ITC 560 Assessment Item 3: Internet of Things (IoT) in Finance

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ITC 560 - ASSESSMENT ITEM 3

Contents
Milestone 1......................................................................................................................................3
Purpose of this project.................................................................................................................3
Introduction..................................................................................................................................4
Problem Statement.......................................................................................................................4
References........................................................................................................................................7

Milestone 1
Purpose of this project
The main purpose is to gather the information about the IOT and the use of it in the financial
sector such as banking. The use of IOT has been spread in all over the world, with the use of
internet of things the companies are gaining and attaining high productivity and savings from
everything, with the areas of automobiles, healthcare, education use of IOT has spread and
emerged in the sector of finance. IOT is beneficial in providing the financial services to the
humans such as loan (Agarwal, 2019, March). This report will enhance the knowledge of
students by getting the concept of IOT. This report has been designed to know that how internet
of things can be so helpful for the banking field and how the individual can get the benefits of
IOT by using it in the bank and financial sector. This has been observed that internet of things is
the next vast and looming thing in the financial services. This is refers to as the network devices
which are connected to each other and receives or sends the data. The main purpose of this
research report is to analyse that hoe the IOT can be helpful in the financial or banking sector
and what are the security challenges in IOT (Gilchrist, 2016). This also defines that how IOT is
going to assist the financial services and bring more value to the customers.
TOPIC: The researcher has chosen the topic to analyse the use of IOT in the financial
industry and security challenges. This topic has been selected because by this the investigator
and the students will able to know that how IOT devices can be beneficial in the finance industry
and how by this the work load of industries has been reduced. Along with this, the various
security issues have been observed by the researcher. Thus, this is the main reason of selecting or
choosing this topic to write this report so that they can be able to ascertain all the issues and
identify the use of IOT in finance industry.
Report Format: The format which is going to be used to design this report is the purpose of the
report which include that why this report has been design and what is the main aim of designing
this report. Along with this, the topic is going to be define that what topic has been selected to
justify this research report. This will also include the introduction section which defines briefly
about the topic and background of research topic along with issues which are identify and

explained in the problem statement section. The next section will be of the problem statement,
which covers the description of the selected topic and the issues which are been observed by the
investigator along with their importance that what that is necessary to define and describe these
issues. This report is going to have the deep understanding on the topic of IOT in finance
industry and the security challenge.
Introduction
The Internet of things is refers to as the network devices where the physical, real; and the virtual
world communicate and interact which each other. This is the independence interaction between
the various objects which results in the increased of the productivity, improve lives, reduce the
cost, and optimize the operations. All of the connected devices have been change the experience
of the customers in the banking sector (Khan & Salah, 2018). In the previous time the internet
has been define from the set of documents and now this is said as the network of people, devices
and the applications. As per the views of the researcher and by their survey this has been
observed that the day is not far when the use of IOT devices will increase from millions to
billions. By the end of 2019, about 75% of the population will connect with the internet services
along with the 6 billion of IOT devices. This has been observed that the use of IOT is spread in
all the fields and from which the banking field is also striving to make the use of IOT just to have
and get some of the benefits. This report will define that why the finance industry need IOT and
how this can be beneficial for them (Kumar, et.al. 2016, January). In addition with this, with the
more use of internet, the rise to various security issues are also occur, especially the privacy
issues and the cyber-attacks and theft issues. Also, this is known that anything which is
connected to the internet is open to the threat. Thus there are many security issues as in the
finance sector also the company main focus is on the security of the cash and their data. Thus,
these issues are going to describe in the problem statement along with their solution.
Problem Statement
This section of the report is going to define all the issues with the related topic and how this can
be resolved in very short time (Lampropoulos, et.al. 2019). The security issues are arises in each
company as everyone wants to be secure with their data as that is very essential for them to keep
an maintain their data. In relation to every sector, the finance sector is also concerned with the

security of their cash and the data. The customers are using the smart IOT devices in order to
access the data, which allow the banks to provide the whole finance of the customers finance in
actual time. The finance industry understands the need of the customers with the data provided
by them and also advice the customers which can help them in taking the smart financial
decisions. By the use of IOT devices the finance industry are gaining the loyalty of customers
and bringing the more business into banks (Lande, et.al. 2018, August). The use of IOT can be
used in the finance industry by the customers as they can use that devices for the transactions
enquires, also the bank as an finance industry can collect all the data of the client by the devices
used. By the use of IOT, the banks are offering various services to the customers.
There are various security issues but can be resolved with the use of IOT devices. Another issue
is that the customers in previous time were not able to withdraw the cash if they nee them in
urgency but in today’s time, with the use of IOT smart devices the customers can easily
withdraw cash by using the ATM machines or mobile banking application (Lee & Lee, 2015).
They don’t need to stand in the queue in the bank. The another issue with the finance industry
was that they are losing the customer data but now with the use of IOT devices, the data of the
industry is secure and the customers can also swipe the card for any transaction they want to do.
Another issue was arise of the fraud client but now the banks can be able to detect the fraud one
by analysing their pin number (Lin & Bergmann, 2016). Privacy and security, this is the main
danger which occur when the peoples are using the internet of things in the finance sector.
As, the IOT is known as the network of devices, the risk of hacking increases. In the case of
financial industry, the security and privacy both are the most important issues which are to be
undertaken when it is about the protection. When the personal of financial information can be
transferred or converted through the IOT devices the risk of breaching and hacking increases.
Thus the privacy and security concern for the finance industry means a lot and they find the way
to protect it (Mahmoud, et.al. 2015, December). Some of the issue arises here when the system
of the finance industry fails and the risks of data lose increases.
The failure in the network of IOT will result in total malfunctioning of the entire system and can
also lead to huge loss. The IOT devices are working in a chain and the break of one chain can
lead to the breakage of the entire network. The another is of the higher unemployment rate, with

the use of IOT devices the manpower has been reduces, all the work are done with the devices or
the machine so there is no med of the labour work or employees. The machines are enough to
perform all the banking and finance operations as this gives the accurate results and attain the
positive outcomes (Razzaq, et.al. 2017). Along with this, the banks and finance industries ae
growing with the IOT technologies a d the persons or employees who are not skilled about these
technologies can lose their positions as the banks have to grow with such techniques so that the
chance of productivity and profitability increases (Yousuf, et.al. 2015).
.

References
Agarwal, P. (2019, March). Redefining Banking and Financial Industry through the application
of Computational Intelligence. In 2019 Advances in Science and Engineering Technology
International Conferences (ASET) (pp. 1-5). IEEE.
Gilchrist, A. (2016). Industry 4.0: the industrial internet of things. Apress.
Khan, M. A., & Salah, K. (2018). IoT security: Review, blockchain solutions, and open
challenges. Future Generation Computer Systems, 82, 395-411.
Kumar, S. A., Vealey, T., & Srivastava, H. (2016, January). Security in internet of things:
Challenges, solutions and future directions. In 2016 49th Hawaii International Conference on
System Sciences (HICSS) (pp. 5772-5781). IEEE.
Lampropoulos, G., Siakas, K., & Anastasiadis, T. (2019). Internet of Things in the Context of
Industry 4.0: An Overview. International Journal of Entrepreneurial Knowledge, 7(1), 4-19.
Lande, R. S., Meshram, S. A., & Deshmukh, P. P. (2018, August). Smart banking using IoT.
In 2018 International Conference on Research in Intelligent and Computing in Engineering
(RICE) (pp. 1-4). IEEE.
Lee, I., & Lee, K. (2015). The Internet of Things (IoT): Applications, investments, and
challenges for enterprises. Business Horizons, 58(4), 431-440.
Lin, H., & Bergmann, N. (2016). IoT privacy and security challenges for smart home
environments. Information, 7(3), 44.
Mahmoud, R., Yousuf, T., Aloul, F., & Zualkernan, I. (2015, December). Internet of things (IoT)
security: Current status, challenges and prospective measures. In 2015 10th International
Conference for Internet Technology and Secured Transactions (ICITST) (pp. 336-341). IEEE.
Razzaq, M. A., Gill, S. H., Qureshi, M. A., & Ullah, S. (2017). Security issues in the Internet of
Things (IoT): A comprehensive study. International Journal of Advanced Computer Science and
Applications, 8(6), 383.

Yousuf, T., Mahmoud, R., Aloul, F., & Zualkernan, I. (2015). Internet of Things (IoT) Security:
Current status, challenges and countermeasures. International Journal for Information Security
Research (IJISR), 5(4), 608-616.