Are existing internet security measures guaranteed to protect user identity in the financial services industry?
by Charles Adetokunbo Shoniregun
International Journal of Services Technology and Management (IJSTM), Vol. 4, No. 2, 2003
Abstract: The effect of the internet on the financial services industry has helped companies get closer to their customers, increase their market audience, acquire an important distribution channel and offer convenience and accessibility to their clients. It has become an opportunity to deliver a seamless client experience in a multi-channel relationship. Until recently, the only real restriction on the size and scope of companies was ''geography''. Now the technological revolution has removed this barrier to entry, we shouldn't be surprised at the extent and speed at which new threats appear to the sector. The rush by organisations to offer their products and services online has left many overlooking the threat to security, which has been deemed as the main barrier to the development of E-business (eB). In the global economy, there is a great incentive to survive and companies are planning to succeed in making their products and services less invasive even as the net becomes more pervasive. Companies are offering their products and services in a faster, cheaper, more informative and more customer-orientated way, therefore, it is becoming more difficult for businesses to survive let alone prosper and grow. As the internet becomes the de facto platform for doing business, it remains a vast frontier of ''untamed and uncontrolled'' networks. Accenture, predict that the ''internet economy will top US$1 trillion by the end of 2002''. This prediction is yet to become a reality due to the present slow down in the global economic climate caused by the September 11 terrorist attack on the USA. However, no one can afford to ignore the presence of the internet economy or its future potential growth. Analysts suggest that there is no way of making the internet ''100% safe'', therefore, organisations and governments are forced to implement security policies, technological software and regulations in order to control unauthorised intrusion into corporate networks. This paper discusses the internet security threats in the financial services industry, and suggests possible strategic and technical solutions.
Online publication date: Thu, 24-Jul-2003