The global financial services sector is undergoing a period of significant transformation. In particular, the digital payments space is in the midst of rapid evolution, pulled by growing customer demand for secure, interconnected payment solutions, and pushed by a rising tide of powerful new technologies. One of the areas of technology poised to have the most significant impact on this sector is the Internet of Things (IoT) that it is estimated to reach global spending as high as $1trn by 2022.
WHAT IS IT?
The term IoT describes a wide variety of devices beyond those that we traditionally think of as being capable of connecting to the internet. From connected cars and smart fridge to powerful industrial sensors, IoT devices are increasingly integrating an already connected world. The implications are astounding, and adoption is progressing at an incredible pace. As for the financial world, the Internet of Payment is the phenomenon that enables payment processing over IoT devices such as automobiles, appliances, and wearables.
In the nearest future, all devices will become platforms for purchasing goods and services. IoT technology is clearly powering a global revolution in the payments space, but correlated security risks are still undervalued.
Companies, particularly in the finance and payments sector, need to recognize that increasing IoT capabilities means increasing security as well. The banking market continues to evolve through the growing use of digital and mobile devices, enhancing services for the customer. At the same time, these advancements create greater opportunities for fraud and loss.
XTN’s work in the domotics and automotive fields provides a comprehensive portfolio for IoT security, management, and analysis. Our solutions automate the security analysis of applications to detect code vulnerabilities and anomalous behaviours, which could compromise devices.