As increasing dependence on information systems develops, the need for such systems to be reliable and secure also becomes more essential. As growing numbers of ordinary citizens use computer networks for banking, shopping, etc., network security is potentially a massive problem. Over the last few years the need for computer and information system security has become increasingly evident, as web sites are being defaced with greater frequency, more and more denial-of-service attacks are being reported, credit card information is being stolen, there is increased sophistication of hacking tools that are openly available to the public on the Internet, and there is increasing damage being caused by viruses and worms to critical information system resources.
At the organizational level, institutional mechanisms have to be designed in order to review policies, practices, measures, and procedures to review e-security regularly and assess whether these are appropriate to their environment. It would be helpful if organizations share information about threats and vulnerabilities, and implement procedures for rapid and effective cooperation to prevent, detect and respond to security incidents. As new threat and vulnerabilities are continuously discovered there is a strong need for cooperation among organizations and, if necessary, we could also consider cross-border information sharing. We need to understand threats and dangers that could be vulnerable to and the steps that need to be taken to mitigate these vulnerabilities. We need to understand success control systems and methodology, telecommunication and network security, and security management practice. We should be well versed in the area of application and systems development security, cryptography, operations security and physical security.
The banking sector is poised for more challenges in the near future. Customers of banks can now look forward to a large array of new offerings by banks. From an era of mere competition, banks are now cooperation among themselves so that the synergistic benefits are share among all the players. This would result in the formation of shared payment networks (as the Multi Application Smart Card project which, when implemented, would facilitate transfer of funds using electronic means and in a safe and secure manner across the length and breadth of the country, with reduced dependence on paper currency. The opportunities of e-banking or e-power in general need to be harnessed so that banking is available to all customers in such a manner that they would feel most convenient, and if required, without having to visit a branch of a bank..
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