Wearable technology increasingly targeted by cyber criminals as sales soar
Wearable technology will become more heavily targeted by cyber criminals as products are rapidly adopted by consumers, security firms claim.
With the wearables market projected to grow by 35 per cent year-on-year and numerous consumers taking to the tech to make payments on the go, security firms are claiming that that “it is inevitable that they will become a growing target for cyber attack”.
It is estimated that 20 per cent of all payments will be made using wearable technology by 2020, totalling an estimated global expenditure of $500 billion annually.
Consequently, security firms predicted increasing numbers of attacks on both mobile payments and wearable tech in 2016. “Security should be built-in from the very outset,” said Eugene Kaspersky, founder and CEO of Kaspersky Lab. “There’s an urgent need to establish and implement higher levels of security for Internet of Things (IoT) devices.
“As the number of connected devices continues to grow, so does the number of threats. And unfortunately there are millions of devices in active use today that were never designed to be secure.”
Malware has already been discovered with the ability to leverage fitness trackers to steal user information, while consumers havefound methods of spoofing devices to claim rewards for fitness goals they have not achieved.
In a bid to ensure authenticity, privacy and integrity of online transactions, internet security firm WISeKey and security firm Kaspersky Lab have announced a collaborative effort to reinforce authentication methods and data encryption within wearables.