Cmgt 400 Week 1

Information Security Threats

Through the year’s technology have impacted the banking industry in many positive ways. Thanks to this evolution banks have become more effective and efficient but vulnerable at the time of processing information. In recent years credit card companies and banks have suffered the consequences of security flaws. This alarming event have made companies to be more protective at the time of processing data. The Banking industry have loss millions of dollars due to security breaches. To have a better understanding of the topic the following paper will be discussing the common information security threats that are currently affecting banking organizations. It will also be discussing the legal, regulatory, and ethical aspect.

Risk & Vunerabili1ty

The main purpose of breaking through the security of banks is to illegally obtain valuable data. The people that practice such illegal activities are known as hackers or intruders. The main data that are at risk is account number and logging credentials. The system can be vulnerable due to lack of security measures and protocols. According to Conklin, White, and Williams (2012) “The use of protocols such as SSL/TLS provides a convenient method for end users to use cryptography without having to understand how it works” (p.465). Even though, Secure Sockets Layer (SSL) is not a guarantee secured protocol. A SSL is commonly used to manage encryption information transmitted over the Internet. The SSL capabilities is to secure the link between the server and the computer. The protocol is vulnerable due to infections of malware installed in the end communication link. Following, the paper will be discussing more about the major security banking threats

Major Security Threats & Prevention

In the credit card and banking environment the three major threats that threatened the security of their services are phishing, pharming attacks, and spyware. According to Conklin, White, and Williams (2012)...