IoT in Banking: The trends, threats, and solution

Abstract

The Internet of Things is the next step of the digital revolution that will change consumers' lives. The Internet of Things promises to be a worthy representative of an open course in technology, economics, and culture. IoT, without a doubt, has a promising future. The modern consumer actions and uses represent inescapable digital transformations for banking institutions. Emerging digital world developments guide all banking services' digital transformation. However, the security threats of using IoT in banking are increasing. Cybercriminals such as hacking, corruption, and financial violence, data breaches, and financial expenditure risks will continue to trouble the use of IoT in banking. Therefore, this research aims to study the banking industry's existing IoT uses, issues, and challenges in adopting the IoT in the banking industry. IoT threats are highlighted in this paper. This article sets out a model dimension of the process monitoring framework for IoT security risk management. Other than that, this paper also studies the existing security risk management model of IoT in banking. Moreover, preventive IoT protection initiatives and approaches to enhance  IoT protection by implementing blockchain technology and Control Model Information Structure are addressed in this article