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Optimizing IoT Threat Mitigation with Artificial Intelligence

in Banking: A Multi-Objective Approach
Dr Rudra Pratap Singh Chauhan, Sanjay Kumar Sonker, Manpreet Kaur, Chhaya Sharma, Robin Singh ,
Ramendra Singh
Shri Shankracharya Institute of Professionals Management and Technology, Raipur, AKGEC, Chandigarh University Gharuan,
Graphic Era Hill University, Dehradun, RKGIT
rpschauhan72@gmail.com, sonkersanjay@akgec.ac.in, preetmehta14991@gmail.com, chayafcs@rkgit.edu.in, robinsingh@gehu.ac.in ,
singh.ramendra23@gmail.com

Manpreet Kaur
Assistant Professor, Chandigarh University Gharuan
 Outline

❑ Introduction
❑ Existing Approaches/Related Works
❑ Problems in Existing Approaches
❑ Proposed Methodology
❑ Results and Discussion
❑ Conclusions and Future Work
❑ References
 Introduction

The Internet of Things (IoT) stands as a transformative force,

intertwining the digital and physical realms across diverse
domains, ranging from smart homes The deployment of IoT in
banking not only streamlines operations but also introduces novel
dimensions of convenience and efficiency
 Existing Approaches/Related Works

As we traverse the landscape of the Internet of Things (IoT) and its

applications in the banking sector, a critical examination of the existing
literature offers valuable insights into the security challenges and threats that
underscore this dynamic intersection. The growing body of work in this
domain reflects a collective effort to comprehend and address the
complexities inherent in securing IoT ecosystems within the context of
financial institutions
 Problems in Existing Approaches

In existing approaches to IoT threat mitigation in banking, several challenges and problems persist, which can hinder effective
security measures. Some of these problems include:

• Limited Scalability:
• Diverse Device Ecosystem
• Data Privacy Concerns
• Complexity of Threat Landscape
• Resource Constraints
• Regulatory Compliance

Addressing these problems requires a multi-faceted approach that leverages the capabilities of artificial intelligence (AI) to enhance
IoT threat mitigation in banking. By employing AI-driven techniques such as machine learning, anomaly detection, and predictive
analytics, banking institutions can improve their ability to detect, prevent, and respond to IoT security threats in real-time. Additionally,
a multi-objective optimization framework can help prioritize security objectives while considering constraints such as resource
limitations and regulatory requirements, enabling banks to achieve a more robust and effective security posture.
 Proposed Methodology

The research strategy is based on incorporating Deep Neural Architectures,

also known as Pointer Networks, into a sophisticated artificial intelligence
system (Figure 1). The field of threat mitigation for Internet of Things (IoT)
banking systems is set to undergo a revolution as a result of this innovative
method. The architecture of the proposed mechanism is essentially designed
to blend in seamlessly with the complexities of Internet of Things
ecosystems, providing a useful and adaptable defence against the ever-
changing cyberthreat landscape.
 Results and Discussion

The overall performance of the proposed AI-based mechanism was

robust, as indicated by precision, recall, and F1 score values as
shown in Figure 3. With a precision of 0.88, the mechanism
demonstrated a high level of accuracy in identifying threats,
minimizing the rate of false positives. A recall of 0.79 reflected the
mechanism's ability to capture a substantial portion of actual
threats, ensuring comprehensive coverage.
 Conclusions and Future Work

The experiment's results validate the proposed AI-based mechanism's

efficacy in improving the cybersecurity of Internet of Things banking
systems. The mechanism has a high degree of accuracy in identifying
threats, minimising false positives, and ensuring the integrity of financial
operations, with a precision of 0.88. It can detect a significant portion of
genuine threats with a balanced recall of 0.79, which is critical for providing
comprehensive threat coverage to the banking sector.
 References

• Sema, W., Yayeh, Y., & Abeshu, A. (2024). Cyber Security and Applications Cyber security : State of the art ,
challenges and future directions. Cyber Security and Applications, 2(September 2023), 100031.
https://doi.org/10.1016/j.csa.2023.100031
• Moosavi, J., Bakhshi, J., & Martek, I. (2021). The application of industry 4.0 technologies in pandemic
management: Literature review and case study. Healthcare Analytics, 1(September), 100008.
https://doi.org/10.1016/j.health.2021.100008
• Yaacoub, J. P. A., Noura, H. N., Salman, O., & Chehab, A. (2023). Ethical hacking for IoT: Security issues,
challenges, solutions and recommendations. Internet of Things and Cyber-Physical Systems, 3(December 2022),
280–308. https://doi.org/10.1016/j.iotcps.2023.04.002
Thank You