Objectives that the Indian banking sector must follow
Cyber security is the protection of computers, networking, programs and data from foreign attack, misuse, and damage and unauthorized access. In context to computer, security is composed of both physical security and cyber security. Banks are the most targeted business of cybercrimes. This is because banks has more money than any other business. They in turn became the best target for the hacker to extort money from. There are numerous threats, which are aimed towards the banking business (Amin et al 2013. The hardest to detect threat is the threat from inside the organization. When these insiders abuse their power, the bank systems are hacked and sensitive information is disclosed to outsiders. The report further discusses about the objective, scope and literature review on the topic.
For maintaining cyber, security in an organization there needs to be three main objectives, which should be followed:
- To protect the confidentiality of the information collected and stored in the system of the organization (Buczak and Guven 2016).
- To preserve the integrity of the information.
- To provide authorization to use the information strategically.
The objectives, which a banking industry must follow, are discussed below:
- To increase the number of accounts both corporate and private.
- To increase the value of the commercial loans being provided (Cherdantseva et al. 2016).
- To reduce the turnover of the employees by providing them with training programs.
- To launch community awareness programs to promote the banks marketing strategy.
- To increase the customer service scope of the bank (Elnagdy, Qiu and Gai 2016).
- To reduce the waiting time of the customers in queue.
Objectives the Indian banking sectors follow in the current scenario:
- To provide the customers with security for the savings
- To have effective control over the credit and money in the bank
- To provide confidence to the public on the financial working system (Gai et al. 2015).
- To avoid the focusing of the financial powers of a few institutions and individuals.
Recommendation of the problems in Indian banking industry
The reserve bank of India has set out a list of guidelines, which can be followed by the banks in order to manage risks associated with cyber-attacks. The circular has covered all the notable suggestions for the banking industry. It discusses the use of continuous surveillance and the creation of a cyber-security policy for immediate assessment of the risks and to prepare a report to be submitted to the regulator (Gai et al. 2015). To diminish the future possibility of the risks in the organizations they should conduct a complete review of the security measures of the infrastructure of the organization. A forensic analysis of the systems should be of benefit to assess all the breached that has occurred or are in a compromised situation.
The project is in need to setup an awareness of the different problems in cyber security in the banking industry. Evaluating the different kinds needs and use of cyber security in banking purpose, how the businesses are improved by using of good cyber security protocols in the banking environment (Hahn et al. 2013). In the report there is going to be reviews of some journals in the literature review section to explain the main objectives related to the cyber security in banking industry and then conclude the processes and different requirements of this cyber security in a banking environment.
Cyber security is an ever-exploding field with a huge growing body of research material. It has its roots in the domain of computer science, but due to the recent cyber security flaws, it has gained importance in the domain of business management and law (Hong et al. 2014). New areas of technology like smart grids, smart automobiles and systems, which are experiencing new vulnerabilities in terms of security. Due to the recent increase in the cyber security problems a more unified into a standardized academic learning. Standardization of the problem is a commonplace in scientific discipline to begin with the standardization of vocabulary.
Recommendations for the problems in Indian banking industry
The intention of this type of literature review is to assess the new trends in the state of cyber security policy and to explore the new topics related to the cyber security systems (Knapp and Langill 2014). All the searches has been restricted to strict academic journals only.
Cyber-attacks refer to the deliberate actions used to change, disrupt, destroy or degrade the quality of a computer system or the programs running on this system. Any kind of business would rely upon information and data (Kumar, Pandey and Punia 2014). Computers are used by the business to store such information, process them and generate a report helpful for the organization. A network of computers may be crucial for many of the data processing work and back office works, so it needs to be kept secure. Advanced firewall technology, encryption of files and data, security systems, access specific tools and automated management tools can be used by the organizations to safeguard the information stored on the systems.
To achieve the best protection system, a strategy needs to be designed based on the analysis of the threats. The threats can be classified into three classes: piracy, tampering and reverse engineering (Oltramari et al. 2014. Piracy in this context is the unauthorized access of different software’s ad making copy of the same to sell illegally. The attack of tempering is the alteration of a computer system or assets without correct authorization. Changing the coding of software has to act as backdoor phishing software’s can be categorized into the act of tampering. Some of the anti-tampering mechanism in case of a network is the use of firewall or antivirus software’s. In case of software’s a secure loading software, which checks the authentication of the software’s, can be used. The third type of attack is known as reverse engineering. This method is used to learn the working of a software and use the same software to steal information from the user using the software. Reverse engineering the software can also be termed as piracy of software’s (Qiu et al. 2016). To combat such security attacks there should be implementation of a well-engineered combination to produce the best results in terms of safety.
With the gradual increase in the use of technologies in the banking industry, there has been a huge rise in the evolving cycle of the industry. Using internet of things, near able devices and near field communication devices are some of the emerging technologies that can be used in the baking industry in the near future. In the current market, the major breaches in data security occur in the cyber threat software. There is a constant change in the landscape of the treats, which are occurring in the industry (Ramirez and Choucri 2016). New types of attacks are coming up once an old attack becomes obsolete. Money laundering issues, which are being flagged, are not being reported as soon as they are being found. Official’s blackout of the situation if they find out about the problems in the money transaction systems. Data breach can occur at any time during the day or the night. This keeps the bank officials up at night so that their industry can thrive in the market. Keeping the customers satisfied in their business sis the most important aspect of the industry. The officials has often reported the ban threats as not threats but the act of an organized crime targeted towards the bank (Ramirez and Choucri 2016).
Importance of Cyber Security and its growing trends
Confrontation of such issues is crucial for the banking industry. They use communication among themselves and with the IT specialist in removing such threats and cyber-attacks. Intelligently using software and installation of the tracing and monitoring software’s in the systems can help them to find out any kind of unauthorized entry in their system (Wilson and Kiy 2014). Collaborating with other industries like companies specializing in cyber security and threat reduction processes would help the industry to better control the process during time of risk. Using backup procedure and testing out different scenarios of data breach attacks can help them to identify the risks, which they are currently facing in their system. After correct assessment of the threats that are active in the industry, the organizations can improve by using better software’s and connections with other industries.
Thee major challenges, which the banking industry faces in the recent times, include:
- Strict regulation compliance: managing of the different regulatory compliances has become a huge problem for the banking industry. The amount of different regulation in the industry has increased in the past few years. Fulfillment of the regulations should be done not only by the larger banks but also should be followed by the smaller and new banks in the market (Tonge, Kasture and Chaudhari 2013).
- Securing of the customers data: violation of privacy can occur by failing to secure the information of the customers of the bank. The bank would be held responsible for all the loss in the data. Sharing of the information of the customers with a third, party organization without the consent of the owner would fall under the act of violation of the security measure of the bank and the owner of the data.
- Risk of using third party software’s: all banks has a collection of large amount of sensitive data. Banks needs to keep an eye out for the use of any third party application, which might compromise the working environment of the bank (Tonge, Kasture and Chaudhari 2013).
- Cyber threats: development in the technological industry is leading to the new development of cyber-attacks in the form of ransom ware and web attacks, which target the banking industry (Tonge, Kasture and Chaudhari 2013).
- Fraud transactions: detection of fraud transaction methods and technologies can make the bank fall prey of the different risks associated with the banking industry.
- Using secure SDLC: the banking industry to add an extra layer in the security should add the use of SDLC security protocol in their banking software’s and products used to conduct the daily transactions.
To adopt the new emerging trends in the cyber security prospect the banking industry can adapt to the following phases:
- Planning: discussing with the mangers to plan the scope of the procedure to implement the procedures of successful cyber security.
- Designing and building: collecting the requirements of the system to implement the security measures. The main hurdle in this phase is to make a compatible system, which can resists the security risks of the industry (Sou, Sandberg and Johansson 2013).
- Implementation: to implement the system design which has been planned during the process.
- Transition: to take up the new system implementation of the planned procedure.
- Management: to manage and monitor the new system implemented in the industry (Sou, Sandberg and Johansson 2013).
The attack on the United Bank of India occurred on 22nd of February 2013. One of their offshore accounts suffered a data breach during a cyber-attack. The money trail was tracked down and the officials blocked the funds (Angst et al. 2017). The official report said that they did not suffer any loss at the bank as they had informed the officials about the breach. The official report said that the breach occurred in New York. Another source said that the attack was original attack originated from Hong Kong. Following a recent cyber-attack in a bank of Bangladesh the Indian bans has been asked to put up with cyber security policy for the industry. The forensic audit assessed the working of the current system and found the disputes in the system. They have reported in the report that they will be looking into the matter and change the security system.
Conclusion
From the above report, it can be concluded that cyber security is an increasing threat to the banking industry. Cyber-attacks can be of different types like fraud threats, ransom ware and malware attacks in the banking system. The objectives of the study has been discussed extensively before moving on to the literature review of journals to create the report. Banking sector in India has fairly matured in the recent development of the technologies. They have started to work with foreign banks to provide better banking experience to the citizens of the country. With the growing economy of India, it can be said that the banking industry in India is an industry, which should be clear from all types of cyber threats.
Different challenges faced by the banking industry
References
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Buczak, A.L. and Guven, E., 2016. A survey of data mining and machine learning methods for cyber security intrusion detection. IEEE Communications Surveys & Tutorials, 18(2), pp.1153-1176.
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