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 [1]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[2] on its Starwood guest reservation database.
These tourists, business travelers, and others had entrusted the Starwood hotel guest reservation database with details about their payment cards; contact numbers and email addresses; passport numbers and images; reward accounts, and travel itineraries. Meanwhile, in the e-commerce world, malicious attacks are on the rise as online shopping experiences have become part of our everyday life. Companies need to focus on security, data privacy, and consumer control to avoid being victims of malicious attacks. According to a report[3], British Airways had to apologize after the
