Impact of Internet of Things (IoT) devices on Network Security at
Financial Institutions
Abstract
This paper provides an in-depth examination of the network
security threats associated with Internet of Things (IoT) in the
financial industry. Due to the rapid adoption of IoT devices for
optimizing operations and enhancing services, financial institutions
have seen an enlarged attack surface for potential cyber threats. The
paper explores specific serious dangers, such as Distributed Denial of
Service (DDoS) attacks, data breaches, and vulnerability exploits, with
a particular emphasis on the risks and implications of DDoS attacks. It
offers an analysis of significant case studies and how they reflect the
severity of these threats. Comprehensive mitigation strategies to secure
IoT devices from such risks are also proposed, including but not limited
to robust encryption practices, regular audits, and network traffic
monitoring. The paper argues that while IoT brings numerous advantages
to financial institutions, adequate and ongoing attention to network
security must be mandated to balance innovation with robust defense
strategies, thus ensuring the secure functioning of these institutions
in a digital and interconnected era.
