A new study compiled by internet security firm Arctic Wolf Networks determined that the industry suffering from the most frequent Internet of Things (IoT) attacks right now is transportation, with 29% companies polled in that sector indicating they have already experienced an IoT attack.
Brian NeSmith, Arctic’s CEO and co-founder, added that companies in the energy, construction and technology industries have also been ongoing targets of IoT attacks and he only expects such attacks to grow in scale and scope in the months ahead.
“The next chapter in the story will raise the stakes with possible attacks on medical devices, electric grids and transportation systems, which could cause the loss of life,” he said in a statement. “Companies not spending millions of dollars on security will be at a severe disadvantage fending off criminals who are organized, well-funded and very sophisticated in their methods.”
Arctic’s new study is entitled Ransomware of Things: When Ransomware and IoT Collide. Conducted in collaboration with Survey Sampling International, it revealed that most small-to-mid-sized businesses (SMBs) do not maintain advanced detection and response capabilities for ransomware, advanced persistent threats (APT) and zero-day attacks.
The survey also found that one in four companies have already experienced a ransomware attack and one in eight have dealt with an IoT-based attack.
As mid-market companies continue to embrace IoT without implementing the necessary security tools, these attacks and vulnerabilities will persist, Arctic said.
Other findings from the firm’s survey include:
- Nearly 70% of respondents state that they do not have a formal incident response plan.
- Most (80%) do not have products to protect against zero day threats and over half (62%) do not conduct log analysis.
- Almost half (45%) of participants claim they are likely to pay the ransom to get access to their data.