IoT/OT Predictions for 2024

How many smart home devices are you running where you live? Smart speakers, thermostats, cameras, light bulbs, etc. Have you lost count yet? You could be forgiven, because Forbes projects there could be as many as 207 billion of these devices out in the world by the end of this year! By my calculation that works out to more than 25 devices for every human on the planet!

In this blog, we’ll cover some of the top IoT/OT predictions for 2024, covering everything from AI at the edge to ransomware. Let’s jump in.

IoT/OT devices will see a higher degree of proliferation than ever before

Losing count of how many devices you have isn’t just a nuisance in the workplace; it’s a very real problem, particularly from a cybersecurity perspective. The challenge of keeping track of your IoT devices—not to mention keeping them secure—is only going to grow harder with the proliferation of sensors, monitors, point-of-sale, and myriad other devices that are feeding our hunger for data. Fortunately we’ve been working on that.

Edge AI will make these devices smarter, faster

No predictions blog post for 2024 would be complete without mention of the topic on everyone’s lips: artificial intelligence. Edge AI is already finding its way onto some smartphones, and as the technology advances, its inclusion in IoT/OT is inevitable. It will only improve as time passes,  increasing the number of autonomous decisions being made without oversight. This can easily be positioned as a benefit, especially in remote locations where humans cannot or do not want to be, but it can also be a risk, if mishandled.

5G and other WAN connectivity will evolve to meet the needs of IoT/OT

It seems we’ve been hearing about 5G forever, but it’s now starting to truly gain traction in the workplace as a new way to connect devices via the internet with minimal latency and without requiring a local network infrastructure. And it’s not alone—newer versions of the Wi-Fi standard, LPWAN, and even satellite connectivity are also coming to the forefront. This simply means we’re able to deploy sensors and other kinds of IoT devices into more locations, including remote and mobile ones, growing the number of potential use cases for the technology.

Digital twins will still serve as proving grounds

The accelerated growth in the number of sensors continues to cultivate the use of digital twins; virtual representations of the world around them that help us visualize and improve remote systems. Once again, the proliferation of IoT sensors will provide an even richer and more accurate view of what we’re monitoring. This will enable us to drive resource optimization and efficiency, and pave the way for the adoption of more sustainable systems.

Taking all of these developments in aggregate, it’s plain to see that when it comes to IoT and OT growth, ‘we ain’t seen nothing yet’! As with all technological advances, there’s the potential that they will make our lives better and businesses more efficient and profitable. At the same time, it’s vital to ensure security is consideration number one when it comes to planning their deployment, especially when it comes to devices that talk to the internet.

This brings us to the flip side of these predictions: the challenges they pose.

Data privacy

The combination of ubiquitous sensors and the rise of AI making use of the data they collect naturally leads us to consider data privacy. Regulations around the world, perhaps most famously the EU’s GDPR, ensure that privacy is a requirement rather than a consideration. The handling of potentially sensitive data is strictly controlled, and its misuse can significantly undermine public confidence, not to mention lead to potentially huge fines. Never is this a greater problem than when such data is leaked or exfiltrated from its owner for potentially nefarious uses.

Ransomware on the (continued) rise

As the Zscaler ThreatLabz team recently reminded us, ransomware attacks have risen sharply over the past year, over 37% in fact. At the same time, it’s becoming easier than ever to launch such attacks, aided by readily available AI and Ransomware-as-a-Service (RaaS) kits.

The firmware problem

Remember earlier when I asked you if you knew how many devices you have deployed? Here’s another one for you. Of those devices, how many of them have their firmware up to date? Do you even know what firmware they’re running to be able to establish this? An IoT device may have been secure on the day it shipped, but as our own computers and smartphones have taught us, regular updates are a fact of life in the cat-and-mouse game of vulnerability. A single compromised device could be all an attacker needs to begin their hunt for more damage to cause or data to steal.

The ongoing risks presented by legacy security

As the cybersecurity industry continues to incessantly point out, traditional security technology practices, many still employed by IT departments around the world, are fundamentally flawed. The ongoing use of firewalls and VPNs opens the door for lateral movement across networks and geographical boundaries, allowing bad actors the opportunity to reach the countless IoT/OT devices in use. Once the network is compromised, the bounty for an attacker grows ever larger. 

All of these challenges and more point to only one conclusion: Organizations must adopt a zero trust security architecture in order to protect the IoT and OT devices they will inevitably deploy this year.

Conclusion

On the one hand, the predictions for IoT/OT in 2024 are worth getting excited about. Our world is getting smarter, and advances in devices will no doubt help us drive improvements in our personal and professional lives. But to benefit positively we must put security first. This doesn’t mean adding more and more roadblocks on the network highways. It means reimagining security and building a framework based on the tenets of zero trust.

If you’re new to zero trust and want to learn more, we’d like to welcome you to one of our monthly introductory live webinars where you can explore the many benefits of zero trust and why Zscaler delivers it better than anyone else. Click here and search ‘start here’ to find the next session to sign-up for.