Discover how smart buildings provide a safeguard in businesses.

Smart buildings make use of automated processes in order to gain more control over infrastructure. This can include physical security such as access control, video surveillance, HVAC, and lighting. Many smart buildings are reliant on IoT (Internet of Things) technology and network-connected devices where the software and sensors gather data in order to manage the systems.

Facility managers should be addressing the cybersecurity challenges that smart buildings present. Studies have indicated that 57% of IoT devices tend to be vulnerable to high-severity or medium attacks. Cyberattacks all over the world routinely harm organizations and businesses of every type, including hotels, data centers, hospitals, and critical infrastructure.

In the years to come, the demands relating to these buildings are going to increase significantly. According to one of the latest studies, global markets for smart buildings are anticipated to increase to $80.6 billion in 2022, and to $328.6 billion by 2029. which exhibits a CAGR (compound annual growth rate) of 22% during the forecasted period.

The WEG (World Economic Forum), a lobbying, non-governmental international organization, released these principles that facility managers of smart buildings should be leveraging in order to safeguard against cybercrime.

1. Governance

Companies require ample security know-how. They should also be very clear when it comes to responsibilities and roles in this particular area and develop a security message set on how different incidents need to be handled. Every team needs to make sure its service, solution, or product has acceptable built-in cybersecurity. Companies should also be supporting customers by maintaining cybersecurity over a building or product's lifespan.

2. Secure Supply Chains

Organizations should make sure that partners throughout a supply chain are meeting security levels that are reasonable before establishing a business agreement. This means integrating their requirements for security into their conditions and terms and to assess all the suppliers to discover "potential" protection leaks. They should also set up processes to manage and identify security risks for any component that is externally sourced. This is made possible when using automated tools that track and monitor vulnerabilities.

3. Cybersecurity In The Development Of Products

Companies should also be including cybersecurity in the product's initial design. These processes could begin with defining cybersecurity targets for every product according to market needs. It is a far more cost-effective approach to deal with security in the earlier lifecycles of products, rather than having to try and fix them later on.

Security experts should be performing risk and threat assessments throughout the product lifecycle, to mitigate and identify risks. This should begin in the development process of the product and needs to be repeated when it comes to each significant update. Before releasing new products, organizations need to request that third-party independent businesses test the products to detect any potential vulnerabilities.

4. External And Internal Cybersecurity Awareness

People are generally at the center of every effective and successful strategy. Investing in ongoing awareness and training will assist with safeguarding businesses against cyberattacks. Employees involved in any of the security-related processes need adequate training. There should also be very clear guidance when it comes to who they need to contact when it comes to internal problems and questions.

Organizations within the sector of smart buildings should be sharing information and working together to update each other when it comes to best practices and new threats.

5. Incident And Vulnerability Handling

Any suspected incidents need to be handled as "real" until it is proven to be false. Each company requires a guide that sets out the way security incidents need to be resolved and to do so in a very timely manner. They need to make sure they have done everything that they can to mitigate risks relating to a breach.

It will become essential that businesses have made it a mission to retain transparency when it comes to cyberattacks. Key stakeholders and customers need to be informed immediately about vulnerabilities and cyber incidents. When discovering an incident, corporate communications are imperative to resolve technical exposure and to minimize damages relating to customer trust and the reputation of the organization.