IBM’s Watson IoT Center in Munich brings together partners, customers and the IBM technology team to work on innovative IoT systems for manufacturing, real estate and home automation. Today’s columnist, Mike Dow of Silicon Labs, offers some tips for security teams on how to more effectively manage IoT security. Photo: Andreas Gebert/dpa | usage worldwide (Photo by Andreas Gebert/picture alliance via Getty Images)

During the last few years, malicious IoT hacks have grown exponentially with no immediate signs of slowing, while hackers relentlessly pursue new and creative ways to attack and exploit organizations. According to the FBI, within the past six years, attackers have amassed $144 million in ransomware payments alone – and each new attack costs more than the last.

While previous hacking efforts tended to come from one random entity, there are actually now large, highly-organized criminal enterprises dedicated to extorting major businesses as opposed to individual people. Known as the “cyber mafia” and made up of hundreds of “employees,” its strategic and organized approach has allowed them to extort millions of dollars from corporations.

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