Project 5: Implementation of the Project
Arlecia Johnson
November 30, 2016
INTRODUCTION.
Purpose of plan.
Having done an exclusive audit on Bank Solutions’ operations and process protocols, several security loopholes were realized and inevitably are great threat-posing factors to the institution. Responsively, new technology and security measure have to be implemented in order to fill the gaps and heighten security standards in order to enhance customer privacy, information protection, the institution’s credibility and generally adherence to the standard security policies and controls.
The technologies to be implemented in the Information Technology department are namely the implementation of privilege access control, role-based access control and logical access control which all leverage on tackling insider threats, closely monitoring and managing all administrative activities performed on information systems. Their functionality is based on provision and denying of access to commands and items on the basis of authentication, identification and appropriateness.
Encryption of stored data is another technique intended to be applied. This technology is set to counter threats associated with third party storage providers, where by the data and information stored is rendered unusable without an encryption key. This will enhance the security of data even when in the hands of other storage providers hence protecting critical information from external attack.
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.
To start off with I chose to go with our banking or financial industry. The banking industry is constantly getting attacked by various methods on a daily basis. I chose this industry because I happen to know someone who works in the security sector at Wells Fargo Bank, he was a good person to get information on what he sees on a daily or weekly basis. This paper is the opinion of myself and with gathered information from various resources.
Online bank: Since this process is done by the internet, then various of threats can be caused.
Secure Banking System (SBS) is a dynamic web application which assists secure banking transactions and user
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.
The bank’s information security posture needs improvement base based on the number of deficiencies detailed thought this ROE. However, to management credit and to further strengthen the security process, on November 21, 2017, management decided to outsource the Chief Information Security Officer (CISO) position with a qualified IT security firm. Management contracted GRC Solutions to act as the bank’s CISO. Mr. Frank Getter, Senior Consultant at GRC Solutions will perform the functions as the new CISO. Mr. Getter is a Certified Information System Security Professional (CISSP) with over twenty years of experience in the information technology management, operations and information security field. Mr. Getter appears to have the necessary
Data is stored when it is located on a hard drive. In this comparatively secure form, information is mainly protected by predictable barricades, such as anti-virus programs and firewalls. However, these barricades are not invulnerable. Companies and corporations must have additional levels of protection for data that is sensitive or secrete, from unauthorized intruders, if ever the network that the data is stored in is compromised.
The organization is a regional XYZ Credit Union/Bank has multiple branches and locations throughout the region. They help the customers in online banking and their customer service helps in resolving the issues. Also they do promote their services related to the banking loans, credit cards and insurance. Also the bank follows the IT Security best practices. And they want all their employees to follow the security policies because of the security concerns. The organization monitor the emails sending from the employees and receiving to their inbox. Also they keep track of the websites because opening the un authorized website may cause several problems which gives the chance for hackers/intruder to enter the network.
Financial Institutions like Bank Solutions Inc. are required to meet the standards regulated by the government to avoid mismanagement of sensitive information. These regulations are solely purposed to mandate financial institutions to protect confidentiality, availability and integrity of individuals, information systems and processes. Some of the applicable regulations and standards are elaborated below:
It is important to realize how the security aspects in a banking system can influence such
A chief security officer has to take care of this feature carefully. This is a major function of a security officer. The information of a client has to be always protected in terms of maintaining confidentiality. Any loss of client information leads to loss of privacy and also money when it comes to banks. In the field of health care HIPAA privacy rule has to be followed. This rule states that the patient’s information has to be disclosed to the people treating them that too only necessary amount of information has to be disclosed. To ensure that patient doesn’t feel uncomfortable about disclosing their information they have to aware about this rule. When it comes to banking. The user’s credentials must be available only to the user. The risk of losing money is very high.
1. Data encryption/decryption to keep unauthorized people from using accessing the data and make that data
First World Bank Savings and Loans will need to have a secure file storage server. Along with a secure web server, database server. The bank will also need to provide layered security to make sure that they keep their customer confidential information from being compromised. This is an outline along with an executive summary to meet the needs.
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
This report involves how an organisation stores and shares its data securely but makes it available to those who have the right to see it. The organisation I have chosen is Otumoetai College. This organisation is large and handles data for over 2000 students, which relies heavily on sharing data securely. There are 4 main different sets of people who require access to data pertaining to the college, each of these sets have their own needs and different levels of access.