IT security banking

Abstract

In a modern world of globalisation and communication, IT systems evolved in such a way that today they carry a substantial value. Particularly, in the financial industry confidential information is kept in such systems. As the element of risk of fraud and hacking is continuously emerging, there will always be the need for improved and up to date security systems. Customers, other banks and companies will use the various online banking systems only if they feel secure. Therefore, the issue of security is of great importance in order for the clients in particular to feel secure and to trust their banks with confidential information concerning their financial affairs. This study will aim to investigate the security systems that the banks use to ensure safety, integrity and security for the customers. It will be looking specifically at whether such systems ensure safety, integrity and protection for the users when they use internet banking, ATMs, or mobile banking. What are the security procedures that the banks implement to ensure safety? In addition, are there any ways for improvements in such systems? An additional objective of this dissertation is to give an idea to the general public whether such services that do not involve direct interaction with bank employee are secure and the extent to which one can trust them. In order to conduct research about IT security in banks, interviews were set up with individual IT security managers. This method of analysis was chosen in order to get direct information as they are the responsible officers within the bank to ensure safety in the security systems that they implement. This study concluded that the banks being evaluated recognise the importance of constantly enhanced security in their systems. Although they consider themselves to be as secure as is practicably possible, they also appreciate that there will always be potential for improvement in their effort to eliminate the risks that continuously emerge.