IoT in Banking
Mardiana Abu Hassan1, Nur Azaliah Abu Bakar2, Noor Hafizah Hassan3.
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 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
Affiliation:
- Universiti Teknologi Malaysia (UTM) Kuala Lumpur, Malaysia
- Universiti Teknologi Malaysia (UTM) Kuala Lumpur, Malaysia
- Universiti Teknologi Malaysia (UTM) Kuala Lumpur, Malaysia
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