Security Issues in IoT

IoT has problems, like any new technology. To harness the full benefit of IoT, insurance firms must:

 

IoT

Privacy

 

Data theft and security are IoT's biggest worries. Phishing attacks may target the insurance company's linked home, automobile, and IoT devices. Many consumers are hesitant to let insurance firm’s access personal information and data via IoT networks, particularly if the stated advantages are not consumer-focused. Insurers must implement best practices for security, encryption, and visibility to be proactive against cyber-attacks.

 

Data management

 

Insurance businesses have a daunting challenge managing data from linked devices and sensors. This issue is made worse by the time-sensitive nature of certain business choices, which need constant data access and analysis. Despite pressure, sensitive or protected data must be handled with care to comply with data privacy standards. As insurers attempt to handle this data in a timely and efficient way, it will be useful to examine the deployment of new technologies and platforms such as the cloud.

 

 

Change-Resistant

 

The insurance sector isn't known for being flexible. IoT and the changes it will bring to the old insurance business model will take time for organizations to embrace. Internal and external stakeholders typically resist new technology. To exploit IoT efficiently and adapt to the digital world, insurers must overcome this opposition. Organizations must convey the entire breadth of IoT-enabled technology advantages and how they will assist achieve long-term strategic objectives. By tackling these difficulties head-on, insurers can swiftly realize their IoT investments.

Maryam Saeed Dogar

 

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