Information Security Breaches in Commonwealth Bank

INFORMATION SECURITY BREACHES 0
Information security
breaches

INFORMATION SECURITY BREACHES 1
Table of Contents
Introduction........................................................................................................... 2
Does your chosen business need IT?.....................................................................2
Importance of IT in banking sectors.......................................................................2
Equipment required for IT...................................................................................... 3
How does your chosen business use IT?................................................................4
Advantages and disadvantages of IT.....................................................................4
Types of risks linked with IT...................................................................................5
Managing and monitoring IT.................................................................................. 6
Conclusion............................................................................................................. 6
References............................................................................................................. 7

INFORMATION SECURITY BREACHES 2
Introduction
The term security breach is defined as the process where hackers obtain
the data of consumers and companies by reducing the security of
computer networks. It is observed that data breach is a very common
problem for any industry and it is growing rapidly due to increasing
numbers of information technologies. Commonwealth is the largest bank
in Australia which also faced the issue of the data breach and cyber-
attacks in the year 2016 (AFR, 2016). The purpose of this report is to
critically analyse the data breach occurred in the commonwealth bank
and evaluate the importance of the information technology system in the
banking sectors. In this advanced generation, every baking industry is
using wireless networks and information technologies which are linked
with the data breach and many employees’ use unauthorized networks
which increase the rate of the data breach. This report is divided into
several sections, for example, need of IT in the banking, importance of IT
in banking, advantages and disadvantages of information technology and
types of risks linked with IT.
Does your chosen business need IT?
Commonwealth Bank is one of the largest banks in Australia and it
provides various kinds of online services to their consumers for which
they need information technology. By using IT system commonwealth
bank can easily control and monitor their operations and they can easily
communicate with their customers in order to provide better services.
Therefore, commonwealth bank needs information technology for
improving the performance of their business and reduce errors and risks
in an effective manner. Moreover, using IT-based services consumers can
easily access their bank accounts from any location and they can send or
receive money from any location without visiting the bank that reduces
time and cost. So, it is very important for commonwealth bank to design
and implement information technologies but security is the biggest
concern with IT networks and servers.