Project: Online Banking Security and Privacy for Generations X, Y, Z

This project examines the critical importance of online banking security and data privacy, focusing on the vulnerabilities faced by Generation X, Y, and Z in the digital age. The project begins with an introduction to the growing problem of cybercrime in online banking, particularly in Asian countries, and highlights the lack of awareness among users. The literature review explores the importance of cyber security and privacy, the significance of awareness among the target generations, and the effectiveness of online banking systems in enhancing security. The methodology outlines the research approach, data collection methods, and sampling techniques used to analyze the research questions. The project aims to identify the needs of an effective online banking system to enhance cyber security and privacy awareness among Gen X, Y, and Z, and recommends ways to improve security measures and user education. The conclusion summarizes the findings and emphasizes the need for continuous improvement in online banking security to protect users from cyber threats.

PROJECT

TABLE OF CONTENTS
TOPIC..............................................................................................................................................1
INTRODUCTION...........................................................................................................................1
Introduction to the problem.........................................................................................................1
Problem statement.......................................................................................................................1
Background of the study..............................................................................................................1
Aim..............................................................................................................................................2
Objectives....................................................................................................................................2
Research Questions......................................................................................................................2
LITERATURE REVIEW................................................................................................................2
Theme 1: Importance of cyber security and privacy...................................................................2
Theme 2: Importance of awareness of cyber security and privacy for Gen X, Y and Z.............3
Theme 3: Effectiveness of online banking system for enhancing cyber security and privacy....4
RESEARCH METHODOLOGY....................................................................................................5
Research type...............................................................................................................................5
Research Approach......................................................................................................................6
Data Collection............................................................................................................................6
Data Analysis...............................................................................................................................6
Sampling......................................................................................................................................6
CONCLUSION................................................................................................................................7
REFERENCES................................................................................................................................9

TOPIC
The main topic of this Project is “Online Banking”.
INTRODUCTION
Introduction to the problem
Today, generation X, Y and Z are using online banking more as compared to other options
of transactions especially in Asian Countries. Because of this threat for cyber crimes is
continuously enhancing. Most of the people today are those individuals who have quite less
knowledge of increasing number of online frauds or security breeches that are increasing
continuously (Omorog and Medina, 2018). It is continuously becoming a problem for especially
for Generation X, Y and Z who uses online banking for any kind of transactions as they are one
of the easiest targets for cyber criminals.
Problem statement
Generation X, Y and Z today have drawn towards internet drastically especially towards
online banking. Due to their attraction towards online banking they have become and easy and
tempting target for Cyber criminals as most of those criminals focus on wealth of an individual,
unwillingness of individuals to report the fraud, tendency to become a poor witness and
specifically trusting strangers more because elder citizens have grown up in an environment in
which chances of occurrence of such kind of threat was quite less. These factors have increased
vulnerabilities and risk for elder people has increased and it has become extremely important for
Banks to focus on their needs of an effective system in order to enhance Generation X, Y and Z
awareness of their cyber privacy and security.
Background of the study
Cyber security is one of the most important part that plays a vital role in banking sector.
Today banks need to focus on enhancing their systems so that they can reduce chances of online
frauds. Today use online banking is increasing continuously especially in Asian countries
(Sundaram, Thomas and Agilandeeswari, 2019). More and more number of people are focusing
on going cashless. But due to least knowledge of online frauds and security features that they are
required to focus on threat of these online frauds are increasing. Number of online frauds are
continuously increasing especially in Asian countries in other words if global records of cyber
crimes is observed then maximum number of online frauds are observed to occur in Asian
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Countries as compared to other global countries. The main reason for this is less literacy of cyber
security and privacy.
Aim
The main aim of this Project is “To identify needs of an effective online banking system in
order to enhance the level of Gen X, Y and Z of their cyber security and privacy”. Online
banking in Asian Countries.
Objectives
Main objectives of this project are:
 To analyse importance of cyber security and privacy.
 To evaluate importance of Gen X, Y and Z for cyber security and privacy.
 To analyse effectiveness of online banking system for enhancement of Gen X, Y and Z of
cyber security and privacy.
 To recommend ways in which cyber security and privacy can be enhanced.
Research Questions
Main research questions of this project are:
 What is the importance of cyber security and privacy?
 What is the importance of awareness of cyber security and privacy for Gen X, Y and Z?
 Explain effectiveness of online banking system for enhancement of Gen X, Y and Z of cyber
security and privacy?
 What are few recommended ways in which cyber security and privacy can be enhanced?
LITERATURE REVIEW
Theme 1: Importance of cyber security and privacy
According to the view of Normalini and Ramayah, (2017) Data privacy is one of the most
important things which is required to be focused on by all the organizations as it is one of the
major threats which is being faced by various industries. Due to this need of cyber security has
increased drastically. Cyber security has always been a challenge for the organizations especially
information technology organizations. It is not only impacting the overall business of the
organizations but it is also affecting people who are dependent upon internet in many ways. As
advancement in technology is increasing, internet frauds, data/privacy breeches threat is also
increasing drastically. It is continuously becoming difficult for companies to enhance
effectiveness of their systems so that they can increase security of their systems and data as well.
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Continuously cyber criminals are finding different ways to breech security or data protection.
Due to these threats or frauds need and importance of cyber security is increasing in a continuous
manner. This enhancement of technology has made business more dependent upon advance
technology as it is not only helping them to enhance their work and business but is also helping
them to attract more customers and gain competitive advantage but because of this they are
compromising with their system and data security. This comptonizations is not only putting
companies’ system and data on risk but it is also putting their customers data and privacy on risk
as well.
As per the view of Mahdzan, Mohd-Any and Hamzah, (2017) activities of cyber criminals
in breeching privacy and data security for data theft, financial theft etc. is increasing. There are
various factors due to which importance of cyber security and privacy is increasing are: increase
in usage of online banking without any knowledge of security policies, factors, vulnerabilities
etc. this lack of knowledge is enhancing risk or threat of data breech or security breech. Not only
this, this lack of knowledge has increase threat of financial frauds as well. These threats are
continuously increasing instead of decreasing because most of these breeches or threats are not
reported. It is one of the major areas of concern for all kind of financial organizations because
this this threat is not only a risk or hazard for their business but it is also a risk for their
customers and clients who use their services or has invested within their business (Jose and et.al.,
2017). So, this data protection leakage, cyber ransomware, financial frauds and many more is
increase importance of cyber security and privacy on both organization size and on customer
side.
Theme 2: Importance of awareness of cyber security and privacy for Gen X, Y and Z
According to the view of Bada, Sasse and Nurse, (2019) it is extremely important to
increase cyber security awareness among people especially for Generation X, Y and Z. people
are not aware about types of cyber crimes such as data theft etc. It can affect both hardware as
well as software of an individual which can further affect their data or information stored,
financial theft and many more. In order to increase awareness among people, they should be
made aware of types of cyber crimes that can occur and ways in which it can occur. People are
required to be trained and educated about the ways in which they can secure their data or systems
from different types of cyber attacks that can occur as it is not only dangerous for an individual
but it is also a major risk for all the systems present in the network. Today most of the people of
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Gen X, Y and Z use digital technology for most of their purposes such as shopping, searching,
banking, transactions etc. and because of these functions risk at user’s end increases. People are
not aware of security rules that they should follow in order to secure their records, data, financial
transaction and many more especially whenever they use any kind of banking applications or
websites or does any kind of transactions and all kinds of cyber criminals make use of this lack
of awareness among people and attacks them.
As cited by Sun, Hahn and Liu, (2018) explains that, lack of awareness is one of the major
reasons because of which cyber-attacks are increasing drastically. When it comes to internet
usage of digital technology people easily trust anyone which becomes a reason for data or
financial thefts. Because of this it becomes extremely important to increase awareness among
people so that they can become aware of the reality associated with cyber security and
protection. Organizations need to address generation gap among their cyber security standards at
three different levels for Generation X, Y and Z. Younger generation like Gen Z have more
knowledge about cyber security and protection whereas Gen X lave the least knowledge about
cyber security and protection. This generation gap is affecting the overall security of the
organizations and many times due to this lack of awareness becomes a reason for older people to
lose their job as because of their lack of awareness company or organization can lose their data
or information or any other kind of security breech can occur. In order to increase awareness
among all the three X, Y and Z generation hew methods can be used to enhance their knowledge
and awareness about cyber security and protection. Older generation people can be provided with
training sessions where their awareness about cyber attacks and cyber crimes will be enhanced so
that they can understand importance of cyber security and protection. Other than this various
kinds of knowledge sessions can be organization for Y and Z generation people so that they can
enhance their knowledge about cybercrime, security and protection.
Theme 3: Effectiveness of online banking system for enhancing cyber security and privacy
As per the view of Singh, Chan and Zulkefli, (2017) Use of online banking systems are
increasing continuously. Most of the people today are focusing on using online banking systems
for any kind of payment or transactions as it is one of the most convenient source that can be
used by each and every individual regardless of their location. Most of them have knowledge
about security of these online baking system and few of them do not. These online baking
systems are useful not only for people who use it but it is also fruitful for banks as it saves most
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of their resources. But in order to increase its efficiency and effectivity it is important for
organizations to increase cyber security and privacy of their online banking systems. Enhanced
cyber security of these system will helps the banks to reduce potential risk associated with the
system. it is harmful for both users and organizations. For organizations and data of their
customers, financial frauds etc. increases due to lower security level of the system and for
customers their data theft, password hacking, financial theft chances increase. Organizations
need to focus on their online banking system cyber security and privacy so that security of their
customers and bank can be enhanced.
In addition to this, further explained by Nazir, Patel and Patel, (2017) lack of security and
privacy is much more harmful for users of online banking system especially for generation X and
Y as they have least knowledge about cyber crime that can occur during online transactions. This
lack of knowledge becomes a potential chance for hackers or cyber criminals to breech the
security. Enhancement of online banking system can be increased by increasing security at both
server side and client side and a three-layer security system should be used as organization can
enhance security at their end and increase their employee’s knowledge and awareness but they
cannot increase knowledge and awareness of all the users (Bartholomae, 2018). So, this
enhancement will directly increase cyber security of the online baking system and indirectly
enhance security of their user’s data, information and finance. Organizations can increase login
security by making it compulsory for users to use virtual keyboard for entering password.
Organizations can also ask for dual identification where identify of the user will be verified even
after logging in so that if their password is hacked their identify and data will be protected. This
was one of the way to enhance effectiveness of online banking system for enhancing cyber
security and privacy.
RESEARCH METHODOLOGY
Research methodology is one of the most important part of a research paper which helps in
selecting appropriate methods, techniques in order to collect appropriate information and analyse
collected information in order to reach to a conclusion or answer given research topics
(Papachristos, 2018). It also helps in evaluating research study’s validity and reliability. Few of
the methods that will be used to conduct this research and answer all the research questions are:
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Research type
A systematic and logical search of useful and new information on a particular research
topic is known as research type. There are two main types of research: Qualitative and
quantitative research type. Qualitative is a kind of research that deals with unquantifiable
elements such as emotions, feelings and many more. In this information collected in analysed
using non-numerical techniques (Pettey, Bracken and Pask, 2017). Quantitative is a kind of
research in which data collected is resolved or analysed using numbers or statistical / numerical
methods. This is a qualitative type of research.
Research Approach
It is an important part of a research which plays a vital role in completion of a research
study despite of the research area. There are three type of research approaches that are used
within a research study- deductive, inductive and abductive. Deductive is mostly used to test the
validity of assumptions. Inductive approach helps or contributes in emergence of new theories.
Whereas abductive approach is used when there are few surprising elements or puzzles
associated with the research. As it is a qualitative research, inductive research approach will be
used. This approach helps in collecting patterns that are required to reach to a conclusion. It is
one of them most suitable approach that can be used in qualitative analysis.
Data Collection
A process through which information is collected from all relevant sources in order to
reach to a conclusion or find relevant and appropriate answers of the research questions (Daniel,
Kumar and Omar, 2018). These data collection methods are divided into two categories: primary
and secondary data collection method. Secondary is a kind of data that has already been
published and is mainly collected from newspaper, articles etc. Primary is a kind of data which is
collected by the researcher through survey, interviews, observations and many more. For this
research primary data will be collected with the help of a survey in which a questionnaire will be
prepared and asked by the respondents to be filled in order to collect required primary data. It
will help in colleting point of view of all the respondents which will be further used for data
analysis.
Data Analysis
Another important part of a project is data analysis as it helps in analysing all kind of
collected information both primary and secondary. There are mainly two types of data analysis
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done: thematic and statistical analysis. Thematic analysis is mostly done in qualitative research
paper in which themes are generated in order to analyse the data collected. Whereas statistical
analysis is mostly done for quantitative analysis in which data collected is analysed statistically
with the help of various statistical methods. For this research thematic analysis will be done. In
thematic analysis few themes will be made related to the topic as it helps in analysis and it is
quite suitable for qualitative analysis.
Sampling
Sampling plays a vital role in a research study as it helps in selecting a few members from
a large population so that research can be made feasible and can be completed on time. There are
mainly two types of sampling methods that are used to select sample population- probability and
non-probability sampling (Pettey, Bracken and Pask, 2017). In probability sampling all the
selected members of a population have a known chance to participate in the study. Whereas in
non-probability sampling all the members of the sample does not have a known chance to
participate in the study. For this research probability sampling method will be used and in order
to select research study participants simple random sampling will be used. For this study 20
employees working in a bank will be asked to participate in the study. Conducting a survey with
these respondents will help in collecting all the required data to answer research questions.
CONCLUSION
From the above proposal it can be said that cyber security and privacy is one of the most
important things which is required to be focused on today. Today cybercrimes like data theft,
financial frauds are increasing continuously. Most of the people today are becoming prone to
cybercrimes. It has been observed that there are many reasons due to which these crimes are
increasing continuously and one of the main reasons is lack of awareness. Due to this lack of
awareness cyber criminals are findings different ways to breech the security and conduct cyber-
crime. It is continuously becoming difficult for to maintain security of personal data or financial
information etc. It has been analysed that online banking is one of those sectors where cyber-
crime or theft is extremely common which puts customers data, information both financial and
personal, at risk. This proposal will provide an insight on cyber security and privacy issue in
Asian countries for online banking. This proposal will help in identifying needs of an effective
online banking system so that cyber security and privacy level for Gen X, Y and Z can be
enhanced and they can be made aware of such kinds of threats. This study will also help in
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laying emphasis on importance of awareness and enhancement of knowledge of people so that
they can become aware of types of cybercrimes that occur, ways in which their privacy of
personal information or their financial information become prone to such attacks as well as this
study will also help the readers to understand the way in which they can enhance cyber security
and privacy of their data/information and many more. This research topic will be helpful for the
readers to understand what are the factors that can degrade their online banking security and
what are the things people ignore that increases chances of theft for cyber criminals increases.
With the help of this study readers can understand ways in which all the three Gen X, Y and Z
can enhance their knowledge as well as can be trained to enhance their online banking cyber
privacy and security. Like Gen X are the younger generation who have more knowledge about
cyber security and privacy as compared to Gen Z who have least knowledge about this subject.
This study will be helpful as well as useful for academic purpose as well as for practitioners.
This is because this research will help in identifying all the gaps or issues due to which this cyber
security issue is created and will also help in identifying need to enhance knowledge Gen X, Y
and Z for cyber security.
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REFERENCES
Books and Journals
Bada, M., Sasse, A.M. and Nurse, J.R., 2019. Cyber security awareness campaigns: Why do they
fail to change behaviour?. arXiv preprint arXiv:1901.02672.
Bartholomae, F., 2018. Cybercrime and cloud computing. A game theoretic network model.
Managerial and Decision Economics. 39(3). pp.297-305.
Daniel, B., Kumar, V. and Omar, N., 2018. Postgraduate conception of research methodology:
implications for learning and teaching. International Journal of Research & Method in
Education. 41(2). pp.220-236.
Jose, T., and et.al., 2017. Cyber Crimes in Kerala: A study. Advances in Computational Sciences
and Technology. 10(5). pp.1153-1159.
Mahdzan, N.S., Mohd-Any, A.A. and Hamzah, Z.L., 2017. Case Study 1: Co-creating value with
online banking services: The case of Maybank. In Services Marketing Cases in Emerging
Markets (pp. 5-16). Springer, Cham.
Nazir, S., Patel, S. and Patel, D., 2017. Assessing and augmenting SCADA cyber security: A
survey of techniques. Computers & Security, 70, pp.436-454.
Normalini, M.K. and Ramayah, T., 2017. Trust in internet banking in Malaysia and the
moderating influence of perceived effectiveness of biometrics technology on perceived
privacy and security. Journal of Management Sciences. 4(1). pp.3-26.
Omorog, C.D. and Medina, R.P., 2018. Internet Security Awareness of Filipinos. International
Journal of Computing Sciences Research. 1(4). pp.14-26.
Papachristos, G., 2018. A mechanism based transition research methodology: Bridging analytical
approaches. Futures. 98. pp.57-71.
Pettey, G., Bracken, C.C. and Pask, E.B., 2017. Communication research methodology: A
strategic approach to applied research. Routledge.
Singh, M.M., Chan, C.W. and Zulkefli, Z., 2017. Security and Privacy Risks Awareness for
Bring Your Own Device (BYOD) Paradigm. International Journal of Advanced
Computer Science and Applications, 8(2), pp.53-62.
Sun, C.C., Hahn, A. and Liu, C.C., 2018. Cyber security of a power grid: State-of-the-
art. International Journal of Electrical Power & Energy Systems. 99. pp.45-56.
Sundaram, N., Thomas, C. and Agilandeeswari, L., 2019. A Review: Customers Online Security
on Usage of Banking Technologies in Smartphones and Computers. Pertanika Journal of
Science & Technology. 27(1).
Online
GEN X,Y and Z's age group. 2020. [Online]. Available through: <
https://www.kasasa.com/articles/generations/gen-x-gen-y-gen-z >
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