The Internet of Things represents a significant and growing target area for cyber criminals. The growth in cryptocurrencies is focusing cyber criminals on the benefits of crypto-mining malware. Individuals, businesses and governments need to include IoT related cyber risks in their security controls and plans.

In our last cyber security report ‘IoT and Cyber Security’, we highlighted that as the number of IoT devices grow across market segments, so too will the risks of cyberbreaches across these devices. The focus in our last paper was the hijacking of IoT devices to create armies of cyber bots to carry out global cyberattacks – such as the Mirai Botnet which used thousands of IoT devices, ranging from CCTV security cameras to home routers, to orchestrate Domain Name System attacks on major websites. This report provides an update on IoT cyber risk and the growth of cryptocurrency mining cybercrime.

Contents

Introduction

The ubiquitous IoT ecosystem

Cyber risks on the rise

Vulnerabilities of IoT devices – guide for organisation

Potential threat actors and cyber toolkits for IoT

Measures to minimise IoT security risks

New security approaches for IoT

Conclusion

List of charts/tables

Figure 1. Resource and training requirements for Asian and Australian businesses

Figure 2. Common types of MOOC Providers offering cyber security learning courses

Figure 3. PhishMe Phishing generator toolset & PWC’s Game of Threats

Figure 4. Percentage of Organizations’ Reliance on Outsourcing

Figure 5. Global cybersecurity services market

Figure 6. Cybersecurity insurance industry growth survey

Figure 7. Cybersecurity insurance coverage model

Figure 8. Examples of Cyber Security Innovators