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HI6008 - Cyber Security for Business Challenges

   

Added on  2020-03-07

14 Pages3343 Words45 Views
Running head: CHALLENGES IN CYBER SECURITY FOR BUSINESSChallenges in Cyber Security for BusinessName of the StudentName of the UniversityAuthor Note
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1 CHALLENGES IN CYBER SECURITY FOR BUSINESSExecutive summaryCyber security is the protection of computers, networking, programs and data from foreignattack, misuse, and damage and unauthorized access. In context to computer, security iscomposed of both physical security and cyber security. Banks are the most targeted businessof cybercrimes. This is because banks has more money than any other business. The reportfurther discusses about the objective, scope and literature review on the topic. It can beconcluded that cyber security is an increasing threat to the banking industry. Cyber-attackscan be of different types like fraud threats, ransom ware and malware attacks in the bankingsystem. The objectives of the study has been discussed extensively before moving on to theliterature review of journals to create the report. Banking sector in India has fairly matured inthe recent development of the technologies.
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2 CHALLENGES IN CYBER SECURITY FOR BUSINESSTable of ContentsIntroduction................................................................................................................................3Project Objective........................................................................................................................3Project Scope..............................................................................................................................5Literature Review.......................................................................................................................5Introduction................................................................................................................................5Concept of cyber security...........................................................................................................6Cyber security in Banking Industry...........................................................................................7Challenges of cyber security in Banking Industry.....................................................................8Approach to the security measures in banking industry............................................................9Cyber-attack in Indian banking industry – United Bank of India..............................................9Conclusion................................................................................................................................10References................................................................................................................................11
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3 CHALLENGES IN CYBER SECURITY FOR BUSINESSIntroductionCyber security is the protection of computers, networking, programs and data fromforeign attack, misuse, and damage and unauthorized access. In context to computer, securityis composed of both physical security and cyber security. Banks are the most targetedbusiness of cybercrimes. This is because banks has more money than any other business.They in turn became the best target for the hacker to extort money from. There are numerousthreats, which are aimed towards the banking business (Amin et al 2013. The hardest todetect threat is the threat from inside the organization. When these insiders abuse their power,the bank systems are hacked and sensitive information is disclosed to outsiders. The reportfurther discusses about the objective, scope and literature review on the topic. Project Objective For maintaining cyber, security in an organization there needs to be three mainobjectives, which should be followed:To protect the confidentiality of the information collected and stored in thesystem of the organization (Buczak and Guven 2016).To preserve the integrity of the information.To provide authorization to use the information strategically.The objectives, which a banking industry must follow, are discussed below:To increase the number of accounts both corporate and private.To increase the value of the commercial loans being provided (Cherdantsevaet al. 2016).
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