Cyberattacks on Home Devices Inflict up to $5,000 in Financial Losses

Cyberattacks on home devices causing non-physical damages, such as data loss or software malfunctions, have forced users to spend between $1,000 and $5,000 on repairs, according to 42 percent of surveyed victims. However, 87 percent of respondents said they have spent money to fix damages caused by cyber-attacks on home devices.

With 81 percent of consumers in the United States living in Wi-Fi enabled homes, 38 percent said they also have smart devices – other than laptops, smartphones and tablets, according to the same survey.

Interestingly, 10 percent of respondents were victims of cyberattacks on IoT devices, with viruses and other malicious software damaging the operating system (45 percent) or the appliance’s software (59 percent).

Although the smart home concept is popular amongst US technology users, with 9 out of 10 reporting that they’re aware of it, the IoT concept is far less popular, with only 50 percent of US users knowing about it, according to an IoT survey. The average US household has an average of 13 smart devices and accessories, increasing the risks of cyberattacks exponentially, because most IoT devices have little or no built-in security mechanisms to fend off attackers.

With privacy and data loss concerns ranking as the number one security concern for U.S. users (46 percent), the fear of losing control of their smart home’s IoT devices is also high, with 42 percent of US respondents expressing unease.

Security researchers have often argued that IoT devices are not always updated with the latest security fixes, patches or firmware, leaving customers exposed to cyberattacks throughout the entire lifetime of the smart device. For instance, 42 percent of Americans admitted to neglecting to update the firmware or default applications of their smart TVs.

Here are a couple of tips and tricks that you can take to protect and secure your smart home.