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September 10, 2025

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

Key Points

Enhanced risks from cyber threats arise as banks increasingly rely on iot devices and smart atms.
This study reports that countermeasures like hidden markov models can effectively combat ddos attacks and vulnerabilities.
An empirical assessment of decision-making shows that multiple security layers strengthen protection against emerging threats.
The findings highlight the urgent need for financial institutions to implement strong protection measures amid growing connectivity.

Abstract

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.

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