Combatting the Rising Cost of Cyberattacks

As the number of devices deployed within IoT systems has increased exponentially, so have the accompanying number of cybersecurity breaches. The dramatic increase in system hacks originating from unsecured devices has device builders reprioritizing security. Fallout from security failures not only compromise an organization’s credibility, but also come with significant cost. Recent high-profile attacks have cost businesses tens of millions in reshaping internal infrastructures to better safeguard systems and repair damaged reputations. Device makers across industries are learning an expensive lesson and putting device security solutions at the forefront of their investments. Device hardening from Bsquare is one of those solutions.

Historically, connected device design focused on ease of functionality and production simplicity to meet growing demand. But that focus leaves the door open for security vulnerabilities, particularly if an organization’s IT or software team is not equipped to handle the burden of configuring the system software and managing the endless series of software updates which ensure each device’s security. As device numbers grow, so do the risks of a breach that could expose an organization’s entire ecosystem.

Souce: Kapersky, Threatpost

In the past year, IoT devices have become integral in workplaces, better connecting teams while expanding communication opportunities. But coinciding with an increase in device usage, attacks have more than doubled to 1.5 billion in just the first half of 2021. Considering the average cost per data breach has concurrently grown 10% in the past year to $4.24 million, the cost of doing nothing can far exceed that of proactive device configuration.

Kronos’ recent ransomware attack, which compromised customer and employee data, illustrates the extensive effects caused by a security breach. The attack cost the HR management platform weeks of time and resources in restoring their system, affecting millions of clients across the globe. While the long-term impact of this massive cyberattack has yet to be calculated, the company will face challenges in not only restoring system functionality but also in regaining public trust. Similarly, Home Depot’s devastating PoS attack in 2014 is now costing the home improvement retailer $17.5M in settlements and a plethora of forced security improvements, including CISO implementation, security awareness training, 2FA standards, and more. When it comes to financial burden, the overall cost of internal security improvements outweighs the hefty and long-lasting effects of a cybersecurity attack.

Proactively combatting cybersecurity attacks involves prioritizing system and OS security configuration at the device level. Whether new or existing systems, properly configuring and maintaining each device can safeguard a fleet against attacks, offering organizations some financial reassurance and necessary protection for their large investments. Bsquare provides device makers with professional device hardening solutions that assist in mitigating risk and protecting against cybersecurity attacks. Ensure your OS and devices are securely configured, recoverable, updateable, and upgradeable with flexible service solutions. Read more about our device hardening services and gain confidence in the future of your devices.