logo

Commonwealth Bank of Australia Risk Assessment

   

Added on  2020-04-01

23 Pages5966 Words42 Views
Commonwealth Bank of Australia Risk Assessment- Employee Personal DevicesNameInstitutional AffiliationDate

EXECUTIVE SUMMARY As modern organizations continue to operate in the in the ever competitive environments, they have been forced to come up with various strategies to meet current workplace demands. Amongthe strategies that have been adopted by organizations is the use of technology in their operations. The increase in the adoption of technology by organizations has come along with associated risks touching on company’s data such as Data security risks. In Australia, for example, data security has been an area of focus for many businesses especially due to the significant rise in the cases of cyber crimes (Zahadat et al, 2015). Data security refers to all digital privacy measures put in place to prohibit unauthorized persons to access computers websites and databases. Data security which is also aimed at preventing data corruption has been viewed as an essential component of all organizations using technology. Data security is also referred to as IT security. Commonwealth Bank of Australia is a leading integrated financial services provider that has branches in Europe, North America, New Zealand and Asia. The bank offers some financial services, including share broking, funds management, business, institutional, premium and retail banking, insurance and superannuation products and services(Ballagas,et al,2014)The Company among other guarantees provides its clients with 100% security guarantee about their personal information and money. Among other strategies adopted by the company include outsourcing for cyber security to reduce costs a move which has seen the Bank contemplate on moving a number of its members of staff and functions related to its IT security to an offshore location in India. In this, the company is focused on managing security assess by real-time

monitoring the use of technology by staff as well as monitoring threats within and without the bank (Smith, 2009).Bring your own device is a concept utilized in a situation where employees are allowed to come in the workplace to go with personal devices such as computers, smart phones, and tablets to be used in undertaking the daily activities. Allowing employees to bring their own personal; devices at the workplace have been the cause of some of the challenges facedby modern organizations with it has come some threats leading to the establishment of bringing your own devices aimed at regulating access to organizational, technological resources using their devices. Allowing employees to bring their devices might have a positive bearing on the organization whose technology endowment is inadequate by enabling employees to come with superior devices that can help in increasing efficiency and the overall productivity. On the other hand, such a move can be detrimental to an organization’s health by making its data and technologies prone to abuse from outside the organization (Chin, et al,2011)By deploying this project, Commonwealth Bank of Australia will achieve both advantages and disadvantages. Among the expected benefits is the flexibility that comes with the use of personal devices, minimizing operational costs and increased efficiency due to technological familiarity. Problems that will accrue to the organization as a result of this move include compromised security, devicedisparities whereby employees use different devices and finally it might be an extra cost to employees, especially those who might not be in possession of such devices.

Table of ContentsEXECUTIVE SUMMARY.................................................................................................................................2REVIEW OF THE PROJECT............................................................................................................................5SECURITY POSTURE.....................................................................................................................................6THREATS, VULNERABILITIES, AND CONSEQUENCES....................................................................................9DATA SECURITY RISKS................................................................................................................................14CONCLUSION.............................................................................................................................................15REFERENCES..............................................................................................................................................16

REVIEW OF THE PROJECT Financial services refer to a range of financial services provided by various players in the financial industry. They include services provided by banks, insurance companies, and government-sponsored enterprises among others. In broad terms, institutions operating in the financial sector are regarded as highly sensitive especially with regards to the security of their systems. Financial service providers are virtually present all over the world even in remote areas to satisfy the financial needs of individuals, groups, companies and other institutions (Gustav & Kabanda,2016). The intermediary role played by financial service industry in Australia’s economy is quite significant. Individuals, government agencies, businesses and nonprofit organizations rely on this sector to either get funds when need be or dispose of excess cash which is then lent out to those who need it, technologists play a significant role in facilitating thistransaction.Clients .Clients are the most important asset to the Commonwealth Bank of Australia. The bank is focused on establishing lasting cordial relationships with its various clients both depositors anddebtors. The bank's clients include retail clients, institutional investors, financial sponsors, entrepreneurs, and corporations. Implementation of the project would mean that these client’s needs attended to at any given time and with much efficiency (Felt,et al,2011)Employees. Employees are an important shareholder and an important asset to the bank. The company is focused on nurturing and developing the professional capability of their employees. The project might be limiting to employees to employees without such devices and an opportunity for those with the devices to enhance their professional prowess

There are some legislation that would determine the ability of Commonwealth Bank of Australia to implement the project which includes Archives Act 1983, Privacy Act 1988 and Freedom of Information Act 1982 which were established as a necessity as a result of the risks that emanate from allowing employees to bring own devices at the workplace. If it can implement the project, the Bank will, therefore, be required to put in place certain control measures to ensure that it meets all legal obligations (Watkins, 2014). The bank would, therefore, be required to examine the implications of the project to both the business and its overall security. As per best standards requirements, commonwealth bank of Australia would be required to determine the implication of the project by analyzing an already existing real example, identify the existing regulations andlegislation to facilitate compliance, put in place various support measures, both financial and technical and finally roll out the project. The realization of this is solely dependent on the ICT department or the technological department of the Bank. Financial institutions are affected by many risks which can be categorized into.Credit risksCredit risks occur as a result of failure by debtors to pay what they owe a bank. Failure to pay can be as a result of inability by the debtor or unwillingness to pay. Credit risks are likely to affect Banks operations, its shareholders as well as its ability to issue fresh loans (Acharya, et al,2017)Legal risks Legal risks occur as a result of violation of legal standards set by government institutions as well as other regulatory bodies in which financial institutions are supposed to abide by. Legal risks

End of preview

Want to access all the pages? Upload your documents or become a member.

Related Documents
Risk Management: Assignment
|15
|3752
|31

Developing a Strategic Cyber Security Policy for Commonwealth Bank
|10
|2476
|175

Risks and Issues with Data Security and Cybercrime in Australia- Case Study
|16
|3636
|249

BYOD Security in Internet of Things
|17
|4968
|476

Bring Your Own Device (BYOD)
|4
|1699
|379

Network Analysis and Design Report for Soylent Company
|4
|1631
|147