Nokia report warns on fast-growing threat of malicious software targeting IoT devices

Espoo, Finland, Dec. 5, 2018: The use of malicious software to attack Internet of Things (IoT) devices like smart home security monitoring systems was rising substantially and growing more sophisticated as cyber criminals take advantage of lax security. According to the Nokia ‘Threat Intelligence Report 2019’, IoT botnet activity represented 78 per cent of malware detection events in communication service provider networks (CSP) in 2018, more than double the rate seen in 2016, when IoT bot activity was first seen in meaningful numbers.

Nokia IoT threat report

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That is up sharply from 33 per cent in 2016, when IoT botnets were first seen in meaningful numbers, according to the Nokia IoT threat report.

A botnet is a system of computers that can be infected with malicious software and controlled by a single computer for doing things like stealing bank account information and shuttering Websites.

“Cyber criminals are switching gears from the traditional computer and smartphone ecosystems and now targeting the growing number of vulnerable IoT devices that are being deployed. You have thousands of IoT device manufacturers wanting to move product fast to market and, unfortunately, security is often an afterthought,” said Kevin McNamee, Director of Nokia’s Threat Intelligence Lab and lead author of the report, in a written statement.

As an indicator of the rising threat, the report found that malware-infected crypto-coin mining is expanding from high-end servers with specialized processors to IoT devices as well as smartphones and web browsers. Crypto-coin mining is generally the process by which crypto currency transactions are verified and added to blockchain technology systems.

The report said some industry analysts widely expected IoT device adoption to accelerate with 5G. The high bandwidth, large-scale and ultra-low latency capabilities of 5G greatly facilitate connecting billions of things to the Internet, including smart home security monitoring systems, vehicles, drones and medical devices. But, as the Threat Intelligence report’s findings underscores, lagging security protection of many current IoT devices and increasing technical sophistication are giving cyber criminals broader scope for successfully launching IoT device attacks.

“Cyber criminals have increasingly smart tools to scan for and to quickly exploit vulnerable devices, and they have new tools for spreading their malware and bypassing firewalls. If a vulnerable device is deployed on the internet, it will be exploited in a matter of minutes,” McNamee said.

Also explaining some of the rise in IoT device malware infection rates is the fact that attacks on mobile and fixed networks in 2018 decreased from previous years. This is a result not only of cyber criminals looking further afield for softer targets, like IoT devices, but of better-protected networks, platforms and mobile devices that are designed and built with security in mind.

 

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