About Information Security System
This project report focuses on the information security system of banks of Australia and India. As the banks have much information about the customers so it requires a good security system to keep the information secures. Every organization wants to secure the data from risks and threats and focusing on cyber security. The information security system is vital factor in this era and it is also a reason to create different business opportunities that are developing day by day. In this era, information security system is the main sector of IT industry to focus on and to work for.
In this era, every industry is using the technology and the dependence on technologies is increasing day by day. As stated by Kim & Solomon (2016), financial industry is also dependent on technology in every aspect. Information security systems are processes or methods to keep the information of computers confidential. Information security system comes into process to secure the information that people use to keep in computers. As stated by Tieu et al. (2015), it does not mean that the information security system only secures the data of computers but also keep the conversations of telephone confidential. In accordance to Laudon & Laudon (2015), in every sector such as banks, hospitals, railways, organizations, it is required to keep the data for a long time. The insecure data is not good for any industry. In banking, it is more important to secure the data because of increase in online banking. The increase in usage of online banking is also generating risks as well as threats. There should be high-security service in banking sector and this is also the reason that the challenges, as well as business, are increasing day by day in information security system. Information security system protects the access that is unauthorized. If a person is using the credit or debit card to buy something online then he has to provide the details of credit and debit card. The details of credit and debit card first go to the merchant than from the merchant the details go to the network of transaction processing.
Australian Banks are focusing on the security of finance industry of Australia with the help of cyber security. They understand the latest trends of attacks and they are focusing on this sector. The standard of CPS 234 clearly identifies the roles of IT security and senior management, maintenance of the capability of information security. As stated by Li (2015), it is also implementing controls over information assets and it is also robust mechanism in different places so that they get response of a cyber incident timely. Australian banks give promises to their customers that they have great control of their financial data. Australia banks are also getting benefitted by GDPR (General Data Protection Regulation).
Information Security System in Australian Bank
Indian banks are also using the new technologies since 2010. It is true that online banking in India is improving day by day and it is more convenient to buy anything through online banking. The question is that it is secure to use internet banking. In accordance with Bauer & Bernroider (2015), the generation of user id and password is not secure enough. Banks use numbers that can be enumerated easily. As stated by Tarhini, Mgbemena, Trab, & Masa’Deh (2015), when people forget their password of online banking, some banks only ask about the date of birth of customer to reset the password of customer. It is not secure enough because anyone can give the date of birth of anyone easily.
In the article “Information security management needs more holistic approach: A literature review”, it has been observed that the growth of information technology is also the reason for growth of business opportunities. The opportunities also develop risks related to information technology. As stated by Soomro, Shah, & Ahmed (2016), this article does not give any research questions as the researcher focuses on the management of information security. The researcher is motivated to research about the topic because it is a very interesting topic and it also provides knowledge about information security system. The approach that has been conducted in this research is the review approach of systematic literature. This research helps to understand the roles of the management to manage information security effectively. The management quality of information security is affected by management activities, training, awareness, business, information architecture development, and management of human resource. It also provides the various ways that management can play effectively to work for information security.
In the article “Impact of Big Data Analytics on Banking Sector: Learning for Indian Banks”, it has been observed that the data revolution of 21st century states that various data has been stored for many decades. The data is now unlocked and it is a reason of movement of money. The researcher does not provide any research question in the article because it basically focuses on the big data analytics impacts on banking. As stated by Srivastava & Gopalkrishnan (2015), the researcher is motivated about the topic because it is very interesting to know about the data security of Indian banks and then the impacts of insecure data on Indian banks. The approach that has been conducted in this research is the review approach of quantitative research. The research is very interesting because it gives the idea about customers’ spending pattern, usage of channels, segmentation of customer and profiling, the way to increase hit rate by cross-selling of product, sentiment analysis, feedback analysis, security and the fraud management.
Information Security System in Indian Bank
In the article named “A Critical Review on Information Security Threats Faced by Indian Bank” that information thefts occurring in the banking sector have grown exponentially over the past decade. Viruses, hackers, worms, as well as employee misuse and abuse, can formulate a significant requirement for implementing and understanding high-quality information security. Technological advancements in information security can be stabilized and prevent a majority of remote threats in the information security systems. The study of Jacob and Antony (2016) has been motivated by the need to discuss depths of social engineering concepts and the relevant information to mitigate security threats in banking sectors. The researchers have conducted a primary research study through appropriate sample identification in Association of Indian Bankers. As stated by Jacob & Antony (2016), this samples that are collected for this study have been accumulated from its headquarters, in Kerala. The researchers have screened their sample through acceptable adoption of technological aspects in business. Selection of samples can provide alternate channels of the banking sectors can be associated through branch banking systems. Key areas of interest are evaluations of overall breach in information security incidents that can be caused by human resource, technical deficits, and organizational vulnerabilities.
In the article named “The information security awareness of bank employees,” details about the Australian banks and its security system has been discussed. As the literature, Australian general workforce is much aware of the information security system. This research, research questions are not outlined properly. However, the authors have designed research aim with appropriate justification. In accordance to Pattinson et al. (2016), the present research study is motivated by the need to establish construct or groups validity in the form of questionnaires relevant to Information Security. This research has been implemented through an online survey by the utilization of HAIS-Q modules. The researchers have assessed individual attitude and knowledge in case of 198 employees as well as 500 participants from general workforce. Seven INFOSEC areas are evaluated through password and email management. Use of internet, social media, information handling, and incident reporting and mobile computing is also given priority in this study. A key area that has been shed light on is ISA levels for employees in the bank. The aforementioned bank employees are found to be 20% better than the overall workforce.
This project report focuses on the information security system of banks of Australia and India. In this era, every industry is using the technology and the dependence on technologies is increasing day by day. Financial industry is also dependent on technology in every aspect. The banks of Australia and India are focusing on the information security system and it is also helping to create business opportunities in information security sector. This project reports also provide the various roles that can be played by management effectively for information security.
Information Security Threats Faced by Indian Bank
The project report is focusing on the importance of information security system. The research is about the information security system in the banks of Australia and India. Australian Banks are focusing on the security of finance industry of Australia with the help of cyber security. Indian banks are also using the new technologies since 2010. It is true that online banking in India is improving day by day and it is more convenient to buy anything through online banking. The banks should focus on the information security system and there should be some changes in online banking. After forgetting password, bank staff should not ask only date of birth to reset the password. The increase in usage of online banking is also generating risks as well as threats. There should be high-security service in banking sector and this is also the reason that the challenges, as well as business, are increasing day by day in information security system. Information security system protects the access that is unauthorized. The management quality of information security is affected by management activities, training, awareness, business, information architecture development, and management of human resource.
Reference List
Kim, D., & Solomon, M. G. (2016). Fundamentals of information systems security. Burlington, Massachusetts, United States: Jones & Bartlett Publishers. Retrieved from: https://books.google.co.in/books?hl=en&lr=&id=4RAwDwAAQBAJ&oi=fnd&pg=PP2&dq=information+security+system+in+banks+&ots=CEuYj2TpSm&sig=zjychrWgCu-ODy_OZD7gzQIp5Sw#v=onepage&q=information%20security%20system%20in%20banks&f=false
Laudon, K. C., & Laudon, J. P. (2015). Management information systems (Vol. 8). New Jersey, United States: Prentice Hall. Retrieved from: https://s3.amazonaws.com/academia.edu.documents/46677769/SAMPLE-MIS.pdf?AWSAccessKeyId=AKIAIWOWYYGZ2Y53UL3A&Expires=1536143048&Signature=lY3ErHPCXatuBZgWb1ERbXSCk8o%3D&response-content-disposition=inline%3B%20filename%3DManagement_Information_Systems.pdf
Journals
Bauer, S., & Bernroider, E. W. (2015, August). The effects of awareness programs on information security in banks: the roles of protection motivation and monitoring. In International Conference on Human Aspects of Information Security, Privacy, and Trust (pp. 154-164). Springer, Cham. Retrieved from: https://link.springer.com/chapter/10.1007/978-3-319-20376-8_14
Jacob, N. A., & Antony, G. V. (2016). A Critical Review on Information Security Threats Faced by Indian Banks. International Journal, 4(9). Retrieved from: https://www.ijarcsms.com/docs/paper/volume4/issue9/V4I9-0003.pdf
Li, D. C. (2015). Online security performances and information security disclosures. Journal of Computer Information Systems, 55(2), 20-28. Retrieved from: https://pdfs.semanticscholar.org/adbe/706cd5329dd40b24ef1781621c5f464515d9.pdf
Pattinson, M. R., Butavicius, M. A., Parsons, K., McCormac, A., Calic, D., & Jerram, C. (2016). The Information Security Awareness of Bank Employees. In HAISA (pp. 189-198). Retrieved from: https://pdfs.semanticscholar.org/ac9c/be032650de41d33a6fd9eb2d5f2f4045d4a4.pdf
Soomro, Z. A., Shah, M. H., & Ahmed, J. (2016). Information security management needs more holistic approach: A literature review. International Journal of Information Management, 36(2), 215-225. Retrieved from: https://www.sciencedirect.com/science/article/pii/S0268401215001103
Srivastava, U., & Gopalkrishnan, S. (2015). Impact of big data analytics on banking sector: Learning for Indian banks. Procedia Computer Science, 50, 643-652. Retrieved from: https://www.sciencedirect.com/science/article/pii/S1877050915005992.
Tarhini, A., Mgbemena, C., Trab, M. S. A., & Masa’Deh, R. (2015). User adoption of online banking in Nigeria: A qualitative study. The Journal of Internet Banking and Commerce, [Online] 20(3). Retrieved from: https://www.icommercecentral.com/open-access/user-adoption-of-online-banking-in-nigeria-a-qualitative-study.php?aid=62468
Tieu, L., Sarkar, U., Schillinger, D., Ralston, J. D., Ratanawongsa, N., Pasick, R., & Lyles, C. R. (2015). Barriers and facilitators to online portal use among patients and caregivers in a safety net health care system: a qualitative study. Journal of medical Internet research,[Online] 17(12). Retrieved from: https://www.ncbi.nlm.nih.gov/pmc/articles/PMC4704882/
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