Enhancing Cybersecurity in IOT-based Banking Systems Using Machine Learning
S Balakrishnan, Netala Kavitha, Jnaneshwar Pai Maroor, Ahmad Y. A. Bani Ahmad, Patel Kalpeshkumar Laxmanbhai, Simran Bajaj · 2024
A technological revolution known as the Internet of Things (IoT) makes virtual data interchange possible for machine-tomachine and human-to-human communication. Low-cost sensors enabled by the Internet of entities enable us to locate, 385 identify, and access the different entities and objects surrounding us. While there are numerous advantages to the IoT, there are also significant concerns, particularly about security and privacy. These issues require suitable solutions, and with the IoT, security and privacy are of utmost importance. This paper lists potential attacks against various kinds of networks along with defence strategies. This study educates vulnerability researchers and IoT network protection specialists how to prevent issues in real networks by simulating them and creating proactive solutions, which gives them useful information. The study concludes that IoT-based security solutions can improve the security of financial institutions like banks. Automation of security procedures, real-time monitoring, and enhanced efficiency are some benefits of IoT-based security systems. Careful planning is necessary for the adoption of these solutions, though, because banks must deal with several issues, including security breaches, a lack of standardisation, and high implementation costs. Consequently, it is advised that banks carefully evaluate their security requirements and apply IoT-based security solutions in a comprehensive manner.