Raghib Khan Elaborates On The Problem Of IoT Fraud
If you are looking to invest in the IoT space but are concerned about fraud, you aren’t alone. Fraud and hacking have been significant concerns from the early days of internet technology, and the IoT brings more potential for those issues than ever before. However, it’s not all bad news; by understanding this problem, it can be avoided or mitigated before you suffer any losses, as suggested by RNF Technologies’ co-founder, Raghib Khan. Here’s an article with unique inputs from him that will help you understand how big of an issue IoT fraud is, the most common tactics, and how to make sure your assets stay safe.
What Is IoT Security?
IoT security is the process of protecting internet-connected devices and networks from cyber threats. In the past, most of our devices were not connected to the internet, so they were not at risk of being hacked. However, as more and more devices are now connected to the internet, they are becoming targets for cybercriminals. What’s more, these criminals can use any device that is connected to the internet in order to access other devices through its network connection. As pointed out by RNF Technologies’ Raghib Khan, devices such as webcams, smart refrigerators, baby monitors, printers, and medical equipment – all are susceptible to hacking. This is why both businesses and individuals are concerned.
In such a scenario, there’s no doubt that with the rising popularity of artificial intelligence (AI) technology and ubiquitous connectivity, there will be an increase in IoT fraudsters targeting high-value victims such as banks or government agencies.
Cost of IoT Fraud – Breaches and Losses
A recent study found that the cost of IoT fraud will reach $2.1 trillion by 2025, up from $1.5 trillion in 2020. This increase is due to the continued growth of IoT devices and the resulting data breaches. With more devices come more opportunities for fraudsters to exploit vulnerabilities and steal sensitive data. In addition, as businesses become more reliant on IoT devices, the cost of downtime caused by a breach can be high. Even if there is no loss of revenue, time spent dealing with the aftermath of an attack could exceed $3 million. For this reason, cybersecurity has become increasingly important to companies and individuals alike.
Enterprises should consider these risks when implementing IoT devices to prevent fraud, suggests Raghib Khan. Strong passwords, user verification, and security patches are just some ways to minimize the chances of being hacked. One way to strengthen your defense against cyberattacks is by training employees to recognize suspicious emails or texts before they click or respond.
Other necessary preventative measures include scanning for security flaws and penetration testing. Penetration testing involves a third party attempting to hack into your system to identify vulnerabilities. By setting up tests and finding bugs before attackers do, you can minimize your chances of being hacked.
How AI Can Help Mitigate IoT Fraud – Raghib Khan’s Suggestions
The problem with IoT devices is that they’re often left unsecured, which makes them easy targets for hackers. Even if you have a robust security system, hackers can still find ways to get around it and access your data. That’s where AI comes in.
According to Raghib Khan on IoT fraud, AI can help identify patterns and anomalies indicative of hacking or fraudulent activity. AI can also reduce the number of false positives by scanning datasets more efficiently than humans can. In addition, implementing AI into cybersecurity efforts allows staff members to focus on other important tasks instead of monotonous work such as checking logs for suspicious activity. It also frees up your time to do high-level planning and security analysis, says Raghib Khan, on using AI to prevent IoT fraud.
How Should Organizations Handle Incidents?
Here, Raghib Khan how organizations should handle cases of IoT fraud. He explains that incidents should be treated as opportunities to learn and improve, rather than as disasters. By taking this approach, organizations can reduce the chances of future incidents and better protect their customers.
In many cases of fraud, Raghib Khan explains, incident response teams aren’t equipped to handle cases involving new technologies or innovative IoT products. This means that too many incidents of fraud go unaddressed or are improperly handled—leading to both internal and external problems for organizations.
For example, a company may launch a product that includes IoT functionality and then realize it isn’t up to the task of handling breaches; this leads to a loss of customer trust. Organizations need to ensure that their responses not only fix what has been compromised but also guard against future attacks by adding strong security measures. They also need to make sure that customer information is protected during any investigations. Finally, they should develop partnerships with other organizations to share data on threats and vulnerabilities.
What Makes An Organization Vulnerable To Attacks?
There are many factors that can make an organization vulnerable to fraud attacks, elaborates Raghib Khan. One of the most important is having outdated or unsophisticated security systems. This leaves gaps that hackers can exploit. Another factor is not having enough security personnel to monitor all of the organization’s systems properly. Finally, poor employee training can also leave an organization vulnerable. So, do train them on how to identify suspicious activity and report it immediately.
In addition, they should know what a phishing attack looks like and how they should respond if they receive one. A social engineering attack often targets employees because they have more access to information than other people in the company.
For example, an attacker might call an employee claiming to be from IT and ask them to update their password, which would give the attacker access to a particular device. However, there are ways that organizations can protect themselves against these types of attacks by educating their employees about how these types of scams work and warning them when unusual requests come in from outside sources.
Summing Up
The problem of IoT fraud is a serious one that needs to be addressed. Raghib Khan did a great job of explaining the crisis of fraud in this arena and outlining some possible solutions. First off, we need better protocols for wireless connectivity with these devices. Second, there will need to be significant updates on how user data is managed with these devices and improved authentication methods for authenticating users with their devices.
Thirdly, as suggested by RNF Technologies’ Raghib Khan, we require improvements to be made in tracking assets that are connected by IoT as well as monitoring activity on those assets. These changes would ensure accountability for any fraudulent activities or usage of an asset so people can know if someone has been using their phone or laptop without permission.
Furthermore, there should be regulations so that people who create IoT systems have to put measures in place to prevent unauthorized access and protect the privacy of the data they collect.