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IoT cyberattacks could cost UK economy £1bn per year - comment from Fujitsu

May 2019 by Sarah Armstrong Smith, Head of Continuity and Resilience at Fujitsu UK

Following the news that an Irdeto report found that IoT cyberattacks could cost the UK economy £1 billion per year, if you were looking to cover the story and wanted any additional commentary, below a comment from Sarah Armstrong-Smith, Head of Continuity and Resilience at Fujitsu UK. Sarah argues that the news is alarming, but not surprising, as criminals continue to exploit security vulnerabilities.

“The news that IoT cyberattacks could cost the UK economy £1 billion is alarming, but not surprising. As an increasing array of products become reliant on smart technology, cybercriminals will continue to exploit security vulnerabilities; especially as they become more sophisticated in how they carry out attacks. The UK government have acknowledged the risks that we’re facing in this space; only last month announcing proposed regulations to ensure that connected devices are secured to the highest standard. These figures should be a fresh warning to companies and an urgent sign that smart products must be made safer and more secure, to protect against an attack or breach.

“Organisations play a fundamental role in protecting the data, privacy and safety of their customers. Adopting a privacy and ‘security by design’ approach is a key part of this, and includes both highly sophisticated security measures but also simple processes such as consumers being reminded to change default settings and passwords on these devices. By taking this approach, IoT manufacturers can ensure they adequately protect their customers, providing them with a level of assurance and confidence when purchasing their products.”

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