Cybersecurity in Banks: Contemporary Issues in Business

Running Head: Contemporary Issues in Business
Contemporary Issues in Business
Cybersecurity in Banks

Contemporary Issues in Banks 1 | P a g e
Abstract
Cybersecurity is also known as the computer or IT security and the primary purposes of
cybersecurity are to protect computer systems from the theft of data stores in the system, damage
to the software and hardware, etc. Cyber-attacks are increasing rapidly because most of the
computer systems are connected through internet. On one hand, internet has eased the life of an
individual as well as of business enterprises but on the other hand, internet has also been
considered as the most distraction factor as with the help of internet, hackers could easily control
other’s computer-system which leads to data theft, unauthorised access, etc. and all these are
included in cyberattacks. Internet has acquired an integral part of today’s generation of people.
Internet plays vital role in various fields such as from communicating to instant message,
banking to emails, shopping, studying, etc. Almost all aspects of life have been touched by
internet due to which it has acquired an effective position in people’s life. As internet is growing,
people use to store their credentials as well as other confidential information in their computer
systems, thus, there is much requirement for the adopting protective measures (Ashok, Wang,
Brown & Govindarasu, 2015).
In today’s generation, if a computer is not having enough security controls, then it could be
infected with malicious logic; hence, any information could be accessed within moments by
unauthorised users. With the increase in number of data networks, internet, mobile and digital
applications, chances of cybercrimes and cyber exploitation are also increasing. With the
increasing cyber-attacks, careers in cybersecurity sector are also emerging. Demand for software
and hardware skills and internet of things is constantly increasing. According to research, it has
been found that approximately 1 million jobs are unfilled across the globe. This essay will
include requirement of cybersecurity, significance of cybersecurity, measures taken for making
cybersecurity effective, analysis of cybersecurity measures will be done in order to and the
cybersecurity measures adopted by banks will also be discussed.

Contemporary Issues in Banks 2 | P a g e
Table of Contents
Abstract............................................................................................................................................1
Introduction......................................................................................................................................3
Role of communication in banks.....................................................................................................4
Types of communication used in banks...........................................................................................4
Internal communication...............................................................................................................4
External Communication.............................................................................................................7
Cybersecurity in banks..................................................................................................................10
Technology Risk........................................................................................................................11
Types of cyber crimes................................................................................................................12
Security measures adopted by banks.............................................................................................13
Conclusion.....................................................................................................................................14
References......................................................................................................................................15

Contemporary Issues in Banks 3 | P a g e
Justification of Chosen Topic
Definition: Cyber security is measures that achieve confidentiality, integrity, availability,
authenticity and non-repudiation of information in electronic form, public and private resources
and services in cyberspace. These measures can include policies, concepts, standards and
security guides, risk management, training and awareness-raising activities, implementation of
cyber-infrastructure protection solutions, identity management, consequences management.
The world we live in becomes more and more interdependent, and this is largely due to
developments in technology, information and communications. This increasing interdependence
generates many advantages and disadvantages, given that public institutions and private
companies have become almost totally dependent on information systems to carry out important
activities.
Choosing to keep offline transactions in business is no longer an option in this digital age.
However, more and more companies are aware of the importance of building their online
presence that also brings the possibility of being attacked by cybercriminals. On the other hand
cyber security is a challenge to be approached through cooperation between various national
actors, such as institutions, private companies or non-governmental organisations, but also
internationally, through cooperation between states, regional and global organizations, given that
cyber security is a problem overall.
Cyber security is a contemporary issue in business because given that the Internet is an
integral part of the business communities live currently. It is important to make sure that criminal
activity cannot occur when Internet it used for a variety of purposes. From simple
communication to bank transfers, the Internet has an increasingly important share in everyday
live. Therefore, the safety of the data sent or received must be ensured.

Contemporary Issues in Banks 4 | P a g e
Introduction
Cybersecurity is being the primary objective for every organization as well as for an individual
so that internet-connected systems could be protected from cyber-attacks. Crucial elements
through which cybersecurity could be strengthened are adopting anti-viruses, advanced operating
systems, firewalls, passwords, etc. Cyber-attacks are increasing rapidly and with regards to this,
all industries in all sectors are adopting appropriate measures for protecting their systems and
data from cyber-attacks (TechTarget, 2018). All sectors are using internet in order to execute
their functionalities and this essay will focus over the cybersecurity in banks. Cybersecurity
refers to the body of technologies, processes, and practices which are designed to protect
networks, programs, devices and data from the attacks, damages and from unauthorised accesses.
Cybersecurity is also referred to as the information technology security. Cybersecurity is
important in every sector because almost all sectors and industries have adopted automation in
their functionalities. In the computer context, security refers to both physical as well as
cybersecurity and both are executed in the business context in order to protect organizational
data from unauthorised access. In relation to this, information security is being designed for
maintaining the integrity, confidentiality and availability of data and it is a subset of
cybersecurity (Ben-Asher & Gonzalez, 2015).
Cyber security is the collection of technologies and their main purpose is to protect networks,
programs, data and consumers’ credentials from damage and attack. In relation to prevent cyber-
attacks, government authorities have taken various measures along with collaborating with the IT
teams of banks. These measures are spreading awareness amongst the users for not sharing their
secret credentials with any person in order to avoid any unauthorised access. OTPs (one time
password), face id and finger print unlocking systems are another crucial measures for ensuring
user’s data from the cyber-attacks (Church, 2016).
Cyber-crimes are increasing rapidly and in relation to this, every one requires to take measures
from their side. Due to advancement in technologies, cyber-attacks have been increased and in
order to deal with these attacks, it is required for the banks to adopt appropriate steps so that
cybersecurity could be enhanced. Cybersecurity is another great measure for building brand
image amongst the consumers. The more security measures will be adopted by any bank, the

Contemporary Issues in Banks 5 | P a g e
more number of customers will be attracted towards the bank. Cybersecurity is not only
important for banks, but it also plays significant role in protecting data for government, military,
financial institutions, organization who collects consumers’ data, etc. Amongst these
information, certain part of data could is sensitive enough through which huge loss could be
occurred. Cybersecurity is concerned with theft of data, hacking user’s computer system,
unauthorised access, etc. Cyber-attacks have been considered as one of the top threats to national
security since 2013 and it has even eclipsed terrorism (Craig, 2018).