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Active digitization of consumer goods and accessories like wearable technology, mobile wallets, near-field communications, and direct payment methods is turning out to be “the new normal.” IoT network requires connected devices which are mostly deemed as easily hackable. While companies globally implement and execute these IoT devices onto their company framework and networks at unprecedented speed, the secure approval and reception will jeopardize the privacy of consumers, businesses, and company databases. They are always visible with the Wi-Fi turned on, pervasive and geographically distributed. This feature makes them an obvious target for hackers to take control and orchestrate a distributed denial of service (DDoS) assault. Therefore, IoT needs to tackle an entirely new organization of security challenges. The devices do not always meet the top security standards or preference. IT systems are not well equipped to manage IoT networks and devices. They still lack the tools, and knowledge to monitor the strength of device fleets, privacy in the world of IoT, deploy latest security updates against vulnerabilities and red flags and control the course of data securely through or into other systems.
As these IoT networks grow, it is essential that cybersecurity experts develop methods for guaranteeing the use of these connected devices within the limits of compliance and regulatory practices, along with privacy protection.
Since these technologies can and do make an extraordinary contribution to global challenges such as improving public health and quality of life along with increasing the efficiency of a range of industries, multiple IoT platforms now exist to concentrate on the secure management of this landscape. Billions of IoT devices deployed and trillions of dollars on the line in the coming decade, global standards, new world policies, and procedures are needed and must be developed to ensure fair usage.