Security News > 2020 > June > As IoT devices evolve, risk management needs improvement

There's an acute need for IoT risk management improvement, as most organizations do not know what tracking and safeguards their third parties have in place, according to the Shared Assessments Program and the Ponemon Institute.

"This is especially true when the use of IoT devices is extended to third parties, fourth parties, or even more concerning, when it's unknown where the use of IoT devices are being extended, or those extensions are unmanaged," observes Rocco Grillo, Managing Director, Global Cyber Risk Services, Alvarez & Marsal.

Current IoT risk management programs are not keeping pace with the dramatic increase in IoT-related risks; a shortcoming that represents a clear and expanding threat to most organizations.

Key findings The problem is fueled by the steep expansion in IoT devices, the lack of a centralized IoT risk management program, and the lack of senior-most authority's involvement.

As this study makes plain, swift and step function improvements are needed throughout most IoT risk management programs and third-party risk management in general.

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