Financial sector has the second highest affinity with the Internet of Things

Wednesday 4 March 2020 10:46 CET | News

Whether ATMs or digital payment terminals, the Internet of Things (IoT) has long played an important role in the financial sector, according to a new Kaspersky report.

According to this study, the financial sector has the second highest affinity for IoT in the industry, with 68% of the financial organisations surveyed using IoT platforms for their business applications; only in the IT and telecommunications sector is this figure higher, at 71%. Furthermore, 60% of the financial sector is deploying IoT applications in 2018 versus 68% in 2019.

The report has revealed that that the use of IoT platforms has increased in almost all industries, with the most significant growth being in finance, hospitality, and healthcare.  

Still, the benefits are accompanied by increased risks in terms of cybersecurity. For example, Kaspersky experts identified 105 million attacks on IoT devices worldwide in the first half of 2019 alone.

The new Kaspersky study has shown that companies and organisations are increasingly concerned with IT security challenges that affect the Internet of Things. For example, 28% of those surveyed by Kaspersky (across all industries) stated that they had experienced security problems related to the use of IoT platforms in 2019. In addition, networked devices and sensors transmit data in the terabyte range. This often includes critical business figures or customer data.

When it comes to IT security and data protection, companies should keep a close eye on their own partner systems, with 36% revealing they grant third parties access to their IoT platforms - a much higher figure than for production (23%) or ERP software (30%).

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Keywords: Kaspersky, financial industry, IOT, digital payment terminals, cybersecurity, risks, IT, data
Categories: Fraud & Financial Crime
Countries: World
This article is part of category

Fraud & Financial Crime