The best Practise on Managing Banking Data Security

The best Practise on Managing Banking Data Security

Introduction

Banking Data security refers to the procedure of banking data protection. It is extremely important for the management of banks to make certain strategies and standards that will help them to protect their data. Inappropriate methods and approaches for data security will be hazardous for the management of banks. Administration and owners of the bank should review their policies, legislations, and approaches for data protection to keep their information safe and confidential. The management of banks are responsible for the security of users' information and money, so security standards and practices have a great importance in the banking processes.

Literature Review

Strategies for Banking Data Security

There are a number of studies that focuses on the banking data security. Various studies have indicated that it is the responsibility of the management to design certain strategies for the protection of users' information. A study was conducted by Wang, Wang, Ren & Lou (2010), which described certain effective strategies for the security of data in banks. The study focused on the five extremely common strategies that will help the bank to protect their basic data. The first strategy was regarding the patch security holes and the identification of vulnerabilities. The study clearly indicates that update of patches and identification of certain gaps and flaws will help the organisation to compile their protection process. The second strategy was regarding the installation of firewall and antivirus in the computer systems and software packages. The reason behind this strategy is to hold the attacks of cyber virus and hackers.

Figure 1

The third strategy is regarding to introduce a firm wide security setup. It is very important for the banks to introduce a self managed security plans to protect their data. Security plans may include the use cameras, trackers, antivirus, latest technologies, and many more. Moreover, the study also indicated that the use of technology for security plans will improve the results regarding security.



Figure 2

The fourth strategy is regarding the use of BYOD (Bring your own devices) in the security setup. Use of latest, innovative, and personal devices for the sake of protection will surely help the firm to increase security against any mishap. Awareness of employees regarding security plans, threats, and steps to be taken on attack is considered as the final strategy. Giving complete information to the employees will help them to tackle the situation successfully in any condition (Wang, Wang, Ren & Lou, 2010).

Security Layer to Protect Customers

A study was conducted by Douglas (2012) that described the use of security later for the protection of customers and their information. The objective of the study was to assess the use of security layers by administration of banks to protect the database and customers' data. The study described that the increasing incidence of hacking and capturing data of customers from banks resulted into the implementation of security layer for the purpose of security. The study further indicated that the use of security layers ...