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An exploratory analysis of the security risks of the internet of things in finance

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The Internet of Things (IoT) is projected to significantly impact consumer finance, through greater customer personalisation, more frictionless payments, and novel pricing schemes. The lack of deployed applications, however, renders it difficult to evaluate potential security risks, which is further complicated by the presence of novel, IoT-specific risks absent in conventional systems. In this work, we present two-part study that uses scenario planning to evaluate emerging risks of IoT in a variety of financial products and services, using ISO/IEC 20005:2008 to assess those risks from related work. Over 1,400 risks were evaluated from a risk assessment with 7 security professionals within the financial industry, which was contrasted with an external survey of 40 professionals within academia and industry. From this, we draw a range of insights to advise future IoT research and decision-making regarding potentially under-appreciated risks. To our knowledge, we provide the first empirical investigation for which threats, vulnerabilities, asset classes and, ultimately, risks may take precedence in this domain.




Shepherd, C., Petitcolas, F. A. P., Akram, R. N., & Markantonakis, K. (2017). An exploratory analysis of the security risks of the internet of things in finance. In Lecture Notes in Computer Science (including subseries Lecture Notes in Artificial Intelligence and Lecture Notes in Bioinformatics) (Vol. 10442 LNCS, pp. 164–179). Springer Verlag.

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