This blog post was initially supposed to focus on IoT security trends. However, one thing became very clear as I began writing: the number one 2018 trend is IoT device hacking, and it’s already happening.

Despite fears, the global IoT security market is projected to grow at a CAGR of 35% during 2017-2022 due to the rapid speed of connected devices being manufactured. IoT spans from in-home smart devices to industrial IoT solutions embedded into our nation’s most critical infrastructure. But no matter how big or small, if they’re connected, they’re susceptible to hacks.

Since the beginning of the year, there have been a number of re-energized and new IoT malware and bots that have caught my attention. Keep an eye out for the following IoT threats:

Mirai botnet variant, Mirai Satori aka & Mirai Okiru

• Resurfaced at the beginning of the year, Mirai Okiru targets ARC processors, such as the chips embedded inside cars, mobile devices and smart TVs, and has the ability to take over cryptocurrency mining operations. The botnet infected more than 280,000 IP addresses in a 12 hour period and gained control over 500,000 to 700,000 IoT devices.

Hide ‘N Seek (HNS)

• This most recent IoT botnet to wreak havoc uses custom-built peer-to-peer communication and it is equipped to carry out commands including data exfiltration, code execution and interfering with a device’s operation. In fewer than 24 hours, the botnet infected a network of 12 devices in South-East Asia and spread to more than 16,000 around the world.

Companies are struggling to stay ahead of these botnets and hackers and develop devices that are less susceptible to attacks. While it is scary to learn about new threats, I’m excited to see how IoT security market will shape up as the year continues.

Want to learn more about how we can take your company to the next level and rise above the rest of the cybersecurity market today? Contact Merritt Group today, and let’s start talking!