Cyber Security Threats to HSBC Bank

Running head: CYBER SECURITY THREATS TO HSBC BANK
Cyber Security Threats to HSBC Bank
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1CYBER SECURITY THREATS TO HSBC BANK
Cyber security threats to HSBC Bank:
It is very important to form a structured approach to apply a risk based framework to
manage risks which multinational organisations face in today’s business environment driven by
technology. The structured risk management framework would enable the management of the
business organisations to identify the risks which could have negative impact on their business
outcomes and take appropriate actions to mitigate or at least reduce them. The risk which the
structured risk framework would seek to mitigate would cyber risks and the organization chosen
for the research would be HSBC Bank. As per an article published on November 08, 2018 in the
Forbes Magazine, the customer data base of the global bank was subjected to cyber security
initiated by unauthorized users (Forbes.com, 2019). The following are the steps which HSBC
Bank can adopt to create a cost effective and maintainable risk management framework to
minimize cyber risks:
Stringent payment gateway protocols:
The bank should instruct all its customers to change their PINs and usernames which they
use to make payments online as well as to withdraw money using its gateways. This stringent
step would make it difficult for the hackers to guess the account details which they use into
infiltrate into the account of the respective customers (Gomes et al., 2018).
Strict internal management of data:
HSBC Bank should form strict internal management of data to ensure ethical use of data.
The bank should instruct all its employees to use their respective email ids and passwords to
communicate all business information. The employees should be allowed to transfer data into
other secondary storage devices like smart phones and pen drives under any condition (Ahuja,