Answer to Question #296497 in Management for Aruu

Question

You have been appointed as IT Head of a soon to be opened bank in India by the name of “People’s bank” which will have branches all over India. People’s bank is a private sector bank. Highlight atleast 5 security threats that a bank may face in today’s times and suggest 5 innovative IT security mechanisms to ensure that such threats do not harm your 

bank & that your systems remain as secure as ever. 

Answer 1

5 security threats that a bank may face in today’s times:

1. Unencrypted data can easily be hacked.
2. Malware- devices with installed malware can easily attack bank's networks.
3. Use of unsecured third party services.
4. Using manipulated data after an attack from hackers.
5. Spoofing

Innovative IT security mechanisms to ensure that such threats do not harm your bank:

1. All data stored on computers within the bank and online should be encrypted.
2. Replace or repair computers that have been damaged by malware.
3. Always employ third party services that are purely secure.
4. Install computers with a software that do not allow change of data even if it has been hacked.
5. Use liveness detection technique to detect a spoof attempt.