Electronic Banking Sector : Vulnerabilities, Threat And Impact On E Banking

The electronic banking has various advantages than the traditional banking system which is simple and convenient for the users. The advantages are-

Due to technological innovations and competition among banks customers have a wider choice of banking products and services through electronic distribution channel referred to as E-Banking. E-Banking has a global acceptance due to the convenience it is providing, many of the services can be availed at the click of a mouse. Innovations in banking processes have reduced possibilities of human error. Banking has become more customers friendly and flexible.Every coin has two sides so does E-Banking with its various advantages has disadvantages too. The study is an investigation on the advantages, security problem of E-Banking and perception of customer towards E-Banking.

The threats and opportunities in the e-banking line are increased due to the introduction of internet. The threat of e-banks and the point of equality concept are very highly used by the current competitors. There are rivals such as CIMB clicks, Hong Leong online banking and many more which cause Maybank2u.com unable to monopolize the market. As a consequence, the customers can exchange brands easily. Moreover, the customer of Maybank are likely to concern with the safety matter of online banking. They prefers to do transaction in the classic ways more than online banking due to their lacking of confidence toward security and safety matter of online banking. They are scared of hacker that might intercept their information. But other than that, the bank may significantly affected by the present macroeconomic situation across the global and adjustment in economic policies in South East Asian countries. This happened because Maybank’s goal is to widen Islamic business in markets such as Singapore and Indonesia as part of their target on the ASEAN

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

In this paper, I will identify security threats that Bank of America faces today. In addition, I will describe the techniques and processes used to identify the vulnerabilities and threats, describe risks to the information and related vulnerabilities within Bank of America when utilizing components of the web. Discussions on BoA safeguard against legal issues will be addressed followed by the types of social data that potentially cause problems for this bank institute. In conclusion, I will explain the legal, ethical, and regulatory requirements Bank of America utilize for the protection of the organization.

Attacks or intrusion attempts on banks’ computer and network systems are major concern. Studies show that systems are more vulnerable to internal attacks than external, because internal system users have knowledge of the system and access. Banks should have sound preventive and detective controls to protect their Internet banking systems from exploitation both internally and externally.

People’s life style has changed drastically from 20 to 30 years ago where on the street corner you can pick a fruit or some newspaper or magazine. The living pace is faster than ever and it is not stopping every single day. Nowadays on the subway underground to air flight 10,000 feet above the ground, pedestrians walking down the street to drives at red light stop, the small screen on that smart cellphone has changed the way of living for everyone. Technology innovations may be a big part of it but also it has given the wings for traditional service industry to keep up with modern lives’ needs. As the blood of modern economic system, financial industry has also utilized the IT technology to help itself running through each tubes of this system faster than ever. That is the rise of digital banking.

These hackers threaten our security and confidentiality every day by getting unauthorized access and stealing our most valuable or sensitive information. Privacy and security concerns are not unique to the bank industry; they are spread to personal information such as health or employment, and other e-commerce transactions. The protection of this information has to be ensured by the company or bank in order for customers to continue the relationship with such.

Technological advancement has had a gigantic effect in the banking industry. Over the past few decades, the financial services industry has changed considerably with banking transforming from the pen and paper method to the computers and internet method. The pen and paper method took weeks or even months for the transaction to be eventually completed, and then the dramatic introduction of the computer and internet method which changed that time frame to only a matter of seconds to be completed, which reduced the amount of time and labor needed to complete a transaction significantly. Banking is considered one of the most important economic sectors with it being severely influential and responsive to any little change, whether it is domestic or international. Some extreme changes that were brought about by the development of this new technology turned into a globalized nature for the financial services industry. One stroke of a key on a computer could and would change a person 's life extensively or even have a global impact. The new technologies that were created and introduced changed how the consumers managed their money from that time on. Technology has helped to protect peoples’ hard earned money and make it much more impossible for people to be able to write out bad checks or even holding up a bank. The advancement in technology however, also came with some security risks as most things do, that could affect the money that people trusted with the bank and

The use, acceptance, adoption and application of internet technology to businesses to boast their performances are not something new. Saffu et al., (2008), states that there has been a significant increase in the use and application of e-commerce in businesses in the past decade. E-commerce has benefits such as reduction in costs, increased business opportunities, reduced lead time and providing more personalized service to the customers (Turban et al., 2008). Internet banking or e-banking is one of the many tools of e-commerce adopted by the banking industry. Tools of information technology such as internet banking have significantly improved the quality of services offered by the banking

Most organizations incorporate information technology of some kind. The most fundamental factor in the use of technology is appropriate security of the system and information that is transmitted. The confidentiality, integrity, and availability (CIA) triad is a framework designed to protect information from being disclosed, modified, or accessed by unauthorized parties (Hansen, 2012). Using the CIA model, the security systems of Bank Solutions (BS) were evaluated with proposed recommendations and implementation timeline.

Technology has always been a major driver of bringing changes and making things simpler in an auspicious manner. A technological breakthrough has carried major changes particularly from the most recent century. The internet is just one of the contributions of technology that has reshaped practically every component of our lives. With the boom of new technologies such as Internet and mobile phone it reshaped the banking of today from traditional banking to e-banking. Online banking is characterized as the services provided by the banks to its customers through the Internet. (Geyskens, I., Gie1ens, K., and Dekimpe, M.G).

In response, financial institutions, who once viewed technology mainly as a cost center, now see the Internet and other technological capacities as strategic tools for enhancing the value of customer relationship through cross-selling and improved customization. A recent survey of bank managers in the United States reported that, for the first time, investment in Internet

Characteristics in the Banking Environment: Positive and Negative Impact of Information Technology in Banking: Trends in Banking: How Sectors can affect Banking and Technology: Works Cited:

There are several Research Design techniques that can be used to identify customer perceptions about internet banking and also service problems such as debit card fraud and loan issues. A survey was implemented to find out how well customer perception about e-banking leads to various banker’s function and the studies have found that the exploratory research was used in order to identify all problems