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This paper provides an in-depth examination of the network security threats associated with Internet of Things (IoT) in the financial industry. Due to the rapid adoption of IoT devices for optimizing operations and enhancing services, financial institutions have seen an enlarged attack surface for potential cyber threats. The paper explores specific serious dangers, such as Distributed Denial of Service (DDoS) attacks, data breaches, and vulnerability exploits, with a particular emphasis on the risks and implications of DDoS attacks. It offers an analysis of significant case studies and how they reflect the severity of these threats. Comprehensive mitigation strategies to secure IoT devices from such risks are also proposed, including but not limited to robust encryption practices, regular audits, and network traffic monitoring. The paper argues that while IoT brings numerous advantages to financial institutions, adequate and ongoing attention to network security must be mandated to balance innovation with robust defense strategies, thus ensuring the secure functioning of these institutions in a digital and interconnected era.
Yamini Kannan (Sun,) studied this question.