Banking Sector is Ensuring The Security

Running head: FINANCE
Finance
Name of the student:
Name of the university:
Authors note:

FINANCE
1
Table of Contents
Answer 1:...................................................................................................................................2
Answer 2....................................................................................................................................3
Reference:..................................................................................................................................4

FINANCE
2
Answer 1:
Technology is rapidly transforming every sector in the world. Banking industry is no
exception. The main challenge in the banking sector is ensuring the security. E- Commerce
sector is dominated by the challenge of security.
E Banking or online banking is the process of doing transaction on the go or at home
online. This type of service is offered by the banks for streamlining the services to the
customer’s easily. Thus, it can reduce the crowd in the banks every now and then (Lee,
Posenau and Stebunovs 2018).
Some of the vulnerabilities are mentioned below:
 There are certain cyber-attacks called phishing attack which enables the attackers to
get your private information by providing unauthorized link through email or SMS.
 Usually we got happy when we get free Wi-Fi, but this happiness may attract our
privacy of transaction. Sometimes free Wi- Fi are uncensored and when we connects
our phone or PCs with it the criminal may hijack our private information.
 Generally the banks instruct the customers to log in with the website which they have
provided. But people usually download the apps from mobile app stores which is a
security breach that the criminals take advantages.
 Sometimes the internal staffs who take care of the day to day may mislead the
information intentionally or unknowingly (Khrais 2015).
Sometimes the customers abuse the banks personnel for the vulnerabilities in the banking.
But there is no use of abusing the bankers because sometimes we use uncensored free Wi-Fi,
open unauthorized mails, links etc. which enables the hack the private information.