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Cyber security experts have warned the long-term implications of chip vulnerabilities nicknamed Spectre and Meltdown discovered by researchers this week are still unknown, despite it appearing that cyber criminals were unaware of the flaws.

Australian cyber security expert James Turner, of IBRS and CISO Lens, told The Australian Financial Review just because these flaws were unlikely to have already been exploited, does not mean they could not be in the future.

"This is the exact reason why the security industry was screaming all through the last few years about the importance of security for the internet of things. The internet of things is billions of different devices, growing in size every month, all based substantially on hardware," he said

"It simply won't be economically viable to get everyone to replace the CPU on their TV, fridge, Alexa, lightbulb, thermostat, electric lock, and so on, just because we've found another hardware flaw that impacts billions of devices that are all hyper-connected."

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