The increasing popularity of IoT devices and technologies has brought about a surge in cyberattacks targeting these systems. With the potential for significant financial losses, it is crucial for organizations to protect themselves against IoT ransomware attacks. In a recent report by Keyfactor, it was found that 93% of organizations face challenges securing their IoT and connected products.
IoT sensors and the smart devices they are connected to have become attractive targets for attackers. The manufacturing industry is particularly vulnerable, with 54.5% of attacks targeting this sector. The Mirai and Gafgyt botnets are responsible for the majority of attack payloads, using compromised IoT devices to launch distributed denial-of-service (DDoS) attacks.
Ransomware attacks on IoT devices have become a lucrative underground business. There are over 700 advertisements for DDoS attack services on the dark web, with costs ranging from $20 a day to $10,000 a month. Well-known ransomware variants include DeadBolt, WannaCry, Mirai, Linux.Encoder.1, Gafgyt, Reaper, Hajime, BrickerBot, and BASHLITE.
To protect against IoT ransomware attacks, organizations can adopt a zero-trust approach. Zero trust involves monitoring and scanning all network traffic, enforcing least privilege access for every endpoint and IoT device, implementing multifactor authentication (MFA), applying microsegmentation to endpoints, and deploying risk-based conditional access across all assets. Patch management also plays a crucial role in preventing breaches.
By following these security measures, organizations can significantly reduce the risk of falling victim to IoT ransomware attacks. It is essential to prioritize cybersecurity and implement proactive strategies to safeguard IoT devices and networks. With the growing threat landscape, organizations must stay vigilant and continually update their security protocols to stay one step ahead of cybercriminals.