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.