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Embedded technologies driving cyber risks

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The growing popularity of mobile devices is likely to increase cyber risk, according to a study released Wednesday by Allianz Global Corporate & Specialty S.E.

The growth of the Internet of Things “will see technology become embedded in smart devices around the home, such as domestic appliances, heating or lighting systems and entertainment,” the Allianz S.E. unit said in “A Guide to Cyber Risk: Managing the Impact of Increasing Interconnectivity.”

The study said that networked technology will also become more commonplace outside the home, from smart cars to wearable devices.

According to Allianz, the “Internet of Things could bring increased potential for physical loss or data breaches”.

“Cyber criminals are already migrating to new platforms, such as smart devices, with mobile wallets increasingly being used for financial transactions, for example,” said Nigel Pearson, global head of fidelity at AGCS, in the report. “Understandably, there are concerns around potential exposures created, as more sophisticated attacks occur.”

Allianz added that as technology evolves, older devices that remain in use could also create vulnerabilities, “especially where they rely on outdated operating systems and unsupported software.”