Information technology company Unisys Corporation (UIS) foresees progressively graver cybersecurity hazards with the continued proliferation of the Internet of Things (IoT) in everyday devices and increasing usage of mobile devices and applications.
The primary reason is that technological advancements are outpacing developments in the cyber security space. The financial constraints and unwillingness of organizations to invest in safeguarding their critical data also act as a hindrance sometimes.
Risks of the IoT Phenomenon
The IoT concept projects billions of connected devices and systems by 2020, with applications ranging from sensors and mobile devices to home appliances and cars. The concept of everyday devices being connected to the internet will make people more vulnerable to data breaches and present opportunities for criminals to access private information.
Consequently, as people increasingly use mobile devices for IoT applications like health monitoring devices, remote control of household appliances and hotel room keys, the significance of verifying the identity of mobile device users will become critical.
Challenges of the Cloud
More and more companies are installing cloud infrastructure services and fabric-based computing, resulting in converged infrastructure and networks. Data that had been partitioned among physical infrastructure earlier will converge in the cloud.
Consequently, isolating and protecting critical data and systems will become tricky for security professionals as they will face difficulty in segregating network traffic with traditional firewall technology.
Recent Breaches
Last year, cyber criminals embezzled credit card and personal information from up to 110 million customers of retailer Target Corp. (TGT) in a gigantic security breach during the holiday season. Another retailer, The Home Depot, Inc. (HD), also faced a cyber attack, which compromised the data of about 56 million customers.
It is believed that the recent JPMorgan Chase & Co. (JPM) breach, which endangered the data of 76 million households and 7 million small businesses, was originated with a hacker accessing the computer of an employee working from home.
Defensive Measures
Unisys experts opine that consumers will demand new ways to protect their online identities following these highly publicized data breaches. Identity verification will be conducted through ID codes, IP addresses and tools such as biometric readers built into smartphones. Newly introduced mobile payment solutions like Apple Pay provide stronger online security protection.
Also, security analytics and data forensics tools within businesses will assume greater importance, and will enable faster response and recovery from cyberattacks.
Nonetheless, with the cyber world evolving much faster than the security models used by most organizations, bugs such as Heartbleed, ShellShock and 'patch Tuesday' will keep propping up. In this ever connected, mobile and real-time world, it is vital to keep developing security measures to protect critical data from sophisticated cyber criminals.
Unisys presently sports a Zacks Rank #1 (Strong Buy).
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Be the first to comment