As the business and financial institutions are continuing to adopt internet-based commerce systems, the opportunities for the cyber crime are increasing at the retail and consumer levels. In the past, banks did find the cost of investing in the security technology to being too high. Now, because the market value of personal information is becoming important, banks are now considering investing in the security technologies. The cybercriminals are continuously demonstrating the ability to exploit online financial and market systems that interface with the internet (Canavan, 2001). The network security is essential to financial institutions because all the money in the bank is now accessible via the computer. It is possible for someone to steal the money with very little record of where the money is.
Thieves are constantly finding new ways for getting around even the complex firewalls and the security systems; thus, it is essential for financial institutions to consider ways to avoid cyber theft. Thus, network security is important to financial institutions. In most cases, the transactions being usually processed represent the life savings of people and also the lifeblood of the global economy (Pfeil et al. 2006). Thus, the banking network security should have unique requirements because of the information sensitivity of the financial networks. Network security is necessary to keep safe financial institutions as it helps to avoid reputation damaging and security breaches.
The internet tends to be an increasingly dangerous place. The network attacks are evolving from a hacker’s hobby into a lucrative and sophisticated business (Serpanos & Douligeris 2007). Therefore, because of the information that financial institutions hold, it is critical to ensure network security. So as banks can improve network security, they should ensure that they change with the technology.
Reference
Canavan, J (2001). Fundamentals of network security. Artech House
Gold, A., Manzuik, S., & Pfeil, K (2006). Network security assessment. Syngress
Serpanos, D., & Douligeris, C (2007). Network security. John Wiley & Son
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