Insurers and commercial policyholders need to understand the cyber risks involved anytime a new device joins their network, says Sam Shay, creative director at Socotra. (Credit: Elnur/Adobe Stock)
Internet of Things (IoT) devices have inundated our everyday lives, with an estimated 14 billion IoT devices connected worldwide, according to Transforma Insights. From smart thermostats and refrigerators to connected cars, it's hard to get through a day without interacting with an IoT device, especially considering most people carry one in their pocket or purse. However, in the era of connected living, these devices can pose a serious cybersecurity risk for insurers and their commercial policyholders.
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