Internet of Things (IoT) Security: Risk Assessment and Management Models

Abstract

Today, machines, appliances, homes, offices, vehicles, sensors, and systems across many sectors of human endeavours can be interconnected to exchange information and autonomously perform tasks. All these efforts are geared toward creating a smarter society. These have ushered in a new era in the technological landscape of devices on the Internet through multiple networks known as the Internet of Things (IoT). The swift expansion of the Internet of Things (IoT) has dramatically transformed numerous sectors by interlinking devices and facilitating smooth data sharing. Yet, this enhanced interconnectedness also bring about substantial cybersecurity challenges. With the continuous expansion of the Internet of Things (IoT), it is essential to have robust risk assessment and management in place to mitigate cybersecurity risks. Currently, there is no general IoT security model and efforts to standardize IoT security are at their infantry phase. There are only a few IoT security standards, and best practices are not focused on IoT security risk assessment and management. This paper reviews some existing risk assessment and management models for IoT and proposes innovative improvements to address identified gaps. The proposed model strives to fortify IoT systems, ensuring their reliability, security, and efficient performance. By evaluating the strengths and weaknesses of current models and embracing improved models, organizations can better assess and manage risks associated with IoT deployments.