Analyzing Strategic Information Security System at Westpac Bank

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Added on 2024/06/28

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This report provides an analysis of the strategic information security system implemented by Westpac Bank. It discusses the importance of strategic information security in today's business environment, particularly in the financial sector, where protecting sensitive customer data is paramount. The report outlines the implications of a robust security system, including improved operational efficiency, enhanced decision-making, and increased customer trust. It also explores the motivations behind implementing such a system, such as emergency management, data protection, and continuous improvement of security protocols. Furthermore, the report examines the key components of an effective information security program, emphasizing the need for understanding security and privacy requirements. Desklib provides students access to a wide array of solved assignments and study resources.

Research Paper 1- Strategic information
security
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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.
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Contents
Abstract.......................................................................................................................................................... 2
Introduction....................................................................................................................................................4
Conclusion................................................................................................................................................... 16
References....................................................................................................................................................17
Appendix......................................................................................................................................................19
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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.
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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.
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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.
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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.
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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.
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 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.
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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).
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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
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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.
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