IoT Devices Create Privacy Nightmares for Banks, Small Businesses

The Internet of Things (IoT) includes internet-connected devices used by individuals, businesses, and financial providers to ensure fast, easy access to data, information, payments, and communication. Although IoT devices offer more convenient customer and business experiences, the privacy and security costs may be too high for everyone, including financial institutions. 

This Javelin Strategy & Research report attempts to explain how personal and financial information shared or stored on IoT devices can be accessed by hackers and cybercriminals, wreaking havoc for financial providers, small businesses, and consumers. This report reviews the steps that can be taken to secure IoT devices.