Modelling IoT Security Risk Management in Banking Environment

Abstract

This paper discusses the issue in the banking context, where the equilibrium between banking protection risk management and the IoT security threats that any bank will face today must be decided. The recommended solution involves an IoT risk assessment mechanism that quantifies risks based on real threats and combines them with financial regulation that any financial must comply with. The risk reduction approach is focused on values such as operation regulation, the preservation of information, and the accomplishment of security goals. Preventive IoT protection initiatives and approaches to enhance IoT protection in the banking setting are addressed in this article.