IoT cyber attacks cost UK economy £1bn each year

Cyber attacks targeting Internet of Things (IoT) devices could cost the UK’s economy £1 billion annually, according to research.

IoT devices are seen as “low-hanging fruit” by cyber criminals who seek to take advantage of the technologies weak security measures.

Research from Dutch software firm Irdeto found that IoT attacks cost UK businesses £244,000 on average last year, with malware attacks the most common form of breach.

“Insecure IoT devices and companion apps are essentially low-hanging fruit for cyber criminals, who are increasingly finding new, creative ways to turn our technological dependence into their own nefarious gain,” said Steeve Huin, Irdeto’s VP.

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Source: ITPro