Banking Industry Because There Are Always Information Technology Essay

Banking Industry Because There Are Always Information Technology Essay Recently the Banking business has taken a rather remarkable change in the last few years. There has been a new development, and a precedent of online banking. The Banks allow customers to access everything concerning their financial records online without getting out of the convenience of their own homes. This new development does not only allow immense opportunities for banks to provide to all of its customers needs but it also allows a great chance for hackers to access a greater amount of the customers information. According to an ehow contributing writer Online transfer is a transfer of money from one bank account to another, the actual transfer is done by the bank, and neither the sender nor the receipt of the money sees or touches the actual funds. The reason a bank would want to adopt an online transfer policy would be because the banks are under increasing attack from phishing gangs who send emails to customers purporting to be from their bank, requesting account and password details. The money is then transferred to an account with the bank and typically sent abroad through a money transfer. To support this According to a writer Joe Morgan of Times online one of the biggest banks in Britain Barclays introduced a one day delay for transfers. This delay enables us to carry out checks that seek to prevent fraud. In addition to that the only reason why a bank should not adopt an online transfer delay policy should only be because we live in a global economy, we need to be able to communicate effectively with people, and also in this changing world, each and every day there are several evolutions and revolutions which are impacting the way we work, live, and do things, and also this means immediate satisfaction for many people. In the case study mentioned in the textbook of all the Banks only Barclays bank mentioned the online transfer delay. This allows them to continue to providing additional security but they forget that they have a tendency to lose feedback because several customers expect real time response when dealing with the internet. A bank may choose not to put into practice an online transfer delay, if its customers scrutinize both speed and competence a key factor. In the conference the past week with the article on Building a Collaborative Enterprise, I elaborated on Collaborative enterprises being built on people, process, and technology because it helps an organization become very effective and productive because businesses with good team work produce industrious work. The two primary lines of security defense are both people and technology because banks continue to deal with money they must offer the most highly developed security features to keep their customers finances secure. The difference between the types of security offered by the different Banks; Bank of America, Barclays bank, wells Fargo and company, and e-trade financial corporation mentioned in the case study. I currently bank with Bank of America, and would definitely encourage everyone to open an account with them because they are all over the place that makes it so much convenient and easier having to use an ATM, they have better benefits compared to other banks for example, its free for students no monthly surcharge like other Banks, and also they have a great online service, and international account program. According to our textbook Business Driven: Information system. Bank of America is implementing authentication and authorization technologies such as online computer identification. For example, their site key offers two factor authentication, the customer picks an image, writes a brief phrase as well so that whenever the customer signs in from their personal or a different computer an image and phrase are displayed indicating that the bank recognizes the computer and the customers identity. Wells Fargo company as well as implemented authentication and authorization technologies such as additional criteria, for example, implementing an out-of-wallet which consists of questions that is not found on the drivers license or ATM card. E-trade financial corporation is also implementing authentication and authorization technologies such as digital security IDs, for example, the free digital device displays a new six digit code every 60 seconds which a customer must use to log on. Lastly, Barclays bank is also implementing prevention technologies such as online transfer delays and account mentoring. Additional types of security Banks need to implement, when it comes to both authentication and authorization this entails what the user knows such as the user ID and password, something the user has such as a smart card, and also something that is part of the user such as fingerprint. Prevention and resistance such as content filtering, firewalls. Detection and response such as antivirus software, and also providing a combination of all three types is very advantageous. Three policies a bank should implement to help improve information security, the information security plans must identify and assess risks to customer information, make sure the security and confidentiality of protected information, and protect their information against unauthorized access, loss of data integrity, errors introduced into the system, unauthorized access of data and information. Describe monitoring policies; information technology monitoring is tracking peoples activities by such actions such as number of keystrokes, error rate, and number of transactions processed. An organization must continue to put together the right monitoring policies and put them into practice, the right path for an organization planning to engage in employee monitoring is open communication surrounding the issue. The organization needs to continue educating their employees on whats unacceptable behavior, and the organization will find out that the employees not only become accustomed to a policy but also reduce the burden of the organization by policing themselves.