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benefits, but it also poses a number of challenges that need batteries may be impractical for some use cases, such
to be addressed. Some of the main challenges of IoT include: as for large industrial scale sensors.
Security: As IoT devices become increasingly connected
Cost: Many IoT solution may be costlier than the
and integrated into our daily lives, they also become
traditional solutions. This can be a limiting factor for
more vulnerable to hacking and cyber-attacks. Ensuring
small and medium size businesses.
the security of these devices and the data they collect
and transmit is a major concern.
As with any new technology, it's important to weigh the
Privacy: IoT devices collect and transmit large amounts benefits and risks of IoT and to work to address these
of personal data, which raises concerns about how this challenges to ensure that the technology can be adopted
data is used and protected. Ensuring that personal data and used safely and effectively.
is collected, stored, and used in a way that is compliant
with privacy laws and regulations is an important
What precautions can be taken for IoT
challenge.
usage - at home and at business
Interoperability: IoT devices and systems are often
There are a number of precautions that can be taken to
developed by different manufacturers and use different
secure IoT devices and networks, both at home and in a
communication protocols, making it difficult for them
business setting. Some of the most important include:
to work together seamlessly. Ensuring interoperability
Changing the default login credentials on the device,
between different IoT devices and systems is a major
as these are often well-known and easy to guess.
challenge.
Using strong, unique passwords for each device and
Scalability: As the number of IoT devices continues to
account.
grow, it's becoming increasingly difficult to manage,
store, and process the vast amount of data that these Keep the software and firmware of the device updated
devices generate. This is a challenge for both to ensure that any known vulnerabilities are patched.
manufacturers and users of IoT devices. Using a firewall to protect the network from
Reliability and Availability: With a large number of IoT unauthorized access.
devices connected to the internet, the reliability and
Disable unneeded features such as remote
availability of the overall system becomes a challenge.
management on the device, if not necessary for use.
Ensuring that the devices and systems are always
Regularly monitoring the network for any unauthorized
working properly, and that there is minimal downtime,
access or suspicious activity.
is crucial.
Using a virtual private network (VPN) to encrypt
Battery Life: IoT devices often rely on batteries and
communications and protect data from eavesdropping.
those batteries may have limited life. The devices need
to be designed in such a way to extend the battery life, It's also crucial to be informed about how to disconnect
or they need to be designed to be power efficient. the device from the network or factory reset it, in case
of compromise.
Power sources: Many IoT devices are designed to be
portable and as a result, they are designed to rely on
In a business setting, it's also important to have clear policies
batteries as power source. However, relying on
and procedures in place for the use and management of IoT
devices, and to ensure that all employees are trained on
these policies. It's also essential to have regular security
assessments to identify and mitigate any vulnerabilities.

Let us not forget and keep in mind that IoT security is a
continuously evolving field, new vulnerabilities and threat
are always being discovered, and new security measure can
always be added to the above list.

Usage of IoT in the Insurance Industry
This technology can be used in the insurance industry to

The Insurance Times March 2023 17