Review on information security, laws and ethical issues with online financial system

Abstract

Information security for banking application of online services is mandatory aspects to protect the information and information system assets of the bank. Protection depends upon the mechanism and aligned tools and technologies with the assets such as networking components and software applications. Online functionalities of banking system is more prone to be attacked due to use of open public network for remote customers and employees to perform the basic functions of banking services. The major security concerns are confidentiality, integrity, availability, accuracy etc. These security concerns are analyzed with domain of functions and proper and effective mechanisms are devised to mitigate such type of event to happen with assets. Laws and regulation proposed by legislature in this area is also effective to prevent the attackers and hackers to do such violation with the information assets of the bank. The proactive security mechanism is considered as better mechanism to protect the application integrity along with the application. The ethics related with the functional domain of the banking services. The work ethics must be positive with the domain of the role of the system with electronic platform.