Cyber Security in Banking System

BANKING SYSTEM
BREACH CASH STUDY

INTRODUCTION
Cyber security is used to refer to security that is offered through online services in
order to protect online information or any confidential data or information which includes
banking account statements, account number, personal information, credit card number and
recent transaction done by any individual number. All wrongful act that committed on
computer system, internet or network are known as cyber-crime. Hackers are those who uses
advance computer technology in order to gain unauthorized access of personal data or
information, business trade secrets and exploit the reputation of banks or business for
revenge. They use their skills for reaching specific goals and objectives which includes
stealing money, gaining fame by bringing down computer system and making network
unavailable. In context with the banking system breach case study, unknown hackers has
broken down the bank’s security system and has stolen confidential data about many clients.
They have published some stolen data in order to gain frame and damage bank’s reputation.
This report is mainly emphasis on the legal and regulatory role and responsibilities of bank.
This report also covers about the ethical and professional responsibilities of bank.
Cyber security is concerned and associated with the security of cyber space that is
somewhere included with both virtual ones as well as physical places. It also involves with
security entities that is used or rely on cyber space. Cyber security main duty is to ensure all
the roles and responsibilities that is legally implemented to provide security. Nothing is crime
unless it is prescribed by law, but most of the crime are beyond the research of laws.
Recently, only the legislative obligations for the cyber security is established under the
section 105A of the Communication Act 2003.
Security provision of the Data Protection Act 1998 has been enforced by the ICO in
order to include cyber space. It assign and contain appropriate duties for cyber security in
order to protect and conserve personal data and information from cyber security
vulnerabilities which includes cyber-crime by hackers. The Financial Conduct Authority is
highly active to order to regulate and control personal confidently data security by using its
power and rights under the Financial Services and Markets Act 2000. Now new laws and
legalisation are implemented that is associated Cyber Security Directive. It will create a legal
duty for cyber security for different market operators, banks as well as various public
administrations. This will help them to take and implement appropriate technical and
appropriate measures in order to manage, control and monitor the risks that is posed to