Latin America. Nexusguard released a company-sponsored security report, which warns of previously undisclosed risks that accompany always-online IoT devices, which are susceptible to attacks. This report was made by the firm Cybersecurity Ventures, a leader in research and market intelligence.
This report has been published at an opportune time, as Nexusguard has decided to expand its presence to new key markets for the company in Latin America. The growing adoption of IoT devices in Latin America has prompted Nexusguard to expand its service offering in the region to protect companies prone to cyberattacks. The report emphasizes the risks inherent in IoT devices, especially routers, which are typically used as a starting point for the most aggressive DDoS attackers.
These devices are vulnerable and can be exploited during software updates to be used as proxy servers aimed at businesses, which are subsequently extorted by requesting payment. DDoS attacks are usually the "first wave" by hackers, who use them to distract companies from other, much more targeted intrusions. Routers are also used in Simple Service Discovery Protocol (SSDP) mirroring attacks, which target routers with patches or that do not have the ability to be patched. These attacks are particularly dangerous, as they can use vulnerable routers to amplify an attack that can go beyond the normal bandwidth limit, while at the same time hiding the original source of that attack.
The main findings of this report and market statistics include:
- By the end of 2017, more than 20% of businesses will use security services to protect their IoT initiatives.
- The multibillion-dollar IoT market will drive spending on security research by 2025.
- IoT devices rely heavily on shared libraries and a rapid development cycle. Due to their limitations, many IoT devices have limited options for firmware updates and other risk management features, making them highly susceptible to intrusions and attacks.
- As older devices no longer have the support of their manufacturers or updates or patches, the possibilities for hackers will increase.
