Why the Internet of Things Cybersecurity Improvement Act is Important for Businesses
In recent years, the Internet of Things (IoT) has grown at an exponential pace, creating new business opportunities and enhancing the way we live and work. However, this rapid growth has also brought with it an increasing threat of cyber attacks on connected devices. The Internet of Things Cybersecurity Improvement Act of 2019 aims to mitigate these risks by establishing security standards for IoT devices used by the federal government. In this article, we will discuss why this act is important for businesses and how it can impact the IoT industry.
What is the Internet of Things Cybersecurity Improvement Act?
The Internet of Things Cybersecurity Improvement Act, signed into law in December 2020, requires the National Institute of Standards and Technology (NIST) to develop and publish cybersecurity guidelines and standards for IoT devices used by the federal government. The act also mandates that all IoT devices used by the federal government comply with these guidelines and standards. This act is important because it provides a benchmark for cybersecurity standards that IoT manufacturers and businesses can adopt to safeguard their devices.
The Importance of IoT Cybersecurity for Businesses
The Internet of Things has expanded the attack surface for businesses, providing hackers with multiple entry points to a company’s network and sensitive data. A breach in an IoT device can result in devastating consequences, including damage to a company’s reputation, loss of proprietary information, and financial damages. The Internet of Things Cybersecurity Improvement Act is an essential step in establishing cybersecurity standards that businesses can use to protect their devices from cyber attacks.
The Impact of the Internet of Things Cybersecurity Improvement Act on the IoT Industry
With the passage of this act, IoT manufacturers will have to align their products with NIST cybersecurity guidelines and standards to sell their products to the federal government. This is expected to create a ripple effect in the IoT industry, as manufacturers who want to expand their market share will adopt these guidelines and standards to satisfy their customers’ cybersecurity concerns.
Examples of IoT Cybersecurity Breaches
Several high-profile IoT cybersecurity breaches have underscored the need for increased security measures. One such example is the Mirai botnet attack in 2016, which compromised over 600,000 IoT devices and disrupted internet services across the United States, including Netflix, Twitter, and PayPal. Another example is the 2018 breach of Marriott International, which exposed the personal data of over 500 million customers, including passport numbers and credit card information.
Conclusion
The Internet of Things Cybersecurity Improvement Act establishes much-needed cybersecurity guidelines and standards for IoT devices used by the federal government. It is also an essential stepping stone for IoT manufacturers and businesses in the private sector to adopt similar standards to safeguard their devices from cyber attacks. With the rapid growth of the IoT industry, it is crucial that businesses take proactive steps to secure their devices, and the Internet of Things Cybersecurity Improvement Act is a significant advancement towards achieving this goal.
