A recent study conducted by Ponemon Institute which was sponsored by Arxan Technologies and IBM found that 80 perfect of Internet of Things apps are vulnerable and not tested complete for high security. The study also pointed out that there is a lack of urgency on the part of companies and professionals to address the risk. The Ponemon Institute surveyed approximately 600 IT security and IT security practitioners and found that the companies are unprepared for risks created by vulnerabilities in the IoT apps.
The survey also concluded that 84 % of respondents were despite showing urgency were certainly concerned about the possible threats. The most of the respondents of the survey suggested that use of IoT apps does increase risk very significantly.
According to the majority of respondents believe that are aware that the chances of them getting hacked is strong, but most of them are not doing anything much to protect themselves. The management at Arxan Technologies said that lack of awareness and lack of budget is the reason for these problems.
IoT is new and due to lack of any major hack, the organizations are having a difficult time in justifying security initiatives. However it may not be long before something major happens and therefore companies are making some progress on this front. Since IoT is so new that most companies do not understand the potential vulnerabilities and the impact of hack on these devices.
Some of the things that companies can do is proactive testing, fixing vulnerability which can help mitigate the risks and secure IoT devices.
IoT apps are still new and therefore security is generally ignored as it is considered to be getting in the way of usability. It has been observed that until manufactures make security a priority , the industry will continue to produce insecure products regardless of the impact it has on consumers.