Things like starting your locked car remotely on a frosty morning so the windows are de-iced, your heated seats are warm, and it’s ready to go as soon as you walk out the door.
You don’t have to look too far to see that the IoT has already arrived in the financial services industry.
Young drivers, for instance, can install a black box in their car that captures data about their driving performance and sends it to the insurance company whenever they’re driving. Activated by a smartphone app, the sensor only records the novice driver’s data, and the driver is only insured while they’re driving the car, making driving your parent’s car more affordable.
Behind the attention-grabbing headlines lie cost savings, new insights for innovation and continuous improvement, novel revenue streams, and disruptive business models.
It’s exciting stuff, for sure.
But hold on, you say: if everything connects to the internet, doesn’t that make everything a potential security risk, putting a massive strain on my IT defences? How do I manage such large volumes of data?
IoT security is often the last thing that people think about. But it’s a vital component – the IoT attack surface is vast, magnified by the volume and complexity of the devices, the ‘Things’. It’s possible that nobody is actually monitoring some of these. They’re just being left to their own devices, as it were.
But you don’t need a sophisticated security set-up to prevent potential attackers using the IoT to hack into your business. Here are three basic areas to help you protect your data, devices and connections:
Once you’ve got to grips with this basic security housekeeping you can then focus on preventing more sophisticated attacks. Yes, the IoT will increase the workload of your IT team. But the rewards will be substantial – opportunities for more business, new business, and new revenue streams.
Start today by downloading our white paper, Securing a digital financial services enterprise.