The world is accelerating towards embracing smart devices. We are in midst of a lifestyle revolution where each device has its own identity and interacts with a range of interconnected devices. Name a task and a smart device to conduct that task will surface.
There is a plethora of devices available in the market such as smart thermometers, wireless blood pressure monitors, smart Bluetooth bulbs, fitness tracker wrist bands, pet tracker collars and many more. These devices are controlled by remote sensors which include mobile phones, tablets, laptops, desktops, personal assistance devices, etc. Each of such devices collect information, has an identity assigned to them and conducts an allocated task. In geeks’ language it is called Internet of Everything (IoE). This stresses on the fact that the world is getting connected with devices and each of them has an identity.
IoE as a medium connects devices in more relevant, empowering and smart ways. In the coming years billions of physical objects will be connected to the Internet, including industrial and household devices. So if we break this, it means:
- More Smart Devices
- More Automation
- More Access Points
- More SSO capabilities
- More Securing Identity
…more for you to add
Inter-connected objects within a household is not a new concept, even enterprises in the oil, gas and utility industries have integrated connected equipment to support remote operations. IoE is an extension of this concept. It brings Internet into the picture, making inter-connected devices prone to cyber vulnerabilities. In addition to conventional ways for cyber criminals to enter into a network, there could be numerous possibilities for hackers to breach vulnerable IoE connections. The information captured by devices is synced by apps and is fragmented. A single dashboard that can compile information and enable interaction to bring out concrete information is missing.
IoE devices however are easy to secure. The importance of setting baselines for the type of data that network administrators use has been time and again reiterated by cyber security specialists. The number of devices per person keeps on adding up, leading to management of one’s identity at the core of technological revolution. This also brings into perspective management of all devices through a one-time login mechanism on the lines of SSo. The biggest worry definitely is adhering to the regulatory compliance, especially for data privacy, while adopting IoE.
For instance, the financial services market is monitored at federal and state levels, and is subjected to various regulations. Complexities in businesses, with increased regulatory as well as market scrutiny, have led to organizations adopting a structured approach in managing GRC. In this backdrop, IAM is seen as an enabler for fulfilling governance requirements such as policy enforcement, assessing risks, auditing compliance and reducing frauds. In order to close security related loops, it is crucial to govern access of IoE devices.
Come to think of managing zillions of identities, it needs customization and automation. Exploring potential impact and opportunities related to the deployment of IoE technologies is crucial, and developing strategies to combat threat is the way IT security market is headed.
Although, IoE offers new opportunities, it might also disrupt the marketplace. It may facilitate the rise of new business models and a much more competitive market. For companies in the financial services to yield value from IoE, they would have to rethink, adapt, adopt and take a look at privacy and security requirements of the system.