{"id":35920,"date":"2023-06-26T14:31:42","date_gmt":"2023-06-26T14:31:42","guid":{"rendered":"https:\/\/zpesystems.com\/?p=35920"},"modified":"2024-02-08T23:29:18","modified_gmt":"2024-02-08T23:29:18","slug":"iot-in-finance-industry-and-security-challenges-zs-2","status":"publish","type":"post","link":"https:\/\/zpesystems.com\/iot-in-finance-industry-and-security-challenges-zs-2\/","title":{"rendered":"IoT in Finance Industry and Security Challenges"},"content":{"rendered":"

[et_pb_section fb_built=”1″ _builder_version=”4.21.0″ _module_preset=”default” da_disable_devices=”off|off|off” global_colors_info=”{}” da_is_popup=”off” da_exit_intent=”off” da_has_close=”on” da_alt_close=”off” da_dark_close=”off” da_not_modal=”on” da_is_singular=”off” da_with_loader=”off” da_has_shadow=”on”][et_pb_row _builder_version=”4.21.0″ _module_preset=”default” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.21.0″ _module_preset=”default” global_colors_info=”{}”][et_pb_image src=”https:\/\/zpesystems.com\/wp-content\/uploads\/2023\/06\/IoT-in-Finance-Industry-and-Security-Challenges.jpg” alt=”IoT in Finance Industry and Security Challenges” title_text=”IoT in Finance Industry and Security Challenges” admin_label=”Featured Image” _builder_version=”4.21.0″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_image][et_pb_text admin_label=”Intro\/ToC” _builder_version=”4.21.0″ _module_preset=”default” global_colors_info=”{}”]The Internet of Things (IoT) drives new innovations in the finance industry by empowering organizations to harvest more data, improve operational efficiency, and provide better customer service. However, adding dozens of low-touch devices to the network\u2019s edge creates major security, privacy, and compliance challenges.<\/p>\n

This post discusses how to take advantage of IoT in the finance industry by overcoming security challenges with automation, secure platforms, and vendor-neutral orchestration<\/p>\n\n\n\n\n\n\n\n\n
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IoT in the Finance Industry: Security Challenges and Solutions<\/span><\/strong><\/h4>\n<\/td>\n<\/tr>\n

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The challenge: <\/strong>Unpatched, <\/span>out-of-date IoT devices<\/u><\/a> are easier to compromise for harvesting sensitive data.<\/span><\/strong><\/p>\n<\/td>\n

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The solution: <\/strong>Automated patch management <\/u><\/a>using vendor-neutral management platforms that can dig their hooks into multi-vendor IoT.<\/span><\/strong><\/p>\n<\/td>\n<\/tr>\n

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The challenge: <\/strong>Unsecured remote management interfaces<\/u><\/a> can be used by cybercriminals to access IoT devices and data.<\/span><\/strong><\/p>\n<\/td>\n

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The solution: <\/strong>Secure management hardware and software<\/u><\/a> protected by robust security features like self-encrypted disk (SED) and two-factor authentication (2FA).<\/span><\/strong><\/p>\n<\/td>\n<\/tr>\n

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The challenge: <\/strong>It\u2019s difficult to <\/span>enforce security and privacy policies<\/u><\/a> on remote IoT devices that process regulated financial data at the edge of the network.<\/span><\/strong><\/p>\n<\/td>\n

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The solution: <\/strong>A <\/span>vendor-neutral security orchestration platform<\/u><\/a> that extends Zero Trust Security policies and controls to multi-vendor IoT at the edge.<\/span><\/strong><\/p>\n<\/td>\n<\/tr>\n

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The challenge: <\/strong>It\u2019s difficult to <\/span>troubleshoot and resolve security incidents<\/u><\/a> involving remote IoT devices without expensive, time-consuming truck rolls.<\/span><\/strong><\/p>\n<\/td>\n

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The solution: <\/strong>Secure out-of-band (OOB) management solutions<\/u><\/a> that integrate with (or even directly host) third-party automation and AIOps tools.<\/span><\/strong><\/p>\n<\/td>\n<\/tr>\n

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The challenge: <\/strong>A lot of complexity is involved in<\/span> gaining holistic security coverage<\/u><\/a> over a distributed, multi-vendor financial network without leaving any gaps.<\/span><\/strong><\/p>\n<\/td>\n

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The solution: <\/strong>A vendor-neutral platform that <\/span>unifies security and network management<\/u><\/a> for the entire architecture behind a single pane of glass.<\/span><\/strong><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

 
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IoT in the finance industry: security challenges and solutions<\/h2>\n

There were over 10.54 million global IoT cybersecurity attacks<\/a> in December 2022 alone. In the finance industry, a breach can result in significant consequences, including regulatory fines and irreparable reputational damage, which means IoT security must be a top priority. Let\u2019s discuss the specific security challenges of using IoT in the finance industry.<\/p>\n

Challenge #1: Keeping IoT devices up-to-date<\/h3>\n

IoT typically uses low-touch, set-it-and-forget-it devices, so they\u2019re deployed around the network\u2019s edge and receive little interaction from operators or technical staff. For example, IoT devices collect sensitive financial data from ATMs, self-service payment kiosks, and smartphone applications with little-to-no human oversight. That makes it easy for network teams to forget about operating system (OS) and software updates, especially when dozens or thousands of IoT devices are in use.<\/p>\n

In fact, a recent report<\/a> found that teams wait an average of 205 days to patch their infrastructure. This is a frightening statistic given that out-of-date software is rife with vulnerabilities just waiting to be exploited by cybercriminals looking for valuable financial data.<\/p>\n

Solution: Automated patch management<\/h4>\n

Automating patches is the best way to ensure they\u2019re installed on time. For example, many IoT device management systems provide dashboards where admins can see IoT device versioning information at-a-glance, manually deploy or roll-back updates, or create automated schedules\/triggers to deploy those updates without manual intervention. However, most of these platforms only work within specific vendor ecosystems, which limits your capabilities. The best practice is to use a vendor-neutral IoT device management platform that can dig its hooks into multi-vendor IoT devices. This will ensure that critical IoT devices like credit card payment readers are kept secure and up-to-date.<\/p>\n\n\n\n
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