Keys can connect IoT payments to security
When considering IoT transactions we need to consider the role of keys in security. What percentage of a key’s life is spent at risk? You could argue that anytime that a key is not in a lock it is not doing what it is designed to do, and therefore represents a risk.
We would wager that the key is only doing what it is supposed to around 1% of the time. Our blue sky is to make that key secure 100% of the time.
Possibly one of the most common requests from banks and other financial organizations is for “keyless solutions," in the belief that using a smartphone does away with worrying about lost keys or payment cards, or nothing else is required to secure the access. The significant cost of replacing lost keys is also a contributing factor.
The fact is the traditional key is still a practical and very reliable device, especially in harsh environments. Provide it with power and data that you can carry around in your pocket, and the basic key becomes far more than just a key. It is now a connected device that provides all the solutions expected in a connected society.
What’s more, an electro-mechanical system can provide a more efficient way of working, due to the ability to remotely update access rights. For example, engineers and Cash-in-Transit crews can access sites without the need to travel back to a depot to obtain a key.
We know financial institutions need to strive for greater efficiencies and better use of time. Not to just remain competitive in the market, but to allow the “routine operations to happen routinely,” and integrated automation can fulfill the needs of infrastructure.
With the rapid changes in the communications sector to build our infrastructure to reach the ambitions of the "connected world" we need to be ready to make the most of it.
Changing the way you think doesn’t happen overnight. But it is crucial that financial organizations develop their integrated approach as a priority.