Challenges Faced By The World Today

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Security is one of the major challenges that is being faced by the world today, as seen by continuous revelations about breaches and incidents. On this note of insecurity and unpredictability, banking industry is keen to redefine its approach to security thereby making an attempt to balance three critical factors i.e. cost, innovation and risk. On parallel grounds, the domain of internal security is undergoing drastic changes that mandates banking institutions to embrace new set of skills and practices. Fraud can be categorized as a business risk – it is like a sword of Damocles over a bank’s future. This must change for the good. The rapid pace with which the technology is changing, like the recent explosion of cellular customers, is often entailed by necessary evils. An unstoppable tsunami is engulfing banks with their employees and clients carrying their private electronic gadgets to work. Similarly, applicants for BYOD has surged and simultaneously it accelerates the rate of security threats, both ethically and technologically. Online banking proves to be the antithesis of all the innovations of security professionals due to their identifiable features such as their mobility, richness in data and susceptibility to theft.
Threat modelling and vulnerability assessment offers new insights that facilitates a more pro-active approach to security, provided organizations pay equal focus to the ever-growing market of potential threats. It should be acknowledged that
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