Answer to Question #303459 in Management for Shrek

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

Most of bank’s operations take place with the use of technology, including through the Internet. Without solid cyber security measures in place, bank’s sensitive data could be at risk. Below are some of the biggest threats to a bank’s cyber security.

Unencrypted Data- If unencrypted data is stolen by hackers they can use the data right away, creating serious problems for a bank.

Malware- End user devices like computers and mobile phones that have been compromised by malware pose a risk to a bank’s cyber security each time they connect with a bank’s network.

Unsecured Third Party Services- Many banks employ third party services from other vendors in an effort to better serve their customers but if those third-party vendors don’t have good cyber security measures in place, a bank could be the one that suffers.

Manipulated Data- At times hackers don’t go in to steal data instead they simply go in to change it. Unfortunately, this type of attack can be difficult to detect right away and can cause banks to incur a lot of damages.

Spoofing- Here, hackers will find a way to impersonate a banking website’s URL with a website that looks and functions exactly the same. When a user enters his/her login information, that information is then stolen by hackers to be used later.

Below are some innovative IT security mechanisms to ensure that security threats do not harm a bank & that systems remain as secure as ever.

• Encryption- Banks can secure their transactions and personal information online using encryption software that converts the information into code that only the bank can read.
• Put up a firewall.
• Install anti-malware software.
• Install breach monitoring software.
• Look into how to protect from security threats imposed by third parties before deploying their solutions.