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Innovations in the Information Technology industry is driving the evolution of other industries. Internet of Things (IoT) is one such system of integrated digital devices that are able to transfer data through a network without the requirement of human interaction. These devices can range from heart monitor implants to automobile sensors to biochip transponders. Having this connectivity across different devices is helping industries operate efficiently, improve decision making, enhance customer satisfaction, and increase business value. The IoT market is expected to grow to $581 billion by 2020. Smart Cities, Industrial IoT, and Utilities are the three sectors that would be majorly contributing to IoT.
The benefits and advantages of IoT are many and are extensively being used across multiple industries. IoT devices and ecosystems are always connected through a network and data transfer quantity is immense. This increases the risk of cyber attacks and data theft. Breaches and malicious attacks have become common to steal critical data from companies and infect IoT devices. There is an increasing need to have active security solutions for devices to prevent and protect against malicious attacks and sensitive data leaks. Many companies provide cybersecurity solutions to protect the data but are unable to deliver the promise as they fail to embrace the diverse IoT vulnerability landscape. Their security solutions are not able to recognize malicious software, prevent against default username and password hacks, and provide no auditing for the customer to monitor the vast IoT ecosystems. These solutions lack visibility about the holistic health of devices.
Novam: The solution
NOVAM is a company that provides cybersecurity solutions to protect the IoT devices and ecosystems in a connected environment. The company has taken a unique approach to provide better security options that are scalable and adaptable in any environment.
- Distributed Ledger Technology
The Distributed Ledger Technology uses independent nodes to record and synchronize the transactions in the respective electronic ledger. This helps in identifying and eliminating malicious attacks that could be a possible threat to the IoT devices and technologies.
- Intuitive and intelligent
Auditing and compliance integration in NOVAM’s technology is easy and the threat monitoring and detection services are proactively provided to the customer. The distributed ledgers are used to report the system events and summary reports.
NOVAM’s cybersecurity service will partner with security vendors to integrate investigation platforms with immutable compliance. This helps in integration of distributed ledgers within the IoT devices and the networks to monitor and mitigate the services through the system health check.
- An anomaly by design
NOVAM has been designed to provide auditing records, meet investigation needs, and deliver analytics as required by the customer. The distributed ledgers can be accessed with the help of NOVAM tokens for services like monitoring, auditing, mitigating, compliance, etc.
How does Novam work
The below 5 step process explains NOVAM’s health check process for a device:
NOVAM’s focus is mainly on three service areas – i.e. monitoring IoT devices, threat recognition, and mitigation of IoT systems, and auditing service for threat monitoring ecosystems. The company plans to market NOVAM in all the industries including Fortune 500 organizations. NOVAM is launching their Reg D 506c token offering shortly.