IoT Security in the Banking Sector: Addressing the Vulnerabilities of Connected Devices and Smart ATMs

The use of IoT devices has become widespread in banking operations ranging from smart ATMs to better biometric systems, but with it comes enhanced risks to cyber threats. This empirical research scrutinises these risks, as well as device exploitation and DDoS attacks, and assesses the countermeasures such as Hidden Markov Models and ISO/IEC 27001. The research also emphasizes the decision-making process of using multiple layers of security to combat emerging threats by using case studies. The study offers the following implications for financial institutions to protect IoT systems: technical advancement and strong protection measures in the age of growing connectivity.