IoT in banking has gained more significance than ever. As a result, technology has undoubtedly been highly advantageous for the industry.
To explain, let’s consider how IoT can strengthen the security feature of banking.
Banks can increase the security of their branches by utilizing security-related technologies such as CCTV cameras, round-the-clock monitoring, intelligent alarm systems, and others. In addition, IoT enters the picture since it allows for the remote management and connection of these smart devices.
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Because of the connectivity at different levels and across sectors, immediate actions can be taken at the first indication of an intrusion or trouble.
Yet, IoT in banking has challenges. One of the significant challenges is data breaches and exploitation.
Most banks now have partnerships with major tech companies to take full advantage of their IoT ecosystems and devices. So, on the one hand, IoT is better leveraged, and the customers are provided with enhanced services and accessibility. But on the other hand, the connective world enhances the possibilities of vulnerabilities.
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More than a million IoT devices could easily be part of a top US bank. It is a definite possibility that many of these need to be matched. So the attack surface is widened.
Securing IoT devices as part of banking networks is undoubtedly a complicated task. However, various approaches exist banks can employ that.