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Managing security issues of Internet Banking: Towards the future of the banking industry
The banking industry has been a target for crime since the beginning of it's time. Bank robberies were being planned and executed since banks were first in operation. In more recent years, criminals have found new ways to access other peoples funds through obtaining account information through the post and looking through individual's rubbish for scraps that have been discarded which could contain vital information that could be used as a means of identification and authentication.
Since the advent of internet banking, the focus has shifted to an overall holistic approach to banking security where electronic security is at the forefront of public concern. But with this in mind, are the banks and other financial institutions planning to combat the ever emerging threats that "cyber criminals" pose? And if so, is the level of protection adequate to provide peace of mind for their customers?
Usernames and passwords have been the primary authentication methods in the computing world since it's origins. Although this was once thought to be an adequate means of securing sensitive data - this is no longer the case. When the internet was first made available to the public, the term "hacker" was associated with a rare, criminal-minded genius that possessed extraordinary computing ability and could penetrate the security infrastructure of any organisation's or individual's computer system. However these days, the term has been "watered down" somewhat due to the mere frequency of hacking occurrences, and ease of accessibility to tools which aid individu ...