Cyber security firm Symantec has found that cybercriminals are taking advantage of security shortcomings on Internet of Things (IoT) devices to spread malware and create zombie networks, or botnets, without the knowledge of their device owners. Symantec’s Security Response team has discovered that cybercriminals are hijacking home networks and everyday consumer connected devices so that they can carry out Distributed Denial of Service (DDoS) attacks on more profitable targets which are usually large companies. A DDoS attack is an attempt to make an online service unavailable by overwhelming it with traffic from multiple sources. Also Read - IFA 2020: Realme launches a 55-inch 4K Smart TV, wireless headphones with ANC, and moreAlso Read - Realme Link app announced for its upcoming IoT products
The report states that based on the location of IP addresses, more than half of all IoT attacks originate from China and the US. There are other countries which contribute to the attacks as well as these attacks are also emanating from Germany, the Netherlands, Russia, Ukraine and Vietnam. According to the report, the targeted IoT devices include home networks, routers, modems, CCTV systems and industrial control systems. As attackers are now highly aware of insufficient IoT security, many pre-program their malware with commonly used and default passwords, allowing them to easily hijack IoT devices since they are designed to be plugged in and forgotten after basic set up, the company said in a statement.
In contrast to this, a recent report by Garnter had stated that the global spending on the Internet of Things (IoT) security will reach $348 million in 2016 a 23.7 percent increase from last year ($281.5 million). Spending on the IoT security is expected to reach $547 million in 2018. Although overall spending will initially be moderate, Gartner said that IoT security market spending will increase at a faster rate after 2020 as improved skills, organisational change and more scalable service options improve execution.