Data tracking:

As consumers move towards adopting sensor-based gadgets or wearable devices, the risk of being tracked by companies also increases. They can monitor each and every move and send targeted advertisements. Similarly, if a hacker takes control of any connected devices, they can gain access to a ton of personal information. The more information attackers have in their hands, the more powerful they become.

The collection and sharing of personal data with third parties:

Another risk with IoT is access of consumer data by third party vendors. Even if you agree to share your data explicitly with a company, there is a possibility that your data might get merged with the IoT data that the same company secure from a third party. As a result, your data will be accessed by third parties, and used for advertising purposes.

Lack of security controls:

A vast majority of these connected devices will have less protection and will be prone to cyber-attacks. Some of the technologies that IT systems are accustomed with, like operating systems, firmware, and patches will not be available on these devices. IoT devices typically lack anti-malware and anti-virus protection, and don’t have IT teams to monitor and track security issues. As a result, new attacks might evolve to compromise the individual device or gain access to the enterprise network.

Security risks to the enterprise network:

No matter what network segmentation strategy an enterprise might establish, there will be some security gaps within the system that will allow IoT to intersect with enterprise network. These points of intersection will be highly vulnerable to attack.