New research from Irdeto revealed that Internet of Things (IoT) attacks cost UK businesses an average of £244,000 last year.

The Dutch Security vendor conducted research on IT security decision-makers at UK organisations in sectors including health, transport and manufacturing. It was revealed IoT devices cost the UK economy over £1 billion each year.

It was also identified that more than half of the businesses questioned experienced a service outage as a direct consequence of an IoT-related attack – which suggests that breaches are becoming more common and widespread.

A total of 41% of the respondents stated that customer data had been compromised due to the attacks. As a consequence, a third of respondents lost customers and 29% claimed their brands' reputation had taken a hit.

Most notably 28% of the organisations questioned admitted they had suffered compromised end-user safety as a result of attacks in the cyber-domain.

Steeve Huin, Irdeto VP of strategic partnerships said:

“It’s clear that, if not addressed, a lack of IoT security could pose a serious financial threat to the wider UK economy. With so many devices entering the market and being deployed in critical businesses, the need for improved security measures is without question.

“Connect device manufacturers must move away from the traditional mindset of ‘build, ship and forget’ and ensure that devices are secure from the very point of the design, incorporating multiple layers of security as well as offering regular health checks and software updates.

“If unsure, consumers should also ask their manufacturers about device security and appropriate measures to keep their information secure.”

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