IoT (Internet of Things) is a buzzword that has been around for a few years and is growing in popularity as we slowly connect everything to the net. An enormous amount of data is being collected already, and this is going to the next level through IoT sensors.
While there are many problems with IoT sensor security that still need to be solved, the data that is being supplied by these devices, if useful and used correctly, has the power to disrupt traditional risk management. This article will discuss some proactive uses of IoT for risk management and why IoT will be invaluable in the finance and insurance fields.
IoT’s Growth
The growth of IoT as a technology is unbelievable. IoT use cases are being seen in nearly every business sector, from connected technologies to cloud computing and digital data. Pharma is using IoT for material tracking and machine monitoring. Oil producers are using IoT for safe extraction and delivery. The travel industry is connecting aircraft to regulate seat temperatures and other IoT devices to make travel seamless.
Cannabis producers are using IoT devices for monitoring their plants from seed to store to stay compliant with their local regulations. Any industry can find benefits from IoT devices. And for finance and insurance, this spread of devices can be used for our own needs.
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