, what can be done today to help secure your organization from ransomware attack’s?

This is where BullWall’s RANSOMCARE technology is a powerful tool to plug that vulnerability around the IoT devices. RANSOMCARE is “Last Line of Defence” – when all other security solutions fail – constantly monitoring and protecting your files. It is an agentless solution that is installed on a virtual server in your Datacentre or Cloud. RANSOMCARE can instantly detect and shutdown a Ransomware attack and quickly provide you with the information required for GDPR compliance.

Should you have any questions regarding security around IoT devices or on RANSOMCARE, please get in touch at Info@bullwall.com.