Online Retail Banking: Security Concerns, Breaches, and Controls

Kent Belasco, First Midwest Bank

Siaw-Peng Wan, Elmhurst College

Introduction

Types of Online Retail Banking Services

Sources of Information

Customer Services

Account-Related Activities

Online Banking Security Concerns

Assets

Threats

Impacts

Definition of Security

Information Security Objectives

Sources and Controls of External Information

Security Breaches

Definition and Problem Statement

Sources and Controls of External Threats

Sources and Controls of Internal Information

Security Breaches

Definition

Sources of Security Breaches

Controls

Conclusion

Need for Customer Assurance

Glossary

Cross References

References

Further Reading

INTRODUCTION

When the Internet backbone was privatized in the mid-1990s, it transformed the way many individuals conduct their day-to-day activities. It established a new and more efficient way for individuals to purchase plane tickets, order the latest best-sellers, or research a particular product of interest.

Bank-related activities are also among the growing activities that individuals perform online on a daily basis. According to a 2003 report from Jupiter Research, approximately 29.6 million households in the United States banked online in 2003, and this number is expected to reach 56 million households by 2008 (Greenspan, 2003). This will represent an average annual growth rate of about 14% in the 5-year period.

One of the driving factors for the increasing number of online banking ...

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