Study On IoT Security And Privacy Preservation: A Case Study On Central Bank Of Jordan

Research Questions

Question:

Discuss about the Case Study on Entral Bank of Jordan.

“Study on IoT Security and Privacy Preservation: A case study on Central Bank of Jordan”

The internet of things (IoT) is a network of network, which is connected throughout information as well as communication infrastructure to provide of value added services. This research study is based on analyzing the IoT security and privacy issues for the banking sector. The selected organization for this case is Central Bank of Jordan. Into the banking organization, large amount of data are communicated and exchanged from one place to another. Most of the communication includes of exchange of confidential data. Aljawarneh et al. (2014) stated that privacy preservation is also important as no party are trusted over the public network without investigation and verification. IoT security issues are revolved around electronic currency along with digital cash; therefore, its security is a key significant concern into Central Bank of Jordan. Into this bank, the customer’s data are not only used for cyber frauds but also used to be sold into black market.

Kipf et al. (2016) determined that some of the banks are failed to secure their system as they experience that security of the data is related to Information Technology. Residual risks are caused due to inadequate control of the logical as well as physical access to the system for containing of customer data. There is also inadequate logging along with monitoring of the security related incidents on banking system. Buchanan et al. (2014) argued that management of third party service providers is a big challenge for the Central Bank of Jordon. Implementation of security into the bank is a key success for their organization. The passwords are kept encrypted so that no unauthorized person can able to access the customer’s data. The bank employees always inform their customers about card transaction using encrypted email and secured communication channel. Into the URL of the bank, the application will not send any sensitive data and information. Barkhordari et al. (2017) investigated that Central bank of Jordon adopts limited access to their computing resources to protect the customer’s data.

The problem statement is that IoT components consist of minimal functionality, limited computer power with storage along with lower energy resources. Therefore, it is difficult to deploy of security and privacy preservation into the banking sector for securing the customer’s data. Such type of deployments take advantage of the new protocols and design of system as it is equipped to control into resource lack environments (Leverett, Clayton and Anderson 2017). Due to continuous increase into security and privacy concerns, identification of theft and verification of the customers are also increased. It becomes critical for the bank to verify each customer based on his or her background and history of crime. Failure of IoT system causes damage and there are implications for the physical safety.  

Objectives

Research Questions

Following are the research questions for this particular study:

1. How can IoT become useful tool for Central Bank of Jordon to provide value added financial services?
2. What impacts will IoT security and privacy issues have on Central Bank of Jordon?
3. What are possible security and privacy preservation strategies to mitigate the issues?

Research aims

The aim of this research study is to protect the banking data from IoT security and privacy threats for the Central Bank of Jordon to enhance the future IoT applications. This study also addresses the current security and privacy issues into IoT for the selected bank. Collection of data throughout IoT solutions as well as analyze them into significant value offers protection strategies against the security and privacy. It is significantly impact the productivity of the bank and their financial resources.

Research objectives

Following are the objectives of the research study:

• To study the benefit of IoT used into the Central Bank of Jordon to address their financial needs
• To analyze the impacts of IoT security and privacy issues into banking organization
• To provide preservation solutions against the identified security and privacy issues

A cross sectional study is done for this research study on the bank employees and bank managers into the Central Bank of Jordan. It is an observational study conducted to analyze the data, which are collected from the population of the selected bank. It is type of descriptive study which is done to analyze determine occurrence of data thefts and frauds. It collects of data at defined time (Metalidou et al. 2014). At this study stage, security of information, privacy as well as protection of data is addressed. Throughout this study, the researcher assesses the causes of the IoT security and privacy issues. It involves of data collection about the past and present data thefts and frauds incidents and relies in originated of collected data (Roman, Zhou and Lopez 2013). The target populations for this research study are the bank employees and managers. In order to conduct this study, Jordon is mainly focused for this particular research study.

The populations selected for this study are bank employees and bank managers. Random sampling procedure is selected for this study to select of required participants. Central bank of Jordon is selected as the organization where the entire research study has taken place, which is grouped into both workers and managers. The selected sampling method is unbiased presentation of the group (Sicari et al. 2015). Using simple random sample method, the employees are selected from large population. There are total of 50 employees are selected from a large population as they are interested into the study along with 3 bank managers.  

Yan, Zhang and Vasilakos (2014) stated that data are useful for collecting of information to study of the research topic. It provides with accurate results of the research process. Data are collected from the peer reviewed articles which addressed IoT security and privacy preservation information. Based on the title, various articles are identified. The articles, which are published IoT security and privacy preservation, are taken for this research study (Li et al. 2016). Google scholar and university website is used to search for the required data. The keywords used for this study are IoT, privacy, security. An online survey is also conducted using questionnaire. The participants involved in this study are bank employees those are facing IoT security and privacy issues (Zhou et al. 2017). Using their feedback, the bank managers take proper IoT security preservation steps to overcome the identified data threats and frauds issues.

Methodology

Research Instrument considered for this particular research study is demographic information of the employees and managers. Under the demographic information, the factors are age, educational status and economic status (Tonyali et al. 2018). Online questionnaire is also taken to take survey of the employees and managers to determine the occurrence of data thefts and frauds.  The survey also helps to determine the solutions against the security and privacy issues.

There are two types of data analysis method selected for this particular research study is qualitative and quantitative data analysis method. Qualitative data is used to record the data, which will better describe the selected research topic in detailed form. It provides with theoretical concept into practical form, which will better describe and help to understand the topic. On the other hand, quantitative data analysis method is used to apply of statistical data, which help to record of the data with larger sample size. In this particular study, quantitative data analysis method is used to do the survey of bank employees (Lowry, Dinev and Willison 2017). The researcher uses this particular technique to convert the data into numerical forms. It is subject to the statistical analysis of the collected data. The primary findings of this study are required to analyze and interpret throughout comparing it with other research findings. Based on quantitative data analysis method, it is expected to turn of raw materials into meaningful data throughout application of critical thinking (Zhang et al. 2014). The primary data findings are critically analyzed and interpreted throughout use of questionnaire survey. Literature review findings are also conducted from the peer review journal articles reflected viewpoints of the authors regarding causes of IoT security and privacy issues.

The researcher assured about excellence of the gathered data and said that all the quality data are helpful for conducting the study. Into the research community, quality assurance as well as assessment plays a key important role. It informs about crucial decisions regarding project funding as well as project team members. Assured about the quality of the research increases the volume of research, competition among the researcher and provides with effective research outputs. Barkhordari et al. (2017) mentioned that into the research process, assurance of quality and assessment is critical for each stages of the research study. The researcher collects of data from scholarly publications and peer reviewed journal articles, which provide quality information and data to the researcher. The journal in addition to research sources are searched and the papers are included if it addressed the quality assurance into quantitative paradigm. Narrative approach is used to review as well as syntheses of the literature.

Data Analysis

This research study is cross sectional, which is dependent on the time scheduled for the research. As it is a cross sectional study, therefore it adopts of limited time which requires of Gantt chart to complete the research work. Gantt chart helps to show all the project activities to complete the work. The total duration to complete the project work is 30 days with start date from 10/11/2017 and end date is 21/12/2017.

Task Name	Duration	Start	Finish
Study on IoT Security and Privacy Preservation: A case study on Central Bank of Jordan	30 days	Fri 10-11-17	Thu 21-12-17
Selection of the topic	5 days	Fri 10-11-17	Thu 16-11-17
Select a research proposal topic	3 days	Fri 10-11-17	Tue 14-11-17
Do search on the topic	1 day	Fri 10-11-17	Fri 10-11-17
Finalization of the topic	2 days	Mon 13-11-17	Tue 14-11-17
Creating of research layout	2 days	Wed 15-11-17	Thu 16-11-17
Data collection	14 days	Fri 17-11-17	Wed 06-12-17
Pilot study	2 days	Fri 17-11-17	Mon 20-11-17
Collecting the data	2 days	Tue 21-11-17	Wed 22-11-17
Selection of research techniques	4 days	Thu 23-11-17	Tue 28-11-17
Analyzing the collected data	3 days	Wed 29-11-17	Fri 01-12-17
Data findings	3 days	Mon 04-12-17	Wed 06-12-17
Report writing	11 days	Thu 07-12-17	Thu 21-12-17
Formation of rough draft	2 days	Thu 07-12-17	Fri 08-12-17
Conclusion of the study	1 day	Mon 11-12-17	Mon 11-12-17
Write the final report	4 days	Tue 12-12-17	Fri 15-12-17
Review the report	1 day	Mon 18-12-17	Mon 18-12-17
Final submission	3 days	Tue 19-12-17	Thu 21-12-17

Central bank of Jordon provides financial services to the customers in Jordon. The study is conducted to analyze IoT security and privacy preservation into the bank sector. For this particular study, the selected participants are the bank employees who are facing the data threats and the bank managers those are providing solutions against the threats. The participants provide answers to the questions related to selected research study. The participants can contract the researcher with the questions at all time before and during the study. They discussed the benefits as well as risks which are associated with IoT.

For commencement of this research study, ethical approval from the Central bank of Jordon is required in which the cross-sectional survey is conducted. The researcher is trained to take data on the security threats and frauds. Ethical considerations are addressed to seek permission from the participants ahead of they are allowed to involve in the research study. Sicari et al. (2015) indicated that consent form provides the participants with detailed information such as study purpose, details of researcher, information about nature of participants and their role, period of the study and privacy of the provided data. The employees are educated that they are participating into the study as volunteer and they are asked to sign agreement to point to their willingness of participation (Leverett, Clayton and Anderson 2017). Other participants such as managers are also invited to contribute into the study. The collected data for the research study are not shared with any third party and no other unauthorized person can able to access the data. All the involved participants are educated that they can remove from the learning anytime. Codes are used to label the questionnaires throughout the data collection in the study to make sure that privacy of the participants is appreciated into research process.

Resources required for the study including of budget

Task Name	Duration	Start	Finish	Resource Names	Cost
Study on IoT Security and Privacy Preservation: A case study on Central Bank of Jordan	30 days	Fri 10-11-17	Thu 21-12-17		$6,080.00
Selection of the topic	5 days	Fri 10-11-17	Thu 16-11-17		$1,760.00
Select a research proposal topic	3 days	Fri 10-11-17	Tue 14-11-17	Project Manager, Researcher	$720.00
Do search on the topic	1 day	Fri 10-11-17	Fri 10-11-17	Researcher	$80.00
Finalization of the topic	2 days	Mon 13-11-17	Tue 14-11-17	Project Manager	$320.00
Creating of research layout	2 days	Wed 15-11-17	Thu 16-11-17	System Analyst, Project Manager, Developer	$640.00
Data collection	14 days	Fri 17-11-17	Wed 06-12-17		$1,920.00
Pilot study	2 days	Fri 17-11-17	Mon 20-11-17	Researcher	$160.00
Collecting the data	2 days	Tue 21-11-17	Wed 22-11-17	System Analyst, Project Manager	$480.00
Selection of research techniques	4 days	Thu 23-11-17	Tue 28-11-17	System Analyst	$320.00
Analyzing the collected data	3 days	Wed 29-11-17	Fri 01-12-17	System Analyst, Researcher	$480.00
Data findings	3 days	Mon 04-12-17	Wed 06-12-17	System Analyst, Researcher	$480.00
Report writing	11 days	Thu 07-12-17	Thu 21-12-17		$2,400.00
Formation of rough draft	2 days	Thu 07-12-17	Fri 08-12-17	Project Manager	$320.00
Conclusion of the study	1 day	Mon 11-12-17	Mon 11-12-17	Researcher, Risk Analyst	$160.00
Write the final report	4 days	Tue 12-12-17	Fri 15-12-17	Project Manager, Researcher	$960.00
Review the report	1 day	Mon 18-12-17	Mon 18-12-17	System Analyst, Project Manager	$240.00
Final submission	3 days	Tue 19-12-17	Thu 21-12-17	Project Manager, Researcher	$720.00

Figure 1: Gantt chart

(Source: Created by author)

References

Aljawarneh, S., Al-Rousan, T., Maatuk, A.M. and Akour, M., 2014. Usage of data validation techniques in online banking: A perspective and case study. Security Journal, 27(1), pp.27-35.

Barkhordari, M., Nourollah, Z., Mashayekhi, H., Mashayekhi, Y. and Ahangar, M.S., 2017. Factors influencing adoption of e-payment systems: an empirical study on Iranian customers. Information Systems and e-Business Management, 15(1), pp.89-116.

Buchanan, F.R., Buchanan, F.R., Ahmad, S.Z. and Ahmad, S.Z., 2014. Business in developing countries: globalization of a large emerging market bank. Emerald Emerging Markets Case Studies, 4(6), pp.1-16.

Kipf, A., Brunette, W., Kellerstrass, J., Podolsky, M., Rosa, J., Sundt, M., Wilson, D., Borriello, G., Brewer, E. and Thomas, E., 2016. A proposed integrated data collection, analysis and sharing platform for impact evaluation. Development Engineering, 1, pp.36-44.

Leverett, É., Clayton, R. and Anderson, R., 2017. Standardisation and Certification of the ‘Internet of Things’.

Li, Y., Zhou, L., Zhu, H. and Sun, L., 2016. Privacy-preserving location proof for securing large-scale database-driven cognitive radio networks. IEEE Internet of Things Journal, 3(4), pp.563-571.

Lowry, P.B., Dinev, T. and Willison, R., 2017. Why Security and Privacy Research Lies at the Centre of the Information Systems (is) Artefact: Proposing a Bold Research Agenda.

Metalidou, E., Marinagi, C., Trivellas, P., Eberhagen, N., Giannakopoulos, G. and Skourlas, C., 2014. Human factor and information security in higher education. Journal of Systems and Information Technology, 16(3), pp.210-221.

Roman, R., Zhou, J. and Lopez, J., 2013. On the features and challenges of security and privacy in distributed internet of things. Computer Networks, 57(10), pp.2266-2279.

Sicari, S., Rizzardi, A., Grieco, L.A. and Coen-Porisini, A., 2015. Security, privacy and trust in Internet of Things: The road ahead. Computer Networks, 76, pp.146-164.

Tonyali, S., Akkaya, K., Saputro, N., Uluagac, A.S. and Nojoumian, M., 2018. Privacy-preserving protocols for secure and reliable data aggregation in IoT-enabled smart metering systems. Future Generation Computer Systems, 78, pp.547-557.

Yan, Z., Zhang, P. and Vasilakos, A.V., 2014. A survey on trust management for Internet of Things. Journal of network and computer applications, 42, pp.120-134.

Zhang, Z.K., Cho, M.C.Y., Wang, C.W., Hsu, C.W., Chen, C.K. and Shieh, S., 2014, November. IoT security: ongoing challenges and research opportunities. In Service-Oriented Computing and Applications (SOCA), 2014 IEEE 7th International Conference on (pp. 230-234). IEEE.

Zhou, J., Cao, Z., Dong, X. and Vasilakos, A.V., 2017. Security and privacy for cloud-based IoT: challenges. IEEE Communications Magazine, 55(1), pp.26-33