Connect with us

Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website. .

Top Stories

Cybersecurity and the Internet of Things: Time for Biometrics?

Cybersecurity and the Internet of Things: Time for Biometrics?

By David Orme, SVP of IDEX Biometrics

The Internet of Things (IoT) is growing at a rapid pace, with connected devices and white goods entering our domestic and working environments faster than ever before.

Now, thanks to the advent of Wi-Fi, what we once deemed to be white goods are increasingly becoming connected and ‘smart’. It’s now possible to order a pizza, replenish the fridge and download a film to watch, all within ten minutes and without leaving the comfort of your armchair using IoT technology – what bliss!

IoT is, undoubtedly, making life much more straightforward. Gone is the need to trawl shops, to battle for that last space in the supermarket car park or struggle through the high street with bags full of shopping. IoT lets us delegate important every day, but mundane, tasks to connected goods, leaving us free to focus on the more complex and fun things in life. If your fridge can order the milk for you automatically (and if it doesn’t already, chances are you will in due course own a fridge that can), that’s one less thing to think about on the way home from work in a busy modern life.

Yet like most good news, IoT comes with a few caveats. Chief among these is the issue of cybersecurity.

Who’s charging to your account?

For a connected device to take actions on your behalf, be that a payment when your intelligent fridge re-orders the milk, or a smart TV granting or refusing permission for a child to download or view particular media, there has to be a process of authentication. In other words, the device or provider has to be sure that the right person is making the request, just as they do when you use a payment card conventionally. Your connected fridge has to be sure that it’s you who just ordered champagne and caviar, and asked for the charge to be placed on your account/card, rather than it being your teenager, or the cleaner, or someone who’s hacked into your fridge and made fraudulent transactions. Let’s also not forget that your manufacturer or service provider has to make sure that it is a real fridge and that it belongs to you, so that it knows it is talking to the right appliance.  After all, manufacturers need to be able to authenticate that it is the right fridge receiving requests from the right person, as well as authenticating the payment.

As a society we are used to authenticating our transactions, it happens daily. Usually the process involves a PIN or a password — when we use our card in store or check our bank balance, for instance. The problem is, we know that these methods of authentication are no longer fit for purpose. For example, it may be  easy for criminals to guess or uncover a PIN correctly, while passwords are also often compromised .

Indeed, the constantly-repeated advice that passwords must be unique, complex, but never recorded, provides a perfect example of why this authentication method has had its day. If forecasts are correct, there will be more than 20 billion devices connected to the IoT by 2020 and a good proportion will be directly connected to payments.  Providing cyber criminals with up to 20 billion more opportunities, particularly if those devices rely on outdated authentication protocols.

The answer’s at your fingertips

To secure the things that we treasure, a higher level of authentication is required, one that is entirely personal to us and impossible to replicate. Biometrics are the answer for the burgeoning IoT. Manufacturers of smart goods must look to include fingerprint sensors into connected devices themselves, so that authentication can take place on site, without information being sent into cyberspace. Locally stored biometric data for authentication is virtually impossible for criminals to hack or intercept, and impossible for anybody to replicate in person. The only person who can authenticate an action, permission or transaction, where biometrics are involved is the person whose fingerprint is held as a record on the device.

Biometric authentication will end the concerns people currently have about the implications of devices being lost or stolen, and even sold on. Using biometrics to authenticate gives users a truly personalised and secure IoT experience.

After all, if the time comes for somebody to order several magnums of champagne and kilos of caviar from a smart fridge in your home, don’t you want to be absolutely sure that person is you?

Global Banking & Finance Review

 

Why waste money on news and opinions when you can access them for free?

Take advantage of our newsletter subscription and stay informed on the go!


By submitting this form, you are consenting to receive marketing emails from: Global Banking & Finance Review │ Banking │ Finance │ Technology. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Recent Post