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Table of Contents

• Introduction
• Project Objective
• Project Scope
• Literature Review
• Conclusion
• Reference List

Introduction

It has been identified that in recent time that the financial sector and specially banking sector are facing different kind of struggles in order keep pace with all the innovative technologies. It can also be stated that legacy technology may portrait an inconvenience especially to the customer and the result is major risk factor or security risk factor especially in the banking sector. On the other hand, it can also be stated that hackers have gain the benefits from the new technology and it makes the overall process easier for the hackers to hack the LBS or legacy banking system. In case of Australian banking sector, it has been identified that customer have less amount of possibility to lose their funds and information from cyber-attack on the bank. Banking sector is one of the most profitable industry and at the same time it can be considered as the way of money making. Therefore, it is important to enhance the security in order to protect from cyber-attacks. Various kind of hacking attacks specifically in the corporate and governance has become more common therefore an effective’s solution process and methods are extremely important.

Project Objective

On the basis of above discussion, it is possible to identify some of the relevant objective that are related with the topic and that are:

• To identify all the process through which attackers can harm the banking sector.
• To evaluate the negative impact of the cyber-attack on the banking sector.
• To analyze the impact of cyber security methods in case of banking sector.

Project Scope

On the basis of the research study it can be stated that, it provides various scope in order to expand the research study more elaborately and effectively. On other way it can also be stated that according to the research study it can be stated it provides enough area to the researcher to make some extensive research specifically in the cyber-attack and its impact over various sector especially in the Australian banking sector. Researcher can focus on the types of cyber-attacks and can find out all the technologies that are used by the hackers to make any kind of cyber-crime. This research study or this particular project creates scope for the researcher to find out the vulnerable environment and also allow them to identify more specific and effective technologies that can be used to prevent the cyber-attacks. This project allows the researcher to explain most effective network infrastructure that can help the banking sector from any kind of cyber-crime and cyber-attack.

Literature Review

In modern time when technology is developing and modifying the overall infrastructure of the network system then it is true that possibility of cyber hacking and cyber-crime are also increasing. In most of the cases bank stores most of the important and sensitive data and information about an organization. On the basis of the nature of data it has been observed that the chances of data hacking and cybercrime are extremely high. Therefore, it is extremely important to modify the digital infrastructure in order to strengthen the cyber security. According to Chowdhury, (2016), that banking sector is one of the most profitable industries and at the same time it can be considered as the way of money making. Therefore, it is important to enhance the security in order to protect from cyber-attacks.

Cybercrime or Cyber-attack in banking sector

According to Gupta et al. (2016), cyber-crime can be considered as the computer mediated activities that are usually executed through the global network and which are most of the cases can be considered as the illicit or illegal activity. Generally, it can be stated that cyber-crime is conducted by using various kind of online technologies. Mainly hackers illegally transfer and sometime removes money from authorized account to an unauthorized account. On the other hand, it can also be stated that cyber-crime can also be categories in some part and that are cyber-deceptions, cyber-trespass, cyber-violence etc. Any kind of banking frauds can also be sub-categorized under cyber-deceptions and it can be considered an immoral activity that includes credit card fraud and stealing.

Most of the cases it has been identified cyber-attack that takes place in the banking sector are ATM frauds, credit card frauds and Money Laundering etc. One of the major cyber-attacks taken place in the Australian banking sector. As opined by Smith and Ingram (2017), most of the cases it has been identified that most of the cases cyber-criminal steal fund and sent it to the other account. Some of the cases cyber attacker uses banking credentials such as password, PIN certificate. Apart from that it can also be identified that some time attackers or cyber criminals does not steal anything because the intention of those criminals is to harm the image of the specific bank therefore, cyber-criminal blocks the bank server so that authorized customer and client fails to access the transaction.

Cyber security practices for banking sector

In case of banking sector, it has been identified that most of the banks deals with huge amount of data and information. Therefore, it is important to provide proper security in order to protect from any kind of cyber-attacks. Therefore, most of the cases banking sector focuses on several factors that actually enhance the security methods. On the basis statistical analysis, it can be stated that the Australian banking sector uses some of the security methodology in order to protect from cyber-attacks (Watkins, 2014).

Security Method	Usage Amount
Firewalls	94%
Physical Separation	83%
Role-based Access	86%
Encrypt Backup Data	63%

 

With the help of this kind of security method it becomes possible to protect initially any kind of cyber-attack that can steal fund from the customer’s account. According to Karim (2016), with the help of   modern technology it becomes possible to protect the system from cyber-attacks. Encryption technology is one of the most advanced technologies that are used to protect any kind of information or data from the unauthorized access. Sometime hackers tamper banking details and manipulate the data but encryption methods provide a unique key id that can only be decrypted by an authorized user or customer. In this process it is possible to maintain the cyber security in the banking sector.

Measurement of cyber-attacks and cyber security

On the basis of the above mentioned study it has been observed that it is extremely to measure the amount of cyber-attacks that are taking place in the Australian banking sector. It is because after measuring the cyber-attack it is only possible to determine most effective and appropriate cyber security methods in a proper manner. Before implementing any kind cyber security process it is important to analyze some of the factors and that are vulnerability testing, penetration testing, patterns of viruses, trojan and worms, types of malicious insider, type of web based cyber-attacks etc. On the basis of this measurement process it become possible to select appropriate cyber security methods for the banking sector.

Effect of Cyber Security for Australian Bank

Cyber-attack is one type of threat to the power networks around the worldwide. The survey shows how these threats affect the network by breaking the internet security. The growth of data driven service and digital technology is spreading out the surface of the attack to detect the cyber threats. As a result, the infrastructure of the internet beaks down while hacking the poor signals. DDoS or the Distributed denial of service attacks on the major websites in the banking sectors of Australia. The cyber-attacks target the vendors and the providers of the critical infrastructure and they allow delivering some critical services. The attacks on the critical infrastructure are not new approach for providing security to the researchers. Australia launched $240 million of strategy about cyber security in the critical infrastructure. Bank is a financial institute where personal information about customers and banks are kept (Chertoff and Simon, 2015). The hackers want to steal that personal information for stealing money. They use the data or information illegally and misuse it in the cyber-crime. AGL and Origin take some steps for securing their business against those cyber threats. AGL created incident manager and threat intelligence to protect and recognize the information. Origin works on the penetration tests carries out some reviews related to security to improve control. The manager of the origin takes care on the technology and risk to protect the assets of the people.

The strategy is focused to protect the operational performance, safety from security threats and personal information. The other issues like data encryption and privacy have been affected by the cyber-attacks. Human rights’ movement involves in case of cyber-attacks on Australian Banks. The government of Australia planned to provide a safeguard in the security mechanism. The problem arises with the problem of backdoors. The ethics should be compromised when security is related with backdoors. The advanced strategy has been taken for all the users and it is used to detect the criminals from the target of data encryption. The Government of Australia provides some spy to determine the cyber-crimes. The communications between those spies should be clear and confidential to secure the data. The included devices are like iPhones, tablets and the apps should be Whatsapp, telegram etc. New innovative ideas should be generated to execute the strategies. These issues should be tackled very sensitively as it includes personal data and money.

Cyber-attack prevention

In recent scenario it has been identified that most of the sector especially the banking sector are focusing on the prevention process of cyber-attack. Moreover, sending huge amount of money on software now banking sector are focusing in the resources dedicated in order to prevent the cyber-attack. For that special IT infrastructure with effective and skilled staffs are extremely important and at the same an effective tanning are required to avoid any kind cyber security. With the help of this training it is possible to make risk assessment on the basis of cyber security. On the basis of that it can be stated that it means more processes and robust policies that must need to introduce. It is opined by (Holt et al. 2016), generally it proper awareness about the problem and risk of cyber security. It has identified that this kind of cyber-attack not only cost huge financial impact rather it actually causes reputational damage. Therefore, to protect the money and information from the banking sector it is most important to enhance the security of the database and also the security of network system. Most of the cases hackers and intruders can access the database only when there is no encryption of data is present and lack of network security has been identified. By implementing appropriate training, it is possible to prevent cyber-attack.

On the other way two way authentications is one of the most effective security processes that can be used to protect bank holder’s account from any kind of cyber security. Generally Australian banks send specifically a temporary code to the individual before login. Therefore, hacker needs to access both the phone and computer to gain any kind of access in any individuals account. Still it has been identified that there are several banks that are not used this kind of two authentication processes to protect the accounts of the customer.

Conclusion

On the basis of the above mentioned discussion it can be concluded that cyber-attack is one of the major concern for any sector and especially for the banking sector. On the other hand, from the above mentioned discussion it can also be constructed that it also highlighted all the factors and the way cybercrime are taken place in the banking industry. After that the discussion highlights all the factors that are related with the cyber security practices. From the above mentioned discussion it is also possible to measure all the pattern of cyber-attacks and also possible select appropriate security method to protect from various kinds of cyber-attacks.

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