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Banking System Breach Case Study

A case study on a banking system breach at ABCXYZ Bank, where hackers stole confidential data and proprietary documents, leading to damage to the bank's reputation and the need for suitable actions and a public statement.

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Added on  2020-10-05

Banking System Breach Case Study

A case study on a banking system breach at ABCXYZ Bank, where hackers stole confidential data and proprietary documents, leading to damage to the bank's reputation and the need for suitable actions and a public statement.

   Added on 2020-10-05

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Banking System Breach Case Study_1
INTRODUCTIONCyber security is used to refer to security that is offered through online services inorder to protect online information or any confidential data or information which includesbanking account statements, account number, personal information, credit card number andrecent transaction done by any individual number. All wrongful act that committed oncomputer system, internet or network are known as cyber-crime. Hackers are those who usesadvance computer technology in order to gain unauthorized access of personal data orinformation, business trade secrets and exploit the reputation of banks or business forrevenge. They use their skills for reaching specific goals and objectives which includesstealing money, gaining fame by bringing down computer system and making networkunavailable. In context with the banking system breach case study, unknown hackers hasbroken 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 issomewhere included with both virtual ones as well as physical places. It also involves withsecurity entities that is used or rely on cyber space. Cyber security main duty is to ensure allthe roles and responsibilities that is legally implemented to provide security. Nothing is crimeunless 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 thesection 105A of the Communication Act 2003. In Oman, there is establishment of general applicable laws and regulation whichincludes Oman Commerical law and Commercial Compaines Laws. There are some morespecific laws which includes Banking Law and Capital Market Law that forms basicfoundations for all the banking institution and capital market that is related to institutions.Banks in Oman deals with univeral banking which includes both commercial and investmentbanking business that is subjected to specific licenses and requirement. Banking laws inOman provides licensing, regulating and supervising Islamic banking too. There are other
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supporting laws like Terrosim Financing and Law on Combating Money Laundering. Nownew laws and legalisation are implemented that is associated Cyber Security (Directive,Khalfan and Alshawaf, 2004) It will create a legal duty for cyber security for differentmarket operators, banks as well as various public administrations. This will help them to takeand implement appropriate technical and appropriate measures in order to manage, controland monitor the risks that is posed to security along with security of the network andinformation system. Moreover, new national regulation for cyber security is appointed withcompetent enforcement powers to identify the threats, risks and incidents that is associatedwith breach or cybercrime. The main motive of the Directive is to ensure about the levels ofnetwork along with network of information security (Singer and Friedman, 2014).There are many cases found in context with hacking attack on financial firms. One ofthe huge cyber-attack was found on JP Morgan Chase, it has touched and damaged around 83million households and business. The main question after this incident was that who were thehackers and what was the strategy used by them to attract financial firm. The hackers wasfound to be operating through Russia, hackers burrowed into the digital network of bank andthen they went down a path that allows them to illegally access the information and dataabout the names, addresses, contact numbers and email- address of the account holders(Goldstein, Perlroth, and Sanger, 2014) Hackers were having the aim to access criticalfinancial information by bank security was able to manage it through advance securitytechnology. There are three types of hackers which mainly involves as black hat hackers,white hat hackers and grey hat hackers. Black hat hacker are those who uses their skills tosteal money, confidential data or information, put down computer system or even destroythem. White hat hacker are known as ethical hacker, they generally hacks for anyorganisation or company for defensive purposes as they are given special permission withlimits on what to hack and what not to do in network system. Grey hat hackers act as theblend of both white hat hackers and black hat hackers. In order to provide proper security to clients, banks should implement cryptographyhas it plays crucial role in the banks and other financial service firm. Cryptographyimplementation allows to get ensure about various important data transactions that areprocessed securely. It makes the message unreadable to any every person except to legitimateuser who is having the encryption and decryption key (Roy and Venkateswaran, 2014).Cryptosystem deals with encryption and decryption process along with this it is involves withthe methods of hiding confidential data and information with the help of keys. The whole
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