The rise of Internet of Things (IoT) devices containing sensitive personal information will be highly attractive to hackers, according to Harsh Sinha, vice president of engineering at TransferWise, speaking at the Computing Internet of Things Business Summit.
Sinha explained that IoT devices could actually prove even more valuable to hackers than current targets as they will provide access to standard data, such as date of birth, email address and so on, and information of an even more personal nature.
This could include where you live, and what time you come and go from your house. "Hackers could even get into your camera monitors and see your family,” he said, citing the Nest thermostat and the Dropcam as devices that will attract hackers.
Sinha said that adding more devices to home networks will only increase the risk of hackers getting into systems and pilfering data. The Target hack was an example of how this happens.
“The Target hack occurred because of malware that was introduced via a computer belonging to a contractor who was working on the firm's heating, ventilation and air conditioning systems," he explained.
“The contractor was on the network because Target had installed sensors to check and monitor temperatures across the store, so it was because of the third-party IoT devices on its network that Target got hacked.”
This situation is compounded by the fact that security is an afterthought for most IoT devices, according to Sinha.
“Firms prefer function over security. They just want to get the product out and get people buying it, so they are just racing to get it out there,” he said.
Sinha added that the lack of security standards for the IoT is a major concern, although he praised Apple for putting security requirements into its HomeKit service on iOS devices.
Holders of bitcoin could find themselves with free 'bitcoin cash' following a hard fork - but only if they have their private key
Ryzen shine: New microprocessors help boost AMD revenues by 19 per cent to $1.22bn in second quarter
Successful launch of Ryzen 5 and 7 CPUs helps boost sales at AMD
Flagship device also supports firm's modular MotoMod add-ons
Comes just week after firm announced plans to bin the service