Increasing Data Security within the Prevalence of the Internet of Things

woman withdrawing money from an atm

With application of the Internet of Things in banking, the inter-connectivity of computing devices continues to be adopted into everyday solutions.

With application of the Internet of Things in banking, the inter-connectivity of computing devices continues to be adopted into everyday solutions. There is concern that data sent across these pathways could be subject to hacking. However, banks and credit unions can take precautions to ensure information transmitted across devices are protected with the strongest levels of security. When customer’s personal information or proprietary bank data is at hand, security has always been of utmost concern for financial institutions.  Adding IoT devices such as motion sensors, Bluetooth low energy beacons and IP-connected cameras creates an opportunity to examine existing levels of security within financial branches.

Solutions to Secure Banks and Credit Unions Leading to Peace of Mind

IoT, while encroaching into our daily lives, remains a security risk for banks and credit unions. Banks can take measures to increase security in several ways. Starting with in house network segmentation, strengthening cyber encryption, ensuring robust authentication measures are in place, compartmentalized access, as well as supplementary IT solutions. With a few or all of these solutions, your branch and customers can rest easy knowing sensitive data and intellectual property are safeguarded when considering IoT implementation. Banks and credit unions should also consider replacing existing IoT devices as technologies improve, which will guarantee the current level of protection is the most up-to-date. Branch managers will understand which areas of the institution can benefit from increased security measures or could use compartmentalized access panels and procedures.

IoT Changing Security Implementations for Financial Institutions

The Internet of Things is changing the way that we all work and live. With this access, we are provided with new ways to gain connection to systems and data. Even though each IoT device is an endpoint and a potential for hacking, security measures such as those listed above can protect your financial institution and ultimately your clientele. Your institution can maintain a level of security that will give you and your staff ease. At Ellsworth Systems, we want to help ensure that your financial institution is designed well and protected so that data is encrypted, networks are segmented properly, and access is secure. Reach out today to learn more about how we provide the solutions for your branch knowing data and intellectual property are secure.