If software and hardware could prevent every security threat, there would be no intrusions, hacking, malware, or ransomware – yet there is news about new attacks almost daily. Why? Security is a process, not a product. The most effective cybersecurity operations require 24/7 monitoring with a Security Operations Center (SOC), separation of true security threats and information from the benign, and immediate response.
source: https://www.onshore.com/managed-security-services-panoptic-cyberdefense/cybersecurity-in-banking/
Determine Inherent Risk Profile Management can determine the institution’s overall Inherent Risk Profile based on the number of applicable statements in each risk level for all activities (Figure 2). For example, when a majority of activities, products, or services fall within the Moderate Risk Level, management may determine that the institution has a Moderate Inherent Risk Profile. Each category may, however, pose a different level of inherent risk. Therefore, in addition to evaluating the number of instances that an institution selects for a specific risk level, management may also consider evaluating whether the specific category poses additional risk.
source: https://ifap.ed.gov/eannouncements/attachments/FFIEC_CAT_form.pdf
Dear Eduard Babulak,
In the area of electronic banking, including mobile banking, commercial banks improve technological solutions for the use of smartphones for the purpose of conducting financial transactions by clients. Commercial banks spend the most resources on developing security systems, reducing gaps in online banking systems used by cybercriminals and improving IT systems risk management procedures. The changes taking place in online banking, including mobile banking, are currently determined primarily by the technological progress related to telecommunications and IT devices.
I invite you to the discussion.
Did any of you conduct comparative research in the field of safety analysis of the use of online mobile banking on smartphones equipped with various operating systems and various security systems for data transfer via the Internet?
In addition, can anyone of you examine the problem of managing the risk of processing and transfer of classified data in electronic banking systems, including online, mobile banking with access to bank accounts through a smartphone?
If so, I invite you to discussions and cooperation, because I am studying these issues.
Currently, I also conduct research in the field of correlation of integrated credit, operational and technological risk management systems as well as data transfer security risk in online mobile banking.
Some online technology companies, including, for example, antivirus software vendors, conduct research in the field of cybercrime regarding online mobile banking.
I invite you to the discussion.
The issues of key aspects of online banking security are described in the publications:
https://www.researchgate.net/publication/327094263_DETERMINANTS_OF_THE_SAFETY_OF_THE_ELECTRONIC_DAILY_TRANSFER_IN_THE_CONTEXT_OF_GLOBAL_TRENDS_ON_THE_INTERNET_DEVELOPMENT_OF_THE_MOBILE_BANKING
https://www.researchgate.net/publication/322239554_IMPORTANCE_AND_SECURITY_OF_INFORMATION_PROVIDED_BY_THE_INTERNET_IN_THE_CONTEXT_OF_THE_DEVELOPMENT_OF_ECONOMIC_ENTITIES_IN_POLAND
I invite you to discussion and cooperation. Greetings
The above question inspired me to the following considerations:
The analysis of banking Trojans consists in researching methods of cybercrime in the field of infecting the bank's information systems, both those which are intra-bank and those that serve bank customers as part of online mobile banking. Analysis of attacks by cybercriminals, for example, viruses popular in recent years, trojans of the ransomware type, which after encrypting computers encrypt data disks. In addition, other types of Trojan horses are used to steal sensitive data, personal customers or embezzlement of money from clients' bank accounts, extorting loans, etc. After analyzing methods used by cybercriminals, banks strengthen security systems, protect banking systems against these attacks, improve security and authorization tools online banking clients. In addition, the next step is to improve the risk management process of IT systems. I described these issues, among others, in the following publications:
In addition, cybercriminal attacks on electronic banking systems are probably much more than official statistics provide, because banks do not boast of these events if they do not have to.
This is because many of these cybercrime attacks are ineffective or have relatively low costs, and the identified gaps in the e-banking system are quickly repaired.
however, if the bank customers knew all these events of cyber-criminals, this could reduce the level of confidence in banks.
Then, bank customers could start to withdraw bank deposits from banks and dopiers on a massive scale, then a serious problem for banks would appear associated with a sharp increase in the level of liquidity risk.
I invite you to the discussion.
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