IT for Business: Role, Risks, and Recommendations for Commonwealth Bank of Australia (CBA) - Report | Desklib

This report discusses the role of IT in CBA, its benefits, and risks. It also provides recommendations to improve IT systems for better security and privacy.

Running Head: IT for Business 0
IT for Business
Report
Student name

IT for Business 1
Table of Contents
Introduction..................................................................................................................................2
Role of IT in Business.................................................................................................................2
CBA need IT.............................................................................................................................2
Why IT is important for business survival?..............................................................................2
What is required to apply IT into CBA?....................................................................................3
How CBA use IT?.....................................................................................................................3
What benefits and advantages does IT bring CBA?................................................................3
What type of risks does IT bring to CBA?................................................................................3
How can CBA maintain and monitor IT?..................................................................................4
Recommendations......................................................................................................................4
Conclusion...................................................................................................................................4
References..................................................................................................................................5

IT for Business 2
Introduction
Commonwealth Bank of Australia (CBA) is a well-known bank in the overall world, as it
manages various services of Australia in the national and international markets. It provides
various services to its customers and investors. It is necessary to provide security to the
personal data and information of consumers and the banks as well using a high level of
emerging technologies and other security policies to avoid the data breaches and other
security issues in the bank.
This report will provide proper solutions to security issues in the CBA and it will discuss about
the role of IT in the business. In this report, benefits will provide for the CBA and its business
in the future. This report will discuss about the risks of the IT for the CBA and how the CBA
reduces its risks. It will provide different methods for monitor and control risks of the CBA.
Role of IT in Business
CBA is a large-scale organization, which provides various services to its customers at national
and international levels. There are various advantages of Information Technology (IT) in the
CBA to manage all the things with high accuracy, efficiency, security, and privacy (Zhang, et
al., 2010).
There are some important points to know the role of IT in the organization, which provides
many benefits to the company (Wright, 2011).
CBA need IT
The bank is a system that manages various transactions of money and secures various
assets of people with a high level of security. In addition, CBA requires IT for managing its
various processes in a proper manner. There are many processes in which computer systems
have required to manage all the processes with a high level of performance (Tonkin, 2019).
There are some basic things requires in a bank, which can be possible through IT only. A
human cannot manage all the process in a proper manner. Therefore, CBA requires IT to
manage various things, such as databases, business processes, transactions, and many
other things (Senft & Gallegos, 2010).
Why IT is important for business survival?
In the present era, most of the banks use a high level of IT devices and technologies to take
competitive advantages in the market, as customers want more security and privacy in their
bank. Therefore, IT is the only solution for solving these issues in front of the banks (Senft &
Gallegos, 2010). In addition, CBA has adopted mainframe computer systems to manage their
various business functions in a proper manner, such as loans, credit cards, financial work,
and many others. It is necessary to adopt IT for increasing the performance of various
functions of the CBA (Salesforce, 2018).
Moreover, IT will provide more benefits to then CBA in their profit and margin. In addition,
business analysis is easier with IT and AI. CBA can take competitive advantages from IT.
However, data breaches and other security risks have risen in front of the company.

IT for Business 3
What is required to apply IT into CBA?
There are various technical issues in the business functions of the CBA, which can be solved
using IT services, such as cost estimation, strategic planning, module designing, security
equipment, training, education, implementation, and many others (Ryssel, et al., 2004).
There are many critical issues has faced by the CBA because of poor security and
management, such as data breach. Therefore, the company must follow the international
standards to secure the data of customers using IT services, such as COBIT, ITIL, TOGAF,
and many others (van Grembergen & de Haes, 2009).
How CBA use IT?
CBA can use IT for the security of their databases and data centers as well as business
processes from hackers (Pearce, 2015). In addition, the CBA can involve international IT
governance framework for an audit of vulnerabilities and threats of the organization to reduce
the risk of data breaches (Pash, 2018).
In addition, there are big impacts of data breaches on the organization, such as financial,
reputational, and many others. There are some valuable information assets that must secure
from the cyber-attacks, which can be possible by IT governance only (Oakes, 2018). The CBA
should provide training to its employees to secure their information assets from any risk as
well as provides proper guidance to their customers for using online services in a proper
manner (Nott, 2019).
What benefits and advantages does IT bring CBA?
There are many benefits of IT to the CBA in their business processes. All the business
processes have managed by the company. In addition, there are many other things that
provide various benefits to the company (Nord, et al., 2007).
In addition, there are many good impacts of IT on the organization. In addition, there are huge
benefits to IT in their profit. In addition, IT increases the revenue of the CBA. It can manage its
various business processes in a proper manner. It can provide better process management
for the CBA, which will reduce costs from different business functions (Matteo & Floridi, 2009).
What type of risks does IT bring to CBA?
There are many risks of IT for the CBA, as all the processes have completed using the
internet or network services. In addition, there are some technical issues in the IT services,
which can be possible because of various vulnerabilities of the information systems
(Marchewka, 2014). Besides, IT provides various benefits to the organization. It creates
various risks, such as malfunctions, malware, ransomware, phishing, social engineering, and
many others (Jin, et al., 2007).
Moreover, risk management is necessary for managing various issues in the company. The
banking industry requires privacy and confidentiality in their business processes. Therefore,
business functions require a high level of security from various types of risks (Eisenberg,
2010).

IT for Business 4
How can CBA maintain and monitor IT?
CBA can use the IT governance framework to audit all the processes of them and create a
risk analysis for all the business functions. It will provide vulnerabilities and threats to the IT
system (De Haes & Van Grembergen, 2015). Based on that analysis, CBA can create controls
for all the risks of IT. There are various monitoring tools, which can optimize various risks of
the CBA and identify suspicious activities in the network (Cater-Steel, et al., 2010).
There are server-monitoring tools to manage all the things. Moreover, all the processes can
manage using server monitoring tools and techniques. It will secure all the business functions
in a proper manner (Boos, et al., 2013). CBA slapped with a court-enforceable undertaking
after the loss of data on 20m customers (Barbaschow, 2019). In addition, Commonwealth
Bank pumped AU$752m into tech during H1 2018 (Barbaschow, 2019).
Furthermore, IT management is necessary to secure all the information assets of the CBA. It
will provide various benefits to the organization. In addition, CBA has invested a large amount
of money on the IT implementation to improve its security and privacy.
Recommendations
There are some recommendations for the CBA to improve their IT systems to manage their
business in a proper manner, which areas:
1. Provide training and education to each employee to improve the security of the IT
infrastructure
2. Establish new standards for the improvement of the privacy, security, and governance
3. Develop a cybersecurity team to manage various suspicious activities.
4. Creates various security management program to secure data centers and servers
The CBA must follow all these recommendations to improve its security. All those things are
basic needs of the organization, which provides security to the all information assets of the
company. It reduces data breaches and other things from the company. In addition, there are
many advantages of cybersecurity for the organization. In addition, there are some good
impacts of cybersecurity on the organization.
Conclusion
It has concluded that CBA has improved its business functions using IT services. This report
has provided the role of IT in the growth and success of CBA. In addition, the IT framework
has used for the various services of an organization. CBA can use any IT governance
framework to manage their business processes in a proper manner.
This report has discussed about the risk of IT systems and their impact on the CBA. This
report has provided benefits to the IT in CBA. Besides, the IT security programs can avoid
cyber-attacks.
Finally, CBA can take more advantages of IT in the banking sector using IT services. IT
governance framework provides more advantages to the CBA in its business functions. It will
increase the profit and revenue of the CBA in the future.

IT for Business 5
References
Barbaschow, A., 2019. CBA slapped with a court-enforceable undertaking after loss of data
on 20m customers. [Online]
Available at: https://www.zdnet.com/article/cba-slapped-with-a-court-enforceable-undertaking-
after-loss-of-data-on-20m-customers/
[Accessed 26 Septemeber 2019].
Barbaschow, A., 2019. Commonwealth Bank pumped AU$752m into tech during H1 2018.
[Online]
Available at: https://www.zdnet.com/article/commonwealth-bank-pumped-au752m-into-tech-
during-h1-2018/
[Accessed 26 September 2019].
Boos, D., Guenter, H., Grote, G. & Kinder, K., 2013. Controllable accountabilities: the internet
of things and its challenges for organisations. Behaviour & Information Technology, 32(5), pp.
449-467.
Cater-Steel, A., Hine, M. J. & Grant, G., 2010. Embedding IT service management in the
academic curriculum: a cross-national comparison. Journal of Global Information Technology
Management, 13(4), pp. 64-92.
De Haes, S. & Van Grembergen, W., 2015. Enterprise Governance of Information technology.
1st ed. New York: Springer, Cham.
Eisenberg, M. B., 2010. Information literacy: Essential skills for the information age. DESIDOC
journal of library & information technology, 28(2), pp. 39-47.
Jin, K. G., Drozdenko, R. & Bassett, R., 2007. Information technology professionals’ perceived
organizational values and managerial ethics: An empirical study. Journal of Business Ethics,
71(2), pp. 149-159.
Marchewka, . J. T., 2014. Information technology project management. 5 ed. New York: John
Wiley & Sons.
Matteo, T. & Floridi, L., 2009. The ethics of information transparency. Ethics and Information
Technology, 11(2), pp. 105-112.
Nord, J. H., Nord, G. D., Cormack, S. & Cater-Steel, A., 2007. An investigation of the effect of
Information Technology (IT) culture on the relationship between IT and business
professionals. International Journal of Management and Enterprise Development, 4(3), pp.
265-292.
Nott, G., 2019. CBA to maintain digital 'leadership position' with $5B strategy, fintech
investment. [Online]
Available at: https://www.cio.com.au/article/665025/cba-maintain-digital-leadership-position-
5b-strategy-fintech-investment/
[Accessed 26 September 2019].

IT for Business 6
Oakes, D., 2018. Commonwealth Bank customers' medical data exposed in potential privacy
breach. [Online]
Available at: https://www.abc.net.au/news/2018-12-03/commonwealth-bank-medical-data-
exposed-potential-privacy-breach/10563414
[Accessed 26 September 2019].
Pash, C., 2018. In one slide, here's Matt Comyn's strategy for the Commonwealth Bank.
[Online]
Available at: https://www.businessinsider.com.au/matt-comyn-strategy-cba-commonwealth-
bank-2018-8
[Accessed 26 September 2019].
Pearce, R., 2015. CommBank building on 'technology advantages', CEO says. [Online]
Available at: https://www.computerworld.com.au/article/566069/commbank-building-
technology-advantages-ceo-says/
[Accessed 26 Septemeber 2019].
Ryssel, R., Ritter, T. & Gemünden, H. G., 2004. The impact of information technology
deployment on trust, commitment and value creation in business relationships.. Journal of
business & industrial marketing, 19(3), pp. 197-207.
Salesforce, 2018. The New Information Technology: The Changing Role of IT in Business.
[Online]
Available at: https://www.salesforce.com/research/changing-role-of-business-it/
[Accessed 14 September 2018].
Senft, S. & Gallegos, F., 2010. Information Technology Control and Audit, Third Edition. 3rd
ed. New York: CRC Press.
Tonkin, C., 2019. Comm Bank slapped over failed security. [Online]
Available at: https://ia.acs.org.au/article/2019/comm-bank-slapped-over-failed-security.html
[Accessed 26 September 2019].
van Grembergen, W. & de Haes, S., 2009. COBIT as a Framework for Enterprise Governance
of IT. In Enterprise governance of information technology. Boston(MA): Springer.
Wright, D., 2011. A framework for the ethical impact assessment of information technology.
Ethics and information technology, 13(3), pp. 199-226.
Zhang, X., Wuwong, N., Li, H. & Zhang, X., 2010. Information security risk management
framework for the cloud computing environments.. s.l., IEEE, pp. 1328-1334.

IT for Business 7