The Internet of Things (IoT) is no longer a new buzzword in the industry as it is successfully making its way into our daily lives through smartwatches, cars, refrigerators, thermostats, and smart bulbs. In the next few years, IoT products are slated to get even more embedded in our existing systems. Over the last 10 years, IoT has made the leap from a concept to full-blown reality. Cisco predicts that by 2020, the IoT network will include more than 50 billion connected devices.
Many of these devices have paved the way for mobile transactions through non-traditional channels like using a smartwatch to pay for dinner. As technology continues to progress, it will only be a matter of time until nearly every device has a payment capability. This creates more convenient forms of transactions for consumers but simultaneously opens up many opportunities for cybercrime and security breaches.
We live in a world where security breaches are increasing at an alarming rate. For instance, a recent security breach at Marriott’s Starwood-branded hotels exposed the personal information of up to 500 million people on its Starwood guest reservation database.
Source : Medici