If credit unions use Internet of Things technology to better understand and serve their accountholders they must also understand the associated cybersecurity risks and new vulnerabilities – and protect member information.
These devices, linked through an internet scheme of systems, includes smart phones, smart speakers, wearables, automobiles, refrigerators, copy machines, energy management services, employee IDs and meeting management tools.
Gartner places the total global connected instruments at 8.4 billion, and anticipates more than 20 billion IoT devices by 2020.
“Enterprises continue to interconnect endpoints, objects, and platforms to their networks, disintegrating traditional network perimeters, converging the digital and the physical worlds, and creating new security challenges,” Rocco Grillo, executive managing director of cyberresilience firm Stroz Friedberg, said. “Beyond devices, companies are linking more business processes to the internet to gather data, drive efficiencies, and automate, monitor, and control operations.”