Online Retail Banking: Security Concerns, Breaches, and Controls
Kent Belasco, First Midwest Bank
Siaw-Peng Wan, Elmhurst College
Types of Online Retail Banking Services
Sources of Information
Online Banking Security Concerns
Definition of Security
Information Security Objectives
Sources and Controls of External Information
Definition and Problem Statement
Sources and Controls of External Threats
Sources and Controls of Internal Information
Sources of Security Breaches
Need for Customer Assurance
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 ...