Your All-in-One AI-Powered Toolkit for Academic Success.

+13062052269

info@desklib.com

Available 24*7 on WhatsApp / Email

Company

Tools

Support

Strategic Information Security: A Case Study of Westpac Bank

Verified

Added on 2024/06/28

AI Summary

This research paper examines the strategic information security system implemented by Westpac Bank, a leading financial institution in Australia. The study explores the advantages and disadvantages of such a system, highlighting the importance of data protection in the banking sector. It analyzes the techniques employed by Westpac Bank to safeguard its information and data, providing insights into the challenges and best practices for information security management. The paper concludes with recommendations for improving Westpac Bank's information security system and emphasizes the critical role of strategic information security in ensuring business continuity and customer trust.

Contribute Materials

Your contribution can guide someone’s learning journey. Share your documents today.

Research Paper 1- Strategic information
security
1

Secure Best Marks with AI Grader

Need help grading? Try our AI Grader for instant feedback on your assignments.

💎 Get Pro

Abstract
To run the business and its operations in the best and most suitable manner, the company need to
use the appropriate tools and strategies. Presently it can be seen that there are several threats and
crimes which is taking place regarding the information and data of the company. It has been
understood that the cybercrimes are increasing nowadays which is influencing the operations and
activities of the company. The study here is providing information about the advantages and
disadvantages of the strategic information security system. The techniques which Westpac banks
are using and are considered for protecting its information and data has been stated here. The
study has helped in understanding that there is a high need for the organisation to make strategies
and plans to overcome the challenges regarding protecting the information and data.
2

Contents
Abstract.......................................................................................................................................................... 2
Introduction....................................................................................................................................................4
Conclusion................................................................................................................................................... 16
References....................................................................................................................................................17
Appendix......................................................................................................................................................19
3

Introduction
At the present time, the strategic aspect on the business is very important, it has become very
vital for the company to use the best possible strategies and plans which will aid the firm to meet
the market needs and requirements. The key data framework is one of the perspectives through
which the association can have the capacity to do the tasks and exercises. Westpac bank is the
selected organisation for this particular study so that it can be able to attain reliable sources and
information to enhance and increase the knowledge and understanding of the readers about the
security system.
It has been determined that the organization needs to prepare such a data frame which will help
the association to maintain and keep on going long in the targeted market (AlHogail, and Mirza,
2014). Likewise, it has been proposed that the framework which will be used by the organization
must be pre-arranged and to be very effectively structured. The study is providing guidance to
the management of the firm to use the security system to protect and safeguard the data and
information of the clients and firm's operations. The productivity and operations of the firm are
able to get attain in aneffective and appropriate manner with the right utilisation of the security
system for the data and information.
4

Paraphrase This Document

Need a fresh take? Get an instant paraphrase of this document with our AI Paraphraser

💎 Try AI Paraphraser

Company's Overview
The Westpac bank is one of the financial services providing company in Australia which has
been established in Sydney. From the survey report it has been understood that the services
which the company is offering to the customers are very effective and it has also been seen that
by March 2018, the company is having nearly 14 million clients who are very actively using the
products and financial service of Westpac Bank. It is public limited firm and this is the
predecessor of the Commercial bank of Australia. There are several products that the company is
offering to its clients, they are-Finance and insurance, corporate banking, consumer banking,
investment management, investment banking, private equity, global wealth management,
mortgages, credit cards and many more. The revenue of the company is also very high as with
the help of this the firm is able to serve the clients and customers in an effective and appropriate
manner.
5

Information security system
The key data security is one of the practices which is been finished by the association through
which it can have the capacity to keep the few unauthorized admittance and access to any of the
organization's data. The abuse as well as the wrong use of the data, deceitful acts all these can
have the capacity to get counteracted by the administration with the powerful and right
utilization of data security framework. The wellbeing and security of the data and information in
the organization are essential and it is profoundly required by it to address the issues of the
organization itself. Due of this, it is fundamental for an association to present a powerful and
suitable security framework.
The data security framework is helping in significantly three angles which are the privacy or
confidentiality, respectability/decency, and availability/ accessibility. These three things might
get gotten by the organization with the viable and fitting utilization of data security framework
(Baskerville, et. al., 2014).The strategic information system is an essential viewpoint for the
current scenario in the assistance of this it can keep up its records and operational exercises in
the anchored and ensured way in the rights track. The significance of the security framework in
Australian organisationshas turned out to be critical concerning the present market circumstance.
The market is unpredictable and its conduct is changing which should be overseen and met
successfully by the organization. There are different operations and activities which are getting
done in the organisation which has to be handled and managed in the most appropriate and
required manner. Therefore, to carry out the operations smoothly the use of technology at the
current time has become very important. With the help of this, the firm has got the opportunity to
get grow and develop in the competitive world.
The strategic information security system is very important and this is very important at the
present time as with the help of this the company is able to deal with the problems and adverse
situation of the company. The study is very helpful for the readers to understand the
effectiveness of using the security information system (Beukelman and Mirenda, 2013). The data
protection in every organisation and different sectors are highly in need which can be determined
and examined from the information gathered in this assignment.
6

The data are to be effectively protected and secured as with the help of this the smooth
functioning can be obtained by the management of the firm. The present situation has to be
enhanced so that the working can be done in the right manner. It was understood that not only
Westpac bank but also many other firms from different sectors need to understand and develop
the strategies and implement the best technique. Presently it has become one of the vital aspects
to protect the data and information which they are having of their customers, employees and all
the stakeholders. The study has also provided some suggestions and recommendations for the
improvement of the company’s current situation.
7

Secure Best Marks with AI Grader

Need help grading? Try our AI Grader for instant feedback on your assignments.

💎 Get Pro

The implication of the system in the organisation
The association is managing the money administrations, this turns out to be vital and basic for it
to secure the information and data properly. It is exceptionally required that the firm need to put
and invest a large amount of money in the wellbeing and security of the information and data.
Similarly, as with the guide of this, the association can have the capacity to manage the problems
and difficulties in regards to security.
The data in the saving money and budgetary fields are exceptionally private and it is should have
been kept safe by the administration of the organization. As the need of security framework is
high the organization need to get into influencing systems and conceivably to acquaint new
instruments and programming with enhancing the present circumstance (Crossler, et. al., 2013).
The organization as is managing in a most requested area, accordingly to keep up its esteem and
worth in the market, the apparatuses and systems should be utilized which is profiting benefits
and additional security to the clients or the end clients.
The refreshing of the Information security framework is extremely helpful as there are changes
occurring, particularly in the innovative ways. The key data framework is exceptionally valuable
and supportive of the whole association to keep up legitimate assurance for the data against
different dangers and difficulties. The following are a portion of the viewpoints which is will get
gotten by the association in a most suitable way-
 It is extremely viable and suitable as it helps is making improvements in the present
working circumstances.
 The profitability and capability of the general population will get enhanced and
improved.
 The basic leadership in the few exercises can have the capacity to compete in a
compelling and most required way.
 The market openings can have the capacity to get achieved in the viable and positive way
with the proper utilization of data security framework (Harrison and Lock, 2017).
 The security of the whole minor to big data will get accomplished in the best possible
way similarly as with the assistance of this the association can have the capacity to
achieve long haul maintainability in the market.
8

 The lawfulness and privacy will likewise have the capacity to get gotten by
Westpac Bank in Australia and every one of those spots where it is managing and serving
its money related and keeping money items.
 The reliability of clients will likewise have the capacity to achieve by the firm with its
help.
9

The motive behind introducing the strategic information security system
The strategic information security system is very effective and appropriate with the help of this
the organisation can effectively protect and safeguard the data and information of the company.
There are several aspects which are been considered and attained by the firm, which are as
below-
Emergency administration-There are a few circumstances where the organization may confront
vulnerability around then it turns out to be exceptionally vital for the association to oversee and
handle those circumstances. Along these lines, the data security framework that time plays the
most fundamental and basic part, similarly with its help the tasks will get took care of and
oversaw in a powerful and suitable way. The key data security will help in overseeing and
managing the difficulties and up and coming dangers of the organization which is vital and
noteworthy right now (Hu, et. al., 2012).
Information assurance-This is another extremely required aspect which has to be focused
appropriately. This is the vital target which will help the firm to meet the security factor. The
association is successfully ready to oversee and secure all its data and information in the most
required way. Bank can meet the market needs and can adequately assemble the client
unwaveringness also. The information insurance can complete and this will attract consideration
of more individuals towards the tasks and exercises of the firm. The information breaking can
likewise be overseen and dealt with in the correct way.
Upgrading the data security program-The security arrangement of the organization will
likewise have the capacity to get enhanced in a powerful and proper way as with the suitable and
viable utilization of the data framework. This framework is exceptionally helpful and gainful
likewise with its aid the organization can hold its reasonable worth and maintain itself long in the
competitive world. The organization's development and improvement openings will likewise get
expanded with the powerful utilization and help of security framework (Iossa and Martimort,
2012).
10

Paraphrase This Document

Need a fresh take? Get an instant paraphrase of this document with our AI Paraphraser

💎 Try AI Paraphraser

The programs of the information security system in Australian Bank
The data security program of the organization in the event that it is utilizing then needs to
exceptionally viable and solid, and if not then it is imperative for the association to present a data
security program. As it has turned out to be exceptionally fundamental for the firm to keep all its
accessible data about organization and the clients to be in an anchored way. There are a few
stages and techniques are mulled over which is exceptionally vital while executing the key data
security framework (Layton, 2016). Some vital viewpoint which is imperative to be considered
by the association to complete the work in a smooth and powerful way is as underneath: -
Understanding the prerequisites of security and protection
It is imperative for the association to first distinguish the level of security and protection required
for the data and information. This is a standout amongst the most fundamental and crucial
viewpoint which is required by the association which should be centered suitably. It is helping
the administration to comprehend which is the best program that is should have been presented
by it. The association when ready to comprehend the requirements, at that point in a reliable and
compelling way it can have the capacity to oversee and work every one of its exercises in the
most wanted way.
At this stage, the administration will design build up the data security framework in a viable and
right way. The conceivable possibilities and issues will ready to get meet in the coveted path
with the assistance of data security framework.
Deciding the conceivable approaches
The approaches are critical elements similar with the assistance of this the association can have
the capacity to create approapriate intends to complete the work in a coveted way. As the
organization will ready to comprehend the need and level of security for the accessible data. The
approaches are fundamentally the rules which should be trailed by all in the organization to meet
the organization's set designs and destinations (Okere, et. al., 2012). This is imperative similarly
with the help of this the firm can meet the operational needs. Alongside this, the organization
might likewise pass on the approaches and plans which is been embraced by it for the security of
data. The laws and legitimate perspective which is should have been trained by the organization
11

in order to achieve its guidelines. The work will get accomplished in the correct required way
with the assistance of this strategies arranging.
Diverse parts of protection of the information
It is profoundly comprehended that there are few viewpoints which are should have been
considered by the association. The protection of the information and data must get achieved and
oversaw in the best possible and very much required way. With the help of various angles and
methodologies, the organization will have the capacity to control and handle the vulnerability.
The things which the organization needs to consider resemble the specialized angles,
authoritative necessities, and prerequisites and some more.
Every element is particularly identified with each different as though any of this will get changes
the others will likewise get change (Parsons, et. al., 2015). In this way, elements must be
adequately overseen so the required methodologies and changes can be made by the
administration. The controlling of vulnerability can be accomplished in the best possible and
required way which will help the organization to serve its customers in the agreeable way.
Dealing with the hazard
The hazard is those unverifiable things which happen in the association which is having an
immediate and aberrant effect on the tasks and exercises. There is a high requirement for the
organization to do the work in the successful and proper way. Thus, the organization needs to
deal with its entire hazard and vulnerability angle. Administration of hazard is a vital viewpoint
which is should have been considered by the organization with the goal that the firm can perform
well in the best and wanted way. Bank needs to adequately distinguish the hazard that may run
over its tasks and exercises. With the assistance of this, the association can have the capacity to
make proper techniques to deal with the hazard factors. Here the association will deal with the
hazard by following steps and procedures. The organization will at first recognize the hazard
which is having its effect on the tasks and exercises (Okere, et. al., 2012). Knowing this the
techniques will be shaped which will help the organization to deal with the hazard factors.
12

Ways to manage and handle the risk/ hazards
The hazard can have the capacity to get controlled with various routes; with the assistance of
this, the association can without much of a stretch complete its tasks and exercises. This will help
in smooth working alongside it the issues can likewise be overseen. The following are a portion
of the viewpoints through which the dangers can have the capacity to get controlled according to
the necessities and prerequisites.
 Seeking the problems- The hazard is resolved which is having a high effect on the tasks
and exercises of the firm; this will help in making reliable plans which can help with
dealing with the negative effects. The data which are exceptionally private must be
anchored, its danger getting harmed will be high, subsequently, and the administration
should recognize how extensive will be the effect of any hazard on the data and
accessible information. The investigation of the hazard will viably be complete here
which will help in taking care without bounds issues (Pradeep, 2013).
 Determining- The second stage after distinguishing proof of the hazard is its examination,
here the chiefs of the Westpac Bank will look for its effect on its working. This will assist
the association with making as solid and compelling arrangement to beat and to deal with
the unfriendly circumstance of the vulnerability. This is exceptionally valuable as the
security for the data will fittingly get achieved in the best possible and required way.
 Setting preferences- This is the third stage where the needs will be set, this is essential as,
on the off chance that one will know which is the action that should be favour first, at that
point the work will complete suitably and in the required way. The high, - hazard angles
will be managed first and later the others, consequently, the setting up of the needs for
various dangers are vital to the arrangement and handle in the most wanted way.
 Organising- This is the significant things which each association must do to maintain the
business exercises in the most ideal way. The administration of Westpac Bank needs to
do legitimate anticipating those zones where the hazard administration is exceptionally
required. With the assistance of this, the representatives will get direction and can have
the capacity to deal with the work they are doing in the coveted and arranged way
(Siponen, et. al., 2014). Alongside the arranging viewpoint, the usage of the key data
13

Secure Best Marks with AI Grader

Need help grading? Try our AI Grader for instant feedback on your assignments.

💎 Get Pro

security framework should likewise be possible with the goal that the firm can effectively
play out the entirety of its exercises and activities.
 Observing- The actualized exercises will now successfully be checked and control will be
done on this with the goal that the changes and the distinctions can have the capacity to
get oversaw. The observing of the exercises will help in concealing the happened
contrasts and this will straightforwardly impact the set benchmarks and arrange. In this
manner, the controlling is exceedingly required in the organization.
 Conveying the information (Communication)- The correspondence is the last advance
where the whole procedure and arranging will be adequately passed on to the individual
individuals with the goal that they can have the capacity to recognize what is the real
chance administration and controlling arranging which has been made by the
administration (Zissis and Lekkas, 2012). The workers of the organization will have the
capacity to take after the arrangements and plans according to the necessities and
prerequisites.
14

Recommendation
The information security system is one of the most needed techniques in the current market. It is
very important for the organisations in the nation to consider about the data protection, hence
from the study several areas where the companies especially Westpac bank have to improve. The
suggestions which have been availed to the company are very important to consider as it will
help in managing the problems and coming adverse situations. The techniques which are
utilizedmust have the capacity and caliber to meet the needs and requirements of the company. It
is highly required by the management that the data and information of the clients have to be
secured and protect in a proper manner.
The organisationhas to use the information security system which will be helping Westpac Bank
to keep all its documents and records save and protected. This will be helping the management to
provide safety to the customer’s data and information. There is information of the customers
which has to be kept safe and secure as this will help in building a good bond and relationship
with the customers. It is also very important for the company to convey each and every small to
big planned changes to the respective people. With the help of this, the organisation can be able
to make and attain all the activities and operations to be get done in an effective way.
It is suggested that the emerging and latest technique on which the level of reliability is high has
to be utilised by the bank so that the market needs and requirements can be obtained. At the same
time, the firm will also be able to protect the right of the customers; the data and information
which a customer avails to the company are very confidential which is needed to be protected.
As per the law and act drew by the government, the data protection has to be executed in a well
structured and defined manner so that the information which is attained with the company could
not be able to get misused.
15

Conclusion
From the performed study, it can be comprehended that the data protection system is having an
important part in the development and improvement of the association’s operations and
activities. The security and well-being of organization's information and data have turned out to
be exceptionally fundamental. There are a few challenges which can be recognized by the
organization as with the successful and suitable utilization of the data security/ protection
framework the association can have the capacity to keep up the information and data in more
required way.
The change in the present position of the association can have the capacity to complete
successfully with the utilization of the security framework. The vulnerability and hazard
elements will likewise have the capacity to get overseen by the compelling and proper required
way with the use of an information security system. A few suggestions were drawn from where it
can be inferred that the Westpac Bank need to make its reinforcement extremely powerful.
The best and most solid data framework must be presented by the organization with the goal that
the data of the organization can be anchored according to the necessities. The client's trust and
reliability are exceptionally important to be met by the organization; in this way, a solid and
sound relationship must be made. For this, the first thing to be considered is wellbeing and
security of the information and data.
16

Paraphrase This Document

Need a fresh take? Get an instant paraphrase of this document with our AI Paraphraser

💎 Try AI Paraphraser

References
1. AlHogail, A. and Mirza, A., 2014, January. Information security culture: a definition and a
literature review. In Computer Applications and Information Systems (WCCAIS), 2014 World
Congress on (pp. 1-7). IEEE.
2. Baskerville, R., Spagnoletti, P. and Kim, J., 2014. Incident-centered information security:
Managing a strategic balance between prevention and response. Information
&management, 51(1), pp.138-151.
3. Beukelman, D.R. andMirenda, P., 2013. Augmentative and alternative communication:
Supporting children and adults with complex communication needs. Paul H. Brookes Pub.
4. Crossler, R.E., Johnston, A.C., Lowry, P.B., Hu, Q., Warkentin, M. and Baskerville, R.,
2013. Future directions for behavioral information security research. computers &
security, 32, pp.90-101.
5. Harrison, F. and Lock, D., 2017. Advanced project management: a structured approach.
Routledge.
6. Hu, Q., Dinev, T., Hart, P. and Cooke, D., 2012. Managing employee compliance with
information security policies: The critical role of top management and organizational
culture. Decision Sciences, 43(4), pp.615-660.
7. Iossa, E. and Martimort, D., 2012. Risk allocation and the costs and benefits of public‐‐
private partnerships. The RAND Journal of Economics, 43(3), pp.442-474.
8. Layton, T.P., 2016. Information Security: Design, implementation, measurement, and
compliance. CRC Press
9. Okere, I., Van Niekerk, J. and Carroll, M., 2012, August. Assessing information security
culture: A critical analysis of current approaches. In Information Security for South Africa
(ISSA), 2012 (pp. 1-8). IEEE.
10. Parsons, K.M., Young, E., Butavicius, M.A., McCormac, A., Pattinson, M.R. and Jerram, C.,
2015. The influence of organizational information security culture on information security
decision making. Journal of Cognitive Engineering and Decision Making, 9(2), pp.117-129.
11. Pradeep, T.B.V. 2013. Decision Support System for Information Security in the Semantics of
BioMedical Documents. International Journal of Engineering and Computer Science ISSN:
2319-7242, Volume 3 Issue 10.
17

12. Siponen, M., Mahmood, M.A. and Pahnila, S., 2014. Employees’ adherence to information
security policies: An exploratory field study. Information &management, 51(2), pp.217-224.
13. Zissis, D. and Lekkas, D., 2012. Addressing cloud computing security issues. Future
Generation computer systems, 28(3), pp.583-592.
18

Appendix
Company’s information
The Westpac bank is very well recognised organisation in the global market as it is having
different operations and activities which is aiding the people of the society to fulfil their needs
and requirements.
Mission
The mission statement of the company is to become number pone financial aiding organisation in
the international mark.
Vision
The vision which has been seen by the company is to become one of the world’s greatest
financial service providers. The motive behind this vision is to serve the people of the society in
an effective and appropriate manner so that they can be able to get grow and enhance. It has to
become a helping hand to the people of the society so that they can have a peaceful life. The
vision statement which it has made is effectively be done as the number of customers of the
company is consistently increasing as they are highly satisfied.
Core values
There are some elements which is been focused by the company to manage and to meet the
vision which the firm has made. The considered aspects are as below-
Integrity – The integrity has to be obtained which the company is attaining by building good
bonds and relationship by being very honest and ethically right to the customers.
Service - The quality services are o be provided to the customers by the company to make them
satisfied for the pay they are doing.
One Team – The team is getting build as the operations and activities which is been served by
the company is very effective as the best services are availed to the end users.
19

Secure Best Marks with AI Grader

Need help grading? Try our AI Grader for instant feedback on your assignments.

💎 Get Pro

Courage – The company is facing several challenges and even putting the brand image on risk to
improvise its current activities and operations.
Achievement – The firm is seeking for the best outcome so as to attain the excellence in
competitive world.
Link
https://www.westpac.com.au/docs/pdf/aw/SIR06_BusinessReporting.pdf
https://www.westpac.com.au/about-westpac/westpac-group/company-overview/our-strategy-
vision/
20

1 out of 20

+13062052269

info@desklib.com

Strategic Information Security: A Case Study of Westpac Bank

Contribute Materials

Secure Best Marks with AI Grader

Paraphrase This Document

Secure Best Marks with AI Grader

Paraphrase This Document

Secure Best Marks with AI Grader

Paraphrase This Document

Secure Best Marks with AI Grader

Related Documents

Strategic and Human Resource Planning in Australian Banking: A Case Study of Westpac

Strategic Information System: Commonwealth Bank of Australia

Measuring Competitive Strengths of Four Banks in Australia using Relative Profit Difference Analysis

Strategic Management And Environment Analysis

Enterprise Resource Planning (ERP) and Its Application within the Banking Industry: A Case Study of Westpac Banking Corporation

ERP System and Accounting Information