Answers to Questions Regarding Banking and Security Issues

Cloud computing is one of the fastest growing segment of Information technology today. In simple words cloud computing means storing and accessing data and programs over the internet instead on the computer's hard drive which can be accessed from any part of the world if the individual are connected to the internet or a network connection is available 24/7. A simple example of cloud computing is g-mail. With the connection of internet through any medium we can send and receive emails.

Cloud computing means Internet computing. So cloud data is accessible from anywhere on the internet, meaning that if a data breach occurs via hacking, a disgruntled employee, or careless username/password security, your business data can be compromised. Due to that, should be aware of using cloud computing applications that involve using or storing data that are not comfortable having on the Internet.

What is cloud computing? Cloud Computing is storing and accessing applications and data over the Internet and not locally of your computer’s hard drive. The concept has been around and in use for years. To put it more simply, cloud computing means providing processing power to electronic devices (PCs, tablets, smartphones) via a remote infrastructure. There are some advantages and disadvantages of using cloud computing in a business environment. I will be describing three advantages and three disadvantages of using cloud computing in everyday business.

Cloud computing is a new technology that comes with both benefits and drawbacks and like any new tech it can be used to great success when paired with steps to mitigate the security issues it raises. Cloud computing has become somewhat of an ambiguous term often having different meaning for different people. An article in InfoWorld (2013) stated, ”Cloud computing comes into focus only when you think about what IT always needs: a way to increase capacity or add capabilities on the fly without investing in new infrastructure, training new personnel, or licensing new software. Cloud computing encompasses any

Each internal bank department relies on the other in order to provide great customer service. Some departmental dependencies can hinder the progress of the bank. The security issues and threats involved can include employees stealing money, vital information from other departments, employees allowing outsiders to infiltrate the departments and cause issues.

Three key things need to take place internal controls, strengthen financial reporting, and corporate governance.. For protection of the bank, there needs to be more than one sign on/log in into a system

Online bank: Since this process is done by the internet, then various of threats can be caused.

Must clearly specify parties that are subject to the agreement and will be legally bound by the contract. The bank and its client will exchange contracts throughout

It is important to realize how the security aspects in a banking system can influence such

In a world of increasing automation, companies and organizations with massive amounts of data to manage often find themselves outsourcing their databases. This particular arrangement depends on many factors, such as trustworthiness and reputation. Each business requires different coverage from the outsource provider as well as different costs requirements. Many providers offer cloud based services, in house managed services, near and offshore and outcome-based consulting. Many companies do not have the means or the technical know-how to store, maintain, manage, and safeguard their information. This leads to many companies choosing to outsource their databases as a solution, which is often a financially sound decision. “The external service

While it lessens the burden on organizations, reducing and shifting the cost and risk of its IT operation, security and management issues to an external service provider or vendor, outsourcing any portions of an organization's Information System has significant risks that can sometimes become detrimental to the outsourced organization. According to the Commission on Government Outsourcing, "when outsourcing an organization exposes itself to significant risks in terms of security, accuracy, and completeness of information (Holroyd City Council, 2008)". Comprised in the rest of this document is an

* Operational Risk: It includes all the major and minor processes taking place in the company. It included: trained Human Resources, strong IT Infrastructure, management and repair of equipments. The risk involved has low

Cloud computing has been the hottest buzzword in recent years and is continually to be one of the most popular felids in which not only IT industry but other industries like commence, geosciences, education, etc are interested and where hundreds of millions of dollars flood into. The whole term “cloud computing” is first introduced to the public media by Google ex-CEO Eric Schmidt on Search Engine Strategies Conferences in 2006 (Schmidt 2006). The generally accepted definition of cloud computing is developed by the U.S. National Institute of Standards and Technology (NIST):

Services such as, data storage and security, are provided by cloud computing over the internet. In cloud computing, users can pay for what they consume (Bisong & Rahman, An Overview of the Securtiy Concerns in Enterprise Cloud Computing, 2011). Cloud computing is an emerging information technology, which can make it easier for the users to manage their data. Cloud computing allows businesses to expand as new cloud-based models are being discussed and implemented as solutions (Bamiah & Brohi, 2011).

Cloud as the term signifies means the computers in a network to be used for data storage remotely and for maintenance. The cloud computing offers reductions in costs and also has increased scalability, reliability and flexibility in its own processes, and is considered as todays one of the most exciting technologies and has seen a rapid growth over the past ten years. The Cloud computing uses advanced level of computational