Cyber Security Threats In The Banking Industry: A Literature Review

Types of Cyber Security: Physical and Cyber

Question:

Discuss About The Security That Is Found In Banking Industry?

Eliminating the threats is almost impossible and so there is a need to protect their business from those that disrupts their growth and their business innovation. The cyber security has the sole responsibility to protect their computers, programs and networking from the various damages, misuses and the foreign attacks. Based on the computer technology, the security is composed mainly of the two types, one is the cyber and the other is the physical. It can be seen that the banks are the most targeted type in the business firm for these cybercrimes. This can be said that the banks have much more money than any type of business. Thus, this can be considered the main reason why the hackers have made the banks in their priority list for the first attack. In the banking sector, there is numerous type of threats and are different from that of the normal business firms. The most dangerous threat is that which is inside the organization and is the hardest one to be detected. In this report, the objective of the project, its scope and a literature review will be thoroughly discussed.

In order to maintain in the cyber world, there is a need for the security in the organization and for this three objectives needs to be followed:

• To critically analyze the impact cyber challenges on business
• To understand the importance of cyber security on business
• To make appropriate strategies to protect in the business the cyber attack

The objectives that are present in the banking industry are:

• In order to reduce the turnover there is a need to provide the employees with a proper training
• To promote the marketing strategy of the banks and also to launch the community awareness programs
• Minimizing the customer’s wait in the queue line
• To increase the accounts for the customers for both the private and the corporate
• To ultimately increase the value of the commercial loans that is being provided
• Need to increase the scope of the customer service in the bank

There is a need to set up an awareness program that might have different problems related to the cyber security that is found in the banking industry. In this, report various theories have been analyzed along with a brief idea about the concepts of the cyber security in the business sectors. The gaps, opportunity and the hypothesis of the research questions of the literature review will be discussed in this report. There is a need to meet the challenges in the world of the cyber security.

The cyber security is regarded as an ever exploding field that has a huge body that is growing day by day in the research material. The roots of this domain are primarily the computer science and it is due to the recent cyber flaws in the security system that has made it gain the importance in the business management domain and the law. The areas of this new technology are like the smart grids and the smart automobiles and principles that have new vulnerability in terms of the security. It can be seen that in the recent days there is an increased rate in the cyber security problems that can be considered unified in the academic learning standardizations. The main problem of the standardization is to make a common place for this scientific discipline that needs to begin with the standardization of the vocabulary (Scully 2014).

Challenges Faced by Banks in the Cyber World

The main intention of this sort of the literature review is to focus on the challenges that are faced in the cyber security of the business. There is a need for assessment in the new trends in the cyber security policy that needs to be explored in relation to the cyber security systems. The search has been restricted to the academic journals only for this report. The attacks on the cyber is referred to as the deliberate actions that needs to be changed, destroyed, disrupted and degraded in the quality of the programs running in the computer system (Šendelj et al. 2014).

The attacks in the cyber world refer to the actions that are deliberately used to destroy, change, degrade and disrupt the quality in the programs running in the computer system. This sort of business needs to be relied on the data and the information. The computers are generally used to store various processes, information and a report that will be helpful for the organization. The computers need to be in a form of a network that may be crucial in making the data processing works and the back office works that needs to be kept securely. The encrypt data and files, security systems, advanced firewall technology and the automated management tools can be used in the organization in order to safeguard the storage in the systems. In order to achieve the best protection system there is a need for the strategy that is primarily based on the analysis off the threats. Reverse engineering, tampering and the piracy are the three threats that need to be classified. Piracy is the unauthorized access of the different software that needs to be made on the ad making copy on the same sell illegally. The tempering is regarded as the alteration of the different assets and the computer systems without making any authorization correction.

Kumar, Pandey and Punia (2014) stated that some of the theoretical approaches that has been mentioned in the literature review portion about the various challenges that is found in the cyber world almost lack the focus. In order to change the code of the software there is a need for the act of the tampering. The anti tampering mechanisms act as the network for the use of the firewall. Some raised the voice that in order to adopt the emerging trends there is a need for the expansion of the cyber security. Herrera, Ron and Rabadão (2017) raised a query to plan, build and design the requirements in an implemented plan. Robert and Directorate (2017) suggested that it can be found in mostly the banking sectors. Van den Berg et al. (2014) argued that the real focus is missing and it is primarily based on the theoretical approach.

Objectives of Security in the Banking Industry

The theory that has been applied in this section is quite outdated. In order to make it updated the theory of the intersectionality can make the cyber security collaboration real (Best, Ender and Kidwell 2014). The challenges of the cyber security need to be well analyzed before making a fixed plan for execution the planning. The design and the buildings in collecting the requirements of the system that needs to be well implemented by all the security measures. Amin et al. (2013) claimed that there is a need for the management to monitor the various new systems that will be eventually implemented in the business industry.

The theories related to the cyber security are not well discussed in the security measurement in this literature review part. The discussions that have been evaluated in the literature review part are assumed to be without any regulations (Gunes et al. 2014). There are various ways through which the breach of the cyber security can occur but it is well managed by the security forces. The theories are devoid of the regulation and if that is improvised in that section then the analysis of the review could have become much better. Cherdantseva (2016) stated that there is a need to implement the system design that has been well planned from the very beginning of the process.

There is a need to adopt the various new trends in the cyber security program in the business sectors. The threats are varied but have a constant technology that teases us with various new ideas. There is a need to present new opportunity and ways for doing the business and there is always a new way to make a good difference. The cyber attacks are costing global businesses not more than $500 billion per year (Elmaghraby and Losavio 2014). In sectors like the banking and the finances, it can be said that they have led the way in achieving the targets. In the last five years the IT, telecom, defence and gas and the oil sectors are following the same traits as the top targets. The security software is much about the various types of the awareness that also takes thee sophisticated coding that needs to be developed in a ransom ware that only has one click that needs to be activate

H0 There is no significant impact of cyber challenges on Linux

H1: There is significant impact of cyber challenges on Linux

Literature Review

The research design is a descriptive one that needs to explain on the various statement of the affairs that is present which might have no control over the variables. This is well characterized by the attempts that needs to describe, identify and determine the various analytical researches on the way it came to be. Important distinctive traits of the descriptive research are its depth on the specific case and so in this report the challenges on the cyber security.

In this report the various methods, surveys and the reports on the case study that has been provided with a good guidance. There is a need to address the various data collection procedures that has been related to the observational study that has a medium like the questionnaire that have been undertaken by a specific development. The process of the data analysis ultimately ends up in outlining the presentation and the design of the various studies through a descriptive way.

The research instruments that has been used are the surveys that is mainly based on the grounds of a questionnaire. The questionnaire has been filled up by the various employees in order to get back the responses. The quantitative data analysis processes include the mean medium mode and the standard deviation. In the sample file responses of almost 50 employees were taken. The interviewing and the questioner design has been set to the employees and it is primarily through the use of the various new techniques. The reliability of the data is quite an assessment tool that has produced consistent results that are considered stable. The test retest reliability is again considered as a measure that can easily be obtained by a proper administration through a long period of time in a group of employees.

The limitations that have been faced while working on the challenges in the cyber security for the business are:

Day by day, there are new things being updated so in this huge cyber world it is not possible to meet all the theories. The cyber weapons after it has made its appearance in the cyber world needs to be taken care of so a rapid investigation (He et al. 2016). A much thorough research could have been done if a complete analysis from the day the mal wares were detected until this recent year. Some of the research journals were missed out and if those could have been taken, a more emphasized research could have been made.

Methods and Data Analysis

Main activities/ stages	Week 1 Aug(1st & 2nd 2017)	Week2 Aug(3rd & 4th 2017)	Week3 Sep(1st & 2nd 2017)	Week4 Sep(3rd & 4th 2017)	Week5 Oct(1st & 2nd 2017)	Week6 Oct(3rd & 4th 2017)
Topic Selection	ü
Data collection from secondary sources	ü	ü
Framing layout of the research		ü
Literature review		ü	ü	ü
Formation of the research Plan			ü	ü
Selection of the Appropriate Research Techniques				ü	ü
Primary data collection					ü	ü
Analysis & Interpretation of Data Collection					ü	ü
Conclusion of the Study						ü
Formation of Rough Draft						ü
Submission of Final Work						ü

In this time schedule the main activities of this project has been explained. The topic selection was done in Week 1 and Week 2 of August 2017. The data collection from the secondary sources was done in the entire August month. Framing layout of the research was done in the 3^rd and the 4^th week of August. The literature review was made from the last two weeks of August till the whole of September and the formation of the research plan was done in the whole of September. Selection for the appropriate research techniques was done from the last two weeks of September till the first two weeks of October. The primary data collection and its interpretation and the analysis was done for the entire month of October. The conclusion of the study, formation of the rough draft and the submission of the final work was done all in the last week of October.

Conclusion

From the above report, it can be concluded that the security in the cyber world is increasing day by day along with its threats in the business industry. The cyber attacks can be considered as a different type like the fraud treats, malware and the ransom ware in the business industry. The objectives have been discussed along with the literature review of the various journals that needs to be created on the report. It can be said that slowly the business is protecting itself from the cyber threats.

References

Amin, S., Litrico, X., Sastry, S. and Bayen, A.M., 2013. Cyber security of water SCADA systems—Part I: Analysis and experimentation of stealthy deception attacks. IEEE Transactions on Control Systems Technology, 21(5), pp.1963-1970.

Best, D.M., Endert, A. and Kidwell, D., 2014, November. 7 key challenges for visualization in cyber network defense. In Proceedings of the Eleventh Workshop on Visualization for Cyber Security (pp. 33-40). ACM.

Cherdantseva, Y., Burnap, P., Blyth, A., Eden, P., Jones, K., Soulsby, H. and Stoddart, K., 2016. A review of cyber security risk assessment methods for SCADA systems. computers & security, 56, pp.1-27.

Elmaghraby, A.S. and Losavio, M.M., 2014. Cyber security challenges in Smart Cities: Safety, security and privacy. Journal of advanced research, 5(4), pp.491-497.

Gunes, V., Peter, S., Givargis, T. and Vahid, F., 2014. A survey on concepts, applications, and challenges in cyber-physical systems. TIIS, 8(12), pp.4242-4268.

He, H., Maple, C., Watson, T., Tiwari, A., Mehnen, J., Jin, Y. and Gabrys, B., 2016, July. The security challenges in the IoT enabled cyber-physical systems and opportunities for evolutionary computing & other computational intelligence. In Evolutionary Computation (CEC), 2016 IEEE Congress on (pp. 1015-1021). IEEE.

Herrera, A.V., Ron, M. and Rabadão, C., 2017, June. National cyber-security policies oriented to BYOD (bring your own device): Systematic review. In Information Systems and Technologies (CISTI), 2017 12th Iberian Conference on (pp. 1-4). IEEE.

Kumar, V.A., Pandey, K.K. and Punia, D.K., 2014. Cyber security threats in the power sector: Need for a domain specific regulatory framework in India. Energy Policy, 65, pp.126-133.

Reddy, G.N. and Reddy, G.J., 2014. A Study of Cyber Security Challenges and its emerging trends on latest technologies. arXiv preprint arXiv:1402.1842.

Robert, M. and Directorate, I.C., 2015. ISR.

Sadeghi, A.R., Wachsmann, C. and Waidner, M., 2015, June. Security and privacy challenges in industrial internet of things. In Design Automation Conference (DAC), 2015 52nd ACM/EDAC/IEEE (pp. 1-6). IEEE.

Scully, T., 2014. The cyber security threat stops in the boardroom. Journal of business continuity & emergency planning, 7(2), pp.138-148.

Šendelj, R., Lombardi, F., Ognjanovi?, I. and Guarino, S., 2014. Cyber Security in Montenegro: Practice, Framework and Challenges.

Van den Berg, J., Van Zoggel, J., Snels, M., Van Leeuwen, M., Boeke, S., van de Koppen, L., Van der Lubbe, J., Van den Berg, B. and De Bos, T., 2014. On (the Emergence of) Cyber Security Science and its Challenges for Cyber Security Education. In Proceedings of the NATO IST-122 Cyber Security Science and Engineering Symposium (pp. 13-14).