T in IoT could stand for Threat..from Blockchain #CryptoJackers

So everything is going great in favour of Internet of Things (IoT) market – the technology is getting sophisticated, high-speed networking is jumping in as an adjacent accelerator, and integration hassles are being addressed – at least, better than yesterday.
That’s why it could be easily touching a $561.04 Billion market-size by 2022 (as per forecast from MarketsandMarkets). But there’s a blockchain side-effect that is lurking just around the corner and waiting for this IoT estate to burst and grow.
Cryptojackers (yes those miners who, without user’s/owner’s knowledge and permission, use computing power of a device for their mining activities by using security loopholes) could have a field day with so many devices spread around on an IoT footprint.
Remember how, just a few days back, 2000 computers at Aditya Birla Group succumbed to a cryptojack attack. India, as per Symantec’s reckoning, already sits second in the Asia-Pacific and Japan region, and ninth globally when assessed on increased cryptojacking activities.
And if you thought a tiny IoT device could be of no use to a hacker, well,  IoT could be just the very crack in the dam that crypto-jackers have been waiting for. As per Trend Micro’s fears – cybercriminals can easily use IoT devices as proxies to obfuscate their location and web traffic (after all, law enforcement usually tracks IP addresses and logs for criminal investigation and post-infection forensics so having a forest of anonymised devices (having virtually no logs and being more difficult to patch than PCs) would be as good as a champagne-cork for cybercriminals.
In fact, low processing capabilities of IoT products and routers is quite up on the radar of hackers from what an investigation by Trend Micro gathers. Even if a device pinned in a remote corner is underpowered, it would still be honey for a hacker. Because it is still less secure than the devices nailed inside an enterprise’s perimeter.
The T in IoT could stand for Threats, if you don’t think it through.

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