Operational Risks of IoT - Cyber-attacks

A cyber-attack is a deliberate, planned criminal use of computer networks to launch an attack against the intended victim, entity, organization or country.  The machine led virtual attacks aim to disrupt or at least weaken the optimal functioning of target entities. This disruption would result in a slowing of or 'freeze state' in regard to  the computer infrastructure. 

The modus operandi could be hacking, social media interventions, computer viruses, malware, ransomware, phlooding (“Phlooding” refers to the aiming at freezing the central organizational servers through intended, deliberate overloading of the servers, which consequentially slows systems or stalls the systems) etc. Inevitably, there is a  service delay or denial to customers.   

Cyberattacks will instil fear of a different variety. The withdrawal of balances through ATM in remote places (as recently happened in India) is sufficient to cause panic in general public. Imagine then,  a series of crippling attacks as was seen in Israel in January 2012, involving the targeting of multiple representational Israeli websites.

Case 1 : In January 2012, hackers stuck at financial muscle of Tel Aviv - the Stock Exchange, and the First International Bank. There was a DOS attack. – denial of service. The disclosure of the credit card and account details of thousands of Israeli nationals - Banking Supervision Department of Bank of Israel said 15000 accounts were broken  into - unnerved public at large. The e-attacker, OxOmar and sometime earlier, the Gaza Hackers Team which had usurped Israeli fire services website,  had indicated the operational risks in using internet.

Case 2 - One of the big US  banks went public in 2014 that it systems had been susceptible. Data of seventy six million household customers and seven million businesses, had been reportedly run over. Their names, email addresses and telephone numbers were in the hands of intruders.

The cyber-attackers are obsessed with religious, political or social objectives. They will continue to orchestrate run on the systems without any fear of the future. Any country can be attacked any time,  anywhere.   

As IoT evolves and seeks to put in place an elaborate pattern of connected systems, contagion risk is very high. We need to erect moats to safeguard the fort of Internet of Things.

References:

http://edition.cnn.com/2012/11/19/tech/web/cyber-attack-israel-anonymous/

http://mondoweiss.net/2012/01/cyber-attacks-strike-israeli-stock-exchange-airline-banks/

http://www.bbc.com/news/world-16577184 

http://www.timesofisrael.com/israelis-in--hack-case-to-be-extradited-to-us/

(Excerpts from a forthcoming book by the author)