Page 20 - Insurance Times March 2023
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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

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