Aligning Security with Business Objectives of Banking Industry

Running head: Aligning Security with Business Objectives of Banking Industry
ALIGNING SECURITY
WITH
BUSINESS OBJECTIVES OF BANKING INDUSTRY
Name of the Student
Name of the University
Author Note:

Introduction:
The primary objective of this paper is to discuss about the security policies as well as
the methods by which the security of a banking industries can be enhanced. Followed by this
the paper is based on a banking industry as the bank authorities has expressed their interest
towards incorporating an online system into their banking services. Along with these the bank
authorities has expressed their interest to expand their business by opening an international
bank office thus, this paper will effectively suggest the most appropriate location which may
enhance the effectiveness of the banking services. Followed by these, the paper will also
include a detail elaboration of industrial standards as well as the detail of the implementation
of the security policies in the business structure. Lastly, this paper will conclude by staying
that how the above findings are effective for the mentioned scenario and how these findings
will help the bank authorities to achieve their goals.
Privacy Regulation Laws in Banking Industry:
Considering the mentioned case scenario it has been noticed that in the banking
industry the security of the customer’s funds are very essential. Thus, as mentioned by the
United States Financial Privacy laws, there are several regulations which needs to be
followed in any banking industry. Those regulations are listed below:
According to the federal laws of United States Right to financial Privacy Act is a rule
which is passed by the Supreme Court of US. Which has mentioned that it is very essential to
have any document representing the relationship with the bank with their service consumers.
Along with that it also states that the financial institution must require any justified notice in
order to access the financial information of the customers. On the other hand according to the
regulations of this Act customer’s holds the ability to cross check or issue a legal notice
against the government if their personal information are used for any other purpose without
concerning with the information holder.

The Safeguards Rule is also one of the significant act developed by the government of the
United States in order to provide protections to the financial information of the customers
present in the financial institution. This law has been developed with the purpose to protect
the customer information from the unauthorized access.
Along with the above laws the Electronic Funds Transfer Act has been also introduced in
the year 1978 with the purpose to regulate the electronic fund transfer process. In this rule it
is clearly mentioned that the bank will be responsible in case of any fund damage and if any
unauthorized access takes place.
Apart from that the Economic Growth, Regulatory Relief, and Consumer Protection Act
(EGRRCPA) also holds a significant impact towards the online banking system.
Since, the current scenario is based on the online transaction procedure thus it is very
important to provide high security to the network and servers. Considering this scenario it is
very significant that in order to incorporate this feature into the business structure the cyber
security law is very essential. The United States federal banking agencies has also introduced
several controls for the approached procedure.
Concerned Areas:
Considering the aspect that the targeted bank has expressed their interest towards
expanding their banking services by incorporating the online banking procedure into their
services as there are several benefits present behind the incorporation of e-banking into the
banking system. However, there are several concerned areas present in the banking industry
while incorporating the e-banking into the organizational structure. Those areas are
mentioned below:
 Considering the aspect of incorporating the internet banking into the banking services
one of the major concerned area is the hacker’s attack as in the current scenario
phishing, spoofing are one of the most impactful attacks present in the hacking world.