Information Access in Banking Sector
The banking sector us the division of society’s economy, which is devoted to managing financial assets for its people. The industry invests on the finances, leveraging them to produce more wealth as it follows the regulation of the government. The holding of people’s financial assets is done as per customers’ wish and request. It all starts with a simple account opening, which in turn involves giving full individual information including their dates of birth, full names, next of kin, national document registration numbers, residence, gender, nationality, and so on. The bank vows to keep this information secure, and the customer agrees to have authenticated the sector to do so. The customer then starts bringing his or her financial assets, and the bank uses it for further wealth creation, allowing the client to have them at any time.
The banking sector is thus one of the most critical areas in business engagements, since it directly handles private customer information, account transactions, payments, loans, account transfers and balances, images of checks and statements, and much more. All these information is stored in computers and files where they can be easily viewed unless a well-authored and detailed security system is in place. While banking business is expected to ensure efficiency and safety for customer information, it is also supposed to provide a simple and user-friendly system of information sharing. According to (Ballad,
Confidentiality is the protection of information from unauthorized access. This is the assurance that information provided has not been made known to unauthorized persons, processes or devices. The application of this security service suggests information labeling and need-to-know imperatives are core aspects of the system security policy. Information, in today’s world, has value and everyone has information they wish to keep secret. Information such as credit card details, trade secrets, personal information, government documents, and many more. It was stated (Securitas Operandi™, 2008) that, we are bound to keep many secrets – corporate, staff, and personal secrets. We must keep this confidential information under wraps and earn the trust of employers, colleagues, and regulators every day. Mechanisms to enforce this include cryptography, which is, encrypting and decrypting data, access controls such as
The same starting information will be accessed by PC from the memory gadget, the recovery of the information will be automatic and the speed of recovery will be a few times faster than that of the manual systems. The movement of the information in the accounting system is the first step, however, movement of information is not the catalyst for business opportunities; supplanting the system obliges customization as per the new system, nevertheless, the current information additionally should be moved into new system (Castle, 2008). The movement of the information does not bring new opportunities as it is expected after the computerization of the accounting systems. The new system will have distinctive risks, and the prerequisites will be diverse for the information operations and recovery. The inside controls will be distinctive, and the regulations will be diverse. The recovery of the information turns out to be simple and snappy due to the modernized systems. However, it has the dangers identified with the utilization of information for the reason other than that for which it was gathered. An employee is not supposed to use confidential information of other employees, and therefore confidentiality must be up held. Personal information should be kept classified and utilized just for the planned reason. The information assurance acts have confined the entrance of information by an unauthorized
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.
The consumer expects that when using a public computer for a specified task such as printing through a service, that the data or material is protected from other users including employees. When using a public computer for internet surfing, tax filing banking, etc. the general public user does not always think about the threats to security of their own personal information. It is important for the company to protect the users in addition to the users understanding the potential threats that exist when entering personal information.
In today’s IT world every organization has a responsibility to protect the information and sensitive data they have. Protecting data is not only responsibility of security and IT staff but every individual is involved in protecting the information. The risks to information security are not digital only, but it involves technology, people and process that an organization may have. These threats may represent the problems that are associated to complex and expensive solution, but doing nothing about these risks is not the solution.
Restricting access to sensitive information plays a vital role in the success of any organization. Information is deemed sensitive when it needs protection from unauthorized access. Protecting this information is essential in safeguarding security and privacy of an organization. Thus, an organization such as Bank of America has taken measures geared towards protecting its sensitive information from unauthorized access. Just like other organizations, Bank of America has two types of sensitive information. The first type of sensitive information is personal information. This is data that may affect an individual if
The article starts by giving the example of Wells Fargo recent problems of protecting client information. In the case of Wells Fargo, employees where using private client information to open credit card and savings accounts without their clients knowing about the accounts. The article explains things that an individual can do to help prevent this type of activity in the future. “Use technology to your advantage” (White). How checking of your credit report and recognizing what abnormal activity on your bank accounts help protect your personal information.
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
For example, in stead of payment by cash, transactions can be performed by credit or EFTPOS (Electronic Funds Transfer at Point of Sale) cards. Moreover, this is also a convenience for organizations to finacial management. 2.1.4. Technology 2013 is the year of five high-tech trends of banking industry, which are mobile, cloud, analytics, social, and cyber (Deloitee, 2013). This assignment just focuses on the first three technologies. Mobile banking is a service which customers can perform the transaction, check the balance, or have some feedback by their mobiles. The second applied technology is cloud computing. The US National Institute of Standards and Technology (NIST) formally defines cloud computing as "a model for enabling ubiquitous, convenient, on-demand network access to a shared pool of configurable computing resources – networks, servers, storage, applications and services – that can be rapidly provisioned and released with minimal management effort or service provider interaction." There are many advantages of cloud computing which are to use dynamic computing resources, reduce cost, and decrease complicated level in framework of organization, increase ability to use computing resources. By applying cloud computing, the third party will participate in the client experience, but not intervene in the client relationship of the bank. Analytics technology means that data needs to be kept secret to
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.
Therefore, it is essential to address issues like security of the banking transactions that are executed from a distant place and transmitted over the air. Besides this, it is also important to ensure the security of financial transactions, if the device is stolen by hackers. If these concerns are properly addressed, then it would help increase the popularity of mobile banking by instilling a sense of trust among the customers.
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
Protection of personal data and information is the highest priority of the organization in order to retain the employees and customers and to achieve competitive advantage in the market. It is because through the protection of personal information of employees and customers, they are motivated to sustain the relationship with the companies and enjoy the working with the companies. The protection of personal information is also referred to the implementation of appropriate administrative, technical and physical safeguards in order to ensure the security and confidentiality of data records (Kolin, 2009). The protecting of personal information also includes the protection of both security and confidentiality against any threat that could create harm, embarrassment, inconvenience and unfairness to any individual.