Office and home cybersecurity dangers are soaring as everything becomes a computer, a Congressional panel was told Wednesday.

As everything from light bulbs to HVAC systems and even egg trays becomes connected to the web, the billions of devices that comprise the Internet of Things (IoT)—the concept whereby everyday things are connected to the Internet—are presenting risks to financial advisors and their clients, the panel was told.

These were some of the problems with pervasive Internet connectivity cited by witnesses:

• Unlike computers, most of these devices can’t receive automatic software patches to fix cybersecurity deficiencies.

• They are designed by manufacturers who are giving no thought to cyber protection nor any employees with the skills and responsibility for putting in safeguards.

• Many of the devices are replaced rarely, like cars, or never, like thermostats.

• When IoT devices are compromised, they could go on performing as usual and users may not discover the hacks for long periods of time.

The IoT hearing at the House Energy and Commerce Committee was triggered by the October 21 shut down of Netflix, Twitter, PayPal and CNN for most of a day because of an attack on their domain name provider Dyn through webcams and web-connected digital video cameras.

While new federal regulations and protections for Internet of Things devices are not expected to be on the horizon with both branches of Congress and the White House soon to be under the control of Republican leaders looking to relax business regulations, IBM security consultant and Harvard University lecturer Bruce Schneier said a new federal agency to regulate the space could be created quickly if a hack led to a large death toll—which he claimed could happen.

Schneier noted it took only 44 days for the Department of Homeland Security to be established after 9/11.

First « 1 2 » Next