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Why cyber security is important
Advantages of cyber security
Why cyber security is important
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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
Therefore, a reassessment of the controls we have in place would be necessary. Ed’s previously mentioned tasks, when completed, will lay the foundations for our revamped security system. To supplement this, we will need to rework our security policies and create an incident response plan. This will include creation of a RACI matrix so that everyone is aware what role they play in the successful implementation of this plan. As we are storing credit card data, we should also consider being PCI DSS compliant. This would require us to conduct an audit of our current systems and run it by a checklist to make sure we are up to the required standards of PCI. Furthermore, we will need to appoint a dedicated Chief Information Security Officer whose task will be to develop the company’s long term information security program which will align with the company’s
Following compliance guide line provided by NIST SP 800-16 that describes security and training requirements is another way to boost the awareness of the employees. These kind of training and follow of compliance emphasize on roles rather than fixed content providing flexibility, adaptability, and longevity. Furthermore varying method of training with respect to different users is also beneficial. For example training for general users, training for managerial users and training for technical users which can be categorized by job category or job functions.
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
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
No organization can guarantee 100% of cybersecurity to its customers or client but there are basic cyber security measures that need to be in place to provide the minimum acceptable required standard of enterprise cybersecurity (Donaldson,2015). Home Depot as a private company need to complete certain minimum-security measures mandated by the US government (Stewart, Chapple & Gibson, 2015). That will help protect customers ‘personal information that is in the data base to avoid security breach that will compromise personally identifiable information (PII) (Stewart, et al, 2015). Weakness Analysis Home depot has been implementing certain security measures to protect the company, information of staff, customers and client but there are many
Cyber security is the designing, creating, using, and repairing most technological and mechanical equipment. This includes programing and creating new technology before it is mass produced in order to insure safety and quality. It also cover the use of programs to protect and fix technological and mechanical equipment from malfunctions, viruses, and hackers. Lastly, cyber security includes the repairing and upkeep of most electronically designed systems. This job is important because most of today’s world is entirely made up of system that need to be protected, maintained, and constantly improved. This jobs needed in order to keep developed countries stable and able to keep developing,
One of the biggest worries and problems all internet users face today is Malware. Malware, short for malicious software, is a term that describes any software program designed to damage or do unwanted actions on a computer system. Some of these action may include disrupting computer operations, gathering sensitive information, gaining access to private computer systems or displaying unwanted advertising. The main types of Malware include the following, which we will go into more details about. (Contributor, Techterms.com, 2016)
Cyber security is the protection of networks, computers, programs and data from attack, damage or unauthorized access. This is important because a great number of our confidential information is on computers and transmit that data across networks to other computers. As of now cyber-attack is one of the transnational issues that we are concern about in the United States. If these private networks were hack our national security infrastructure will be in distress.
This is followed in section 5 by an analysis of the recent changes in the banking industry. With the development of the financial system, declining entry barriers and the deregulation of the banking industry make banks no longer the monopoly suppliers of banking services and reduce their comparative advantages which they usually hold in the past. Whether the reasons give rise to the existence of banks are still powerful will be examined here, while section 6 offers a way of considering whether banks are declining by looking at the value added by the banks. When the value added by banks is examined, banks are not a financial intermediation, which not only conduct the traditional services but also provide more diversified
The study is primarily designed to find out the continuous issue of the banking system in
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
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.
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.
Communication modern technological tools that have been enhanced by Information Technology are having an impact on changing the very structure and communication of banking. That is, clients are enabled to make their banking transactions whenever and wherever they want. Bank clients, by just logging on their online account, can transfer any amount of money from their account to any other account, check their last processed banking transactions and apply for loans and other banking services. According to Keyes ( 2000, p.591) 'electronic checks provide consumers with the benefits of convenience and safety while allowing billers to maintain their existing depository relationships with their banks'. Further, e-mails has enabled bank employees to notify their customers of any new enhanced bankin...
There are several reason for the business to adopt cloud computing in order to benefit themselves. The following part is going to describe the two type of business that should adopt to cloud computing.