This enables the objects to gather and exchange information as well as be controlled remotely. Such devices can include everyday physical assets such as cars, houses, cities, laptops, mobile phones, smartwatches, medical devices (e.g., pacemakers), routers, security cameras, refrigerators, and a large variety of other electronic devices.

Nonetheless, although this revolutionary potential that IoT presents makes our lives much more convenient, it is still imperative for corporations to remain aware of and address the security risks that come along with the entire package. In particular, it comes with no surprise to learn that the internet is arguably a very insecure platform where anything could potentially be hacked.

Given that IoT devices are, by definition, linked to the internet, this presents a security problem as they would be vulnerable to external hacking. In particular, compromised data security, the misuse of IoT devices, or the disruption of their functionality are expected outcomes of IoT device security breaches. For instance, typical cyber-threats on IoT devices include the Mirai Botnet Attack, which involves the Mirai malware (also known as the Mirai Botnet) infecting, taking over, and controlling IoT devices. Consequently, the malware would be able to utilise these devices to establish a botnet and launch cyberattacks on corporations. Besides that, another variant of peer-to-peer (P2P) botnet by the name "Mozi" was discovered in recent years (2019, specifically) to be notorious for its exploitation of weak Telnet passwords to infiltrate vulnerable IoT devices rapidly. Therefore, regularly performing IoT security assessments would be an excellent way for companies to assure the safety of their connected electronic assets.

Thus, IoT security assessments refer to the procedure of assessing IoT devices to pinpoint weaknesses in their security systems that malicious unauthorised users may target in order to gain access to a business network.