Introduction
This interview conducted involved a local banking institution and their Chief Assessment Officer. For the purpose of this paper the subject will be referred to henceforth as participant 1. The location of the banking institution is located in a small to medium sized town in the upper Mid-West of the United States. No personal information was obtained as well as no pertinent financial data abstracted from the interview.
Question 1- As a bank executive how important is cyber security?
Answer-Well, Jack, as a bank executive cyber security is incredibly important to our bank as well as myself. With banks of all types you have board members, regulatory service, as well as the customer service aspect of the industry and the brand name.
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Also it involves the steps taken to back up and protect data at the end of each business day. We make sure that rights and procedures are followed so that only those who have access to data can view the data. However, this is based on the level of clearance our employees have. Education and training are also implemented so that each one of our staff is fully compliant with the bank policies and procedures. For example, October is national cyber security awareness month, and we are planning a number of educational awareness activities so our customers better understand our intentions and desire to work together. We have a letter going out to help customers increase their knowledge of security awareness. We also have a link to our assessment tool for our commercial clients to gauge their preparedness of cyber security. This is also to help small business owners determine if they have the right tools to protect …show more content…
what is your home town? Your mother’s maiden name, and his advice was “do not answer that with a logical answer” So instead of saying where you were born, put something else, because the way people are able to collect data on you these days they are going to have all those answers. So when you set your passwords, not only do you want to make sure they are super strong, but also the security questions that say you were born in “X, Y, Z” that they say that you were born in “A, B, C” you just have to remember what you are doing of course, you just have to be
Security helps the organization meet its business objectives or mission by protecting its physical and financial resources, reputation, legal position, employees, and other tangible and intangible assets through the selection and application of appropriate safeguards. Businesses should establish roles and responsibilities of all personnel and staff members. However, a Chief Information Officer should be appointed to direct an organization’s day to day management of information assets. Supporting roles are performed by the service providers and include systems operations, whose personnel design and operate the computer systems. Each team member must be held accountable in ensuring all of the rules and policies are being followed, as well as, understanding their roles, responsibilities and functions. Organizations information processing systems are vulnerable to many threats that can inflict various types of damage that can result in significant losses (Harris, 2014). Losses can come from actions from trusted employees that defraud the system, outside hackers, or from careless data entry. The major threat to information protection is error and omissions that data entry personnel, users, system operators and programmers make. To better protect business information resources, organizations should conduct a risk analysis to see what
System have to be constantly updated to prevent new types of attacks. Also, different layers of security have to be employed so as to increase the fortification of the network system against possible breach. In a case where a system has been breached, awareness should become the next priority as this can still help prevent the loss of data depending how soon detection can occur. In all security measures, human error has always been identified as a great risk. To minimize this, security training is encouraged not just for security personals but for everyone who uses a
The security awareness team should review current policies and procedures to ensure that they are satisfactory and current. Strengths and weaknesses of each existing policy should be assessed. If there is an absence of sufficient policies, new policies should be developed. Policies must have a scope, intended audience, a clear instruction, and reasonable disciplinary action for violation of policy. (Wilson, M. & Hash,
The data breach at Target had a massive impact on cyber security. According to Lauren Abdel-Razzaq, we live in a world where consumers don’t even think twice about paying with a credit or debit card or buying items online or with mobile devices (2014). However, data breaches have become a major threat and continue to impact companies all over the world. Companies should take information security as seriously as possible. We don’t live in a perfect world. Anything can happen at any time, even if a company has the most sophisticated security system in place. It is how a company reacts to a data breach that will make or break them.
A IT disaster can be unpredictable and inevitable to an organization. For instance, these types of disasters “can be man-made, natural disasters, technology failures and more” (Business continuity and disaster recovery plan, 2008). Many cybersecurity companies should emphasize the need for organizations to have a DR/BCP in place. In fact, cybersecurity “should acknowledge and embrace the linkages between information security and other departments, such as business continuity, disaster recovery, and emergency management” (Kirvan, P, 2014). It is important for a CISO in an organization to integrate cybersecurity to their DR/BCP. According to SISS-Consulting, “75% of organizations say IT risk can impact customer satisfaction” (Cyber Security, 2016). There are a variety of reasons, plans, and implementations that a CISO must have in mind when they are looking to
One item of great note in this case study is the fact that it is for a financial institution that is involved heavily in international transactions. This flavors the entire risk assessment because if a company is doing their work on a global and international basis, then there is the requirement of dealing with compliance, the legal and regulatory requirements in the rest of the world. For instance, the European Union has their independent privacy requirements and even Japan has a type of Sarbanes-Oxley, with France, Germany, Canada and Australia having both regulatory and legal requirements that must be embraced by anyone doing business with them (Tafara, 2006). Other counties
Max Thielen Last year Target fell victim to a massive cyber attack that compromised data on millions of its customers. The breach lasted from November 27 to December 15. During that time, information on 40 million debit and credit accounts was stolen. In addition, Target would later report that another 70 million customers’ names, phone numbers, and mailing addresses had been stolen (Whitney). A piece of malware that retails on the black market for around $2,000 is believed to be the culprit for the stolen data.
As technology is becoming more prominent as 21-century workers, it become apparent that identity theft, viruses, malware and security breaches occur that can leak out an individual’s personal information or a client’s information in the office setting. Protecting identity in the office setting is a vital role into maintaining a safe job without the anxiety of identity theft. Data security is an issue that affects all businesses in the office setting, both big and small. All of these threats are gaining momentum as a crime that is conspicuous in American society. When a client goes to a business, they assume to have their data and information protected; which can cause a barrier into publicizing personal information. As technology is progressing,
Ques1 Provide a brief overview of the case study This case study is based on the European Union Agency for Network and Information Security (ENISA) to examine the current and emerging cyber threats and threat trends for emerging technology areas. This will be followed by the explanation of threats, threat agents, technology areas and attack methods. This case study also provides a description of the procedure followed and also a few descriptions on use cases of cyber threat intelligence. The primary commitment of the ETL 2014 lies in the recognizable proof of top cyber dangers inside the reporting time frame. With the developing risk landscape, it makes up the fundamental commitment towards identifying cyber dangers.
n previous articles, we've looked at protecting your online business in relation to credit card fraud and web site hacking, but another very important aspect of online security focuses on your most important tool - the computer you use to run your business.
One particular crime that could be committed by employees who use the internet at work is hacking. Hacking is one of the most well-known types of computer crimes, in this context, the term refers to the unauthorized access of another’s computer system (HG.org Staff, 2015). This means that if the employee in not allowed to use the internet, for personal use, than there is a possibility that they could get charged for such crime. Because the policy will state they do not have the authority to access the organizations computer system for personal use. In addition, they must know that all use of computers systems while at work will be monitor, including e-mails. Piracy and cyber terrorism are other crimes that one can face when using a computer
When it comes to personal and business side of life one important aspect that should never be overlooked is security and personal safety. Especially considering everything has become digital in the recent years. Everyone’s personal information is being stored in facilities that we don’t even know where they are. With that being said there are people out there who target on the ignorant and misinformed. One way to protect yourself and your business from any threat is to be informed with the recent news on security. Here are some examples
(Bhatnagar & Sharma, 2012). Information security is important as it plays a key role in the successful adoption of new technologies. It determines trust and security assurance for new technologies by the intended adopters and implementers (Conklin, 2007).
A variety of groups are concerned in bank profitability for various reasons. The bank shareholders would want to know if the value of their investments is high or low. The investors also use current and past performance to predict future price of the banks’ shares traded on the stock exchanged. The management of the bank as trustee of the shareholders is evaluated and compensated on the basis of how well their decisions and planning have contributed to growth in assets and profits of their banks. Employees of bank also are concerned with profits, since their salaries and promotions are frequently tied to the profitability performance of their banks. Depositors use bank performance and profitability as indicators of security for their deposits in the banks. Finally, business community and general public are concerned about their banks’ performance to the extent that their economic prosperity is linked to the success or failure of their banks.
To compare the private and public sector banks on the basis of the quality of service.