Technology Market Research Solutions

Safe IOT Practices

To keep up in pace with the growing world, businesses are expected to deploy modern technology-based solutions. While this may bring some benefits, their security is a huge responsibility. Any compromise on the safekeeping of a company’s data is sufficient to mark its downfall.

The IOT technology builds a circuitry to connect multiple devices that can exchange information over the internet on request. Potential uses of this science are many. But, the use of linked devices is luring to cybercriminals and hackers and thus requires great caution.

What security threats does IOT pose?

Although the technology market is constantly innovated, successful cyber-attacks have also increased. The major risks that require consideration with the use of this technology are:

1)     Insecure interfaces

•        Web interface
•        Network services
•        Cloud interface
•       Mobile interface

Data loss and corruption, both, stem from insecure interfaces. There might also be a complete device takeover. This may lead to denial of access and a compromise on the accountability of the entire data consolidation. All data stored could be modified or accessed. Compromised network services can result in a denial of service condition of devices and the user may no longer be able to access them. Moreover, it can also be employed to facilitate attacks on other devices.

The impact also extends to consumers whose personal data can be accessed if the hacker is able to gain control over your devices.

2)     Lack of authentication

Lack of authentication refers to weak or poorly protected credentials and an insecure mode of their recovery. Cybercriminals can employ these to gain easy access to all the data and steal or modify them.

3)     Insufficient transport encryption

A transmission of data from one device to another is the essence of IOT. There needs to be a secure path for this transport of information, failing in which the attacker may be able to view user data when in transit over a local network.

Mitigation of the threats

Global market research reports suggest that while IOT is set to transform lives, web developers and cyber security service providers should be equipped to mitigate the increasing threats accompanying the use of IOT.

During the initial setup of devices, default credentials should be reset. The new ones should not be weak and shouldn’t be exposed to internal or external traffic. Automatic lockout should be set-up for a specific number of failed login attempts and a two-factor authentication method can be used wherever possible.

Only necessary ports should be exposed and transit protocols must be encrypted using TLS or SSL or other standard techniques.

Only data that is crucial for the functioning of the device should be collected and this should be accessible to authorised users only. This means that there should be a strict distinction between administrative users and the regular ones. The data must also be protected and should have a retention limit.

Data-driven decisions to boost your business value

The advent of data science has made us capable of revolutionizing the businessservices market. The popular concept is, however, faced with very low understanding. The most misfortunate of interpretations is the one concerned with the suitability of data science for various businesses.

This may be because ‘Big data’, the phrase in buzz, is quite misleading. It does not require you to be an established firm generating huge amounts of data to be able to incorporate data science. Even smaller companies and start-ups generate enough information to get useful insights. The sector you work for is not a restriction either. Nevertheless, to attain the required boost in your business value, it is essential to know what kind of information can drive your decisions.  

The context of ‘Big Data’

What mankind usually talks about is the availability of technology for easy access to information. But what is undermined is the increasing rate at which the amount of information itself is growing.  In the present scenario, data is not regarded as useless post the achievement of the purpose for which it was collected. It, in fact, has great economic value even after that. The consolidation of all structured and unstructured information from the various processes of a business is what is referred to as Big data. This may be from

•         Market analysis using the available databases (of companies and the government)
•         Analysis of routine procedures in the business to automate them
•         Scouting for staff and clients
•         Customer feedback

The segment of your business it can help

To realize the importance of incorporating data analytics into your decision-making process, it is essential to look back at the developments in the market over the past few years. Artificial intelligence is increasingly gaining a better knowledge of the world and software industry has disrupted a number of traditional business models. But global market research reports also reflect a number of interesting and promising opportunities that modernization of the world has created.

It is, thus, a wise choice to spend on business analysts. They are a crucial aid to your business because the data they bring will serve not one but all your business segments.

·       Marketing research

With the right minds and tools, big data can be used to visualize trends and patterns in the industry.  A data-driven predictive analysis can help you make well-informed decisions. Data mining techniques for companies that hold a large amount of consumer data can also be utilized for consumer segmentation. Big data is also an integral part of risk managing strategies.

·       Setting business goals and formulating strategies

Once what big data means to you is strategically defined, you can leverage the information to map practical business goals. These may be in terms of growth of the company, an increased market share or an expansion of clientele.

·       Re-developing your product

Big data can also be translated to customer intelligence. Constant feedback and information about their activities can provide actionable insights. You can modify your product or service according to the contemporary needs.

·       Creating new revenue streams

Data monetization is a compelling new business opportunity. Selling non-personalized trend data to other companies functioning in your vertical might be able to generate a good amount of revenue for you.

If used efficiently, big data can prove to be of great value to any firm. It is important to exploit the available technologies to reap these benefits.