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Cyber Security Assignment | Banking Sector

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Added on  2020-05-16

Cyber Security Assignment | Banking Sector

   Added on 2020-05-16

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Running head: CYBER SECURITYCyber SecurityName of the StudentName of the UniversityAuthor Note
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1CYBER SECURITYBackground about topicAccording to Laudon and Laudon (2016), the use of technology in the modern world hasbecome very important in the business and especially in the banking sector. The banking sectorin the modern world is too much dependent on the use of technology so that it can help inefficiently managing the bank accounts of the customers. The use of technology has also boughtsome problems and challenges such as external threats that need to be dealt cautiously. Theresearchers Reaves et al., (2015), was of the view that the increase in the cyber frauds alongwith the unintentional acts of the employees have led to secure the data in a confidentialmanner so that it cannot be used for misguiding activities. Most of the banks nowadays areexposed to the risk of cyber attacks, as there may be security breach of the privacy of data due tothe various online modes of payments and the use of ATM cards. The number of attacks in thefinancial services has increased by four-folds than the other industries that are operating on aglobal manner. Thesis statementThe major problem of the banks nowadays is to protect the data from the variousfraudulent activities that are taking place in the world recently. This paper will aim to discuss theprivacy and security issues that are faced by the banks with the change in the time so that it canbe counter measured in an efficient manner in retaining the data that are present with the banks. Privacy IssuesIn the contemporary period of internet banking communication has become easier alongwith the exchange of huge set of data. That is why privacy concern is also important as no person
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2CYBER SECURITYcan be trusted with the public networks without proper verification. Bhasin (2015) was of theview that most of the banks are trying to tighten the grasp of security in their work mechanismsso that the gaps between them can be filled properly. They are using the method of encryptingthe data with passwords, Secured Socket Layer (SSL) and the use of User Awareness Programs,which might provide some resistance to the fraudulent activities that are being carried against thebanks. Cyber Security attacks on banksAs per Thakur and Srivastava (2015), the challenges that are being faced by the banksinclude the issues related to privacy, which includes the sharing of the information that ispersonal in nature. The sharing of the information with the third parties allows them inaccessing the information of various personnel so that it can be used for the purpose of marketingand the numbers on the cards can be derived without the consent of the user. The collection ofthe personal data and information of the consumers will lead to blackmailing the people by thefraudsters.Venkatesh, Rathi and Patwa (2015) pointed out that another problem that is associatedwith the cyber attacks on the banks is known as Phishing, which is an attempt that is madeto obtain the information that is sensitive in nature. The fraudulent activities will result ingetting access to the details of the credit card holder along with the passwords and usernames ofthe consumers. This is commonly carried out by messaging on an instant manner along with thespoofing that is done through e-mails. The access to the online information by the fraudsters willhelp them in gaining access to the bank details from where the money can be transferred withoutthe knowledge of the consumers.
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