IoT - the next big thing for hackers

Global IT spending is projected to climb by 5.1% to $4.6 trillion in 2023, according to Gartner, driven by a 11.3% increase in investments in cloud applications to $879.62 billion. This growth comes as an opportunity for the hackers to attack, these are evolving from those that shut down computers or stole data, to include those that could more directly wreak havoc on everyday life.

IoT devices are a key entry point for many attacks, according to Microsoft’s Digital Defense Report 2022. “While the security of IT hardware and software has strengthened in recent years, the security of Internet of Things has not kept pace,” according to a report.

The dark web's criminal minds see the Internet of Things as the next big hacking prize. Due to the rapid proliferation of Internet of Things devices. Cybersecurity experts say 2022 may have marked an inflection point due to the rapid proliferation of IoT devices.

There are now an estimated 17 billion IoT devices in the world, from printers to garage door openers, each one packed with software (some of it open-source software) that can be easily hacked. Cars and medical devices are critical to everyday life, and vulnerable entry points for hackers.

Last year, it was ransomware, as criminal hacking groups figured out how to shut down servers through what’s called directed denial of service attacks. But 2022, say experts, may have marked an inflection point due to the rapid proliferation of IoT devices.

Finally, IoT devices can be the entry points for attacks on parts of countries’ critical infrastructure, like electrical grids or pipelines, or they can be the specific targets of criminals, as in the case of cars or medical devices that contain software.

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