In a speech to kick off NXP FTF Forum 2016 in May, NXP CEO Richard Clemmer stressed the importance of cyber security in developing a smart cities as “nearly 80% of the world’s economic growth value will come from technologies that are already here today.”
The forum focuses on connecting engineers to foster IoT innovation through research labs and panel discussions. One of the most debated topics was IoT infrastructure security. Experts at the event felt that, in spite of recent advancement, too few engineering efforts concentrate on reducing vulnerabilities.
During a panel talk on authentication and security, CEO IOT Consortium Greg Khan talked about the agility hackers have shown. Their adaptability to emerging technology has increased the number of attacks since 2014 and cost enterprises up to $1 trillion a year to avoid security breaches.
“Authentication is on the 15 billion devices to date—at both the server and the device end—but they need to be improved such as periodically polling devices/components to make sure they are what they are expected to be,” Khan said.
Because IoT devices are vulnerable to security and their connectivity hasn’t been fully investigated, passwords are no longer enough for privacy safety, commented University of California professor Edward Lee. A set of standards should be authorized for all users to read and abide by, different from the current privacy notes, which are ignored, he added further.
University of Texas professor Brent Waters encouraged manufacturers to invest in improving encryption methods and maybe work with hackers to bring system vulnerabilities to light.
The talk concluded that consumers and enterprises need to be informed about the types of risks arising, and educated on the steps required for device safety.