The vulnerability identified as CVE-2025-63361 affects the Waveshare RS232/485 TO WIFI ETH (B) Serial to Ethernet/Wi-Fi Gateway, specifically firmware version 3.1.1.0, hardware version 4.3.2.1, and webpage version V7.04T.07.002880.0301. The core issue is that the administrator password is rendered in plaintext within the device's web interface, which means that anyone with access to the management webpage can view the password without needing to decrypt or bypass any protections. This exposure of credentials significantly undermines the confidentiality and integrity of the device's security controls. Since these gateways are used to bridge serial communication protocols (RS232/485) to Ethernet or Wi-Fi networks, they often serve as critical infrastructure components in industrial control systems, building automation, or networked serial devices. The plaintext password exposure could allow attackers to gain administrative control over the device, enabling them to alter configurations, intercept or manipulate data streams, or pivot into broader network segments. Although no public exploits are currently known, the vulnerability's nature makes it relatively straightforward to exploit if an attacker can access the device's web interface. The lack of a CVSS score suggests the vulnerability is newly published and not yet fully assessed, but the direct exposure of admin credentials is a serious security flaw. The absence of patch links indicates that a fix may not yet be available, emphasizing the need for interim mitigations. This vulnerability highlights the importance of secure credential handling and access controls in IoT and network gateway devices.

For European organizations, especially those in manufacturing, industrial automation, and critical infrastructure sectors, this vulnerability could lead to unauthorized administrative access to network gateways that bridge serial devices to IP networks. Exploitation could result in unauthorized configuration changes, interception or manipulation of sensitive data transmitted via serial protocols, and potential lateral movement within corporate or industrial networks. This could compromise operational technology (OT) environments, leading to disruptions in production lines, safety systems, or data integrity. The exposure of plaintext administrator passwords increases the risk of credential theft and subsequent attacks, including ransomware or espionage. Given the growing adoption of IoT and industrial gateways in Europe, the vulnerability could affect a wide range of organizations, from manufacturing plants in Germany and Italy to energy providers in France and the UK. The absence of known exploits reduces immediate risk but does not eliminate the threat, as attackers could develop exploits once the vulnerability is public. The impact extends beyond confidentiality to integrity and availability of critical systems, potentially causing operational downtime and financial losses.

Organizations should immediately restrict access to the management interface of affected Waveshare gateways by implementing network segmentation and firewall rules that limit access to trusted administrators only. Use VPNs or secure tunnels for remote management to prevent exposure over public or untrusted networks. Monitor network traffic for unusual access patterns or attempts to retrieve administrative credentials. Change default passwords and enforce strong, unique passwords for device administration. Since no patches are currently available, consider deploying compensating controls such as disabling web management interfaces if possible or replacing vulnerable devices with more secure alternatives. Regularly audit device firmware versions and subscribe to vendor advisories for updates. Implement multi-factor authentication (MFA) on management interfaces if supported. Conduct penetration testing and vulnerability assessments focusing on IoT and industrial gateways to identify similar weaknesses. Finally, maintain an incident response plan tailored to OT and IoT environments to quickly address potential compromises.