Analyse the cybersecurity landscapes and challenges facing the banking industry

Context

A cyber attack on a banks ATM or SWIFT payment systems can potentially lead to major financial loss and a significant decline in trust among their customer base. There are grave cybersecurity trends in the disruption of digital banking services across the nation and the world, and the sophistication of cybersecurity attacks by the malicious actors.

The entire banking industry, especially the corporate sector, would be unsettled by such an incident. Implementing the right cybersecurity strategy to enhance digital transactions and rebuild customer trust are among the top challenges facing banking management teams. Moreover, damage to reputation can make it hard to retain old customers and attract new ones. Management should act quickly, precisely and respond swiftly to these pressing dilemmas.

Your role in this assessment is to identify relevant technical cybersecurity solutions with specific actions that would enable a banking CEO to achieve his/her organisations goal: assessing and minimising cybersecurity threats.

This assessment is intended to build your skills in risk analysis, assessment and remediation when securing banking application systems.

You need to analyse the cybersecurity landscapes and challenges facing the banking industry. You will achieve this by assessing the impacts of cyber attacks on banking corporations and its customers and identifying relevant security technologies that can be used by banks to deter cyber attacks.

Task Instructions

Section A: Group Work

1. Group Formation

• Form a group of a maximum of 3 members.
• Your group must be formed by the end of Module 5 (Week 5) and registered.
• To register your group, you are required to send your Learning Facilitator an email before the registration deadline.
• Send an email to your Learning Facilitator withCBS131 Group Registration in the subject line. In the body of the email, please list the names and student ID numbers of all the members of your group. Also attach your completed Group Contract (see below for more details).
• Please note that you will work with your group members for Assessments 2 and 3.

2. Group Contract

• Please read the attached CBS131_Assessments 2 & 3_Group Contract.

This document outlines the rules and conditions each group has to follow for both assessments as well as the roles and responsibilities of each group member. The group contract accounts for 5% of the assessment grade, as indicated in the Assessment Rubric.

For assessments where students are expected to work in groups, the workload must be shared equitably among all group members. Please refer to sections 6.1 and 6.2 of the TUA PL_AC_014: Student Conduct Policy.

When submitting the group contract, you are reminded not to recycle (self-plagiarise) contracts from other assessments. Sections on deliverables, timeline and expectations should be unique to each assessment or project. Self-plagiarism constitutes a breach of Academic Integrity and can lead to penalties to the assessment or subject.

During Assessments 2 and 3, you should keep records of communication and drafts. Any serious concerns about an individual group members contribution should be brought to the attention of your Learning Facilitator as soon as they occur or at least two weeks before the due date, whichever is earlier.

If a student has been accused of not contributing equally or fairly to a group assessment, the student will be contacted by the Learning Facilitator and given three working days to respond to the allegation and provide supporting evidence. If there is no response within three working days of contact, the Learning Facilitator will determine an appropriate mark based on the evidence available. This may differ from the mark awarded to other group members and would reflect the individual students contribution in terms of the quantity and quality of work.

Section B: Analyse the case and develop the group report

1. Read the attached case scenario to understand the concepts being discussed in the case.

2. Address the following:

1. Review your subject notes to establish the relevant area of investigation that applies to the case. Study any relevant readings that have been recommended in the case area in modules. Plan how you will structure your ideas for the attacks/risk analysis, and remediation.
2. Identify the methodology used to launch the cyber attack against the bank and address the cyber threat landscaping and challenges facing the banking domain.Appraise the cyber attacks impact on the banks operation.
3. Explain the necessary security measures required to combat cyber threats, describe the basic security framework that banks need to have in place to defend against cyber threats and describe relevant security technologies to protect against cyber attacks.
4. Describe the strategies undertaken by banking management to regain customer trust in the aftermath of the cyber attack. You will be assessed on the justification and understanding of security methods in relation to cyber attack methodology, impact of the cyber attack on banking industries, and effective strategies that can be used to regain trust of its customers.

The quality of your research will also be assessed as described in the Assessment Rubric section. You may include references relating to the case as well as non-academic references.

You will need to follow the relevant standards and reference them. If you chose not to follow a standard, then a detailed explanation of why you have done this is required.

The content of the outlined chapters/books and discussion with the lecturer in the Modules 1 to 4 should be reviewed. Further search in the library and/or internet about the relevant topic is encouraged.

3. Group member roles:

Each member is responsible for researching/writing about two methods or strategies.

All group members are responsible for editing and checking the references of the report at the end so its not one members sole responsibility.

4. The report should consist of the following structure:

1. title page with the subject code and name, assessment title, student name, student number and Learning Facilitator name.
2. The introduction (approx. 150 words) should describe the purpose of the report. You will need to inform the reader of:
3. Your area of research in relation to data breach attacks and its context
4. The key concepts of cybersecurity you will be addressing and what the effects of a data breach are.

The body of the report (approx. 1,200 words) will need to respond to the specific requirements of the case study. It is advised that you use the case study to assist you in structuring the security methods in relation to the attacks/risk analysis and remediation, cyber threat landscaping and challenges facing the banking domain, impact of cyber attacks on the organisation and its customers, necessary security measures required to combat cyberthreats and effective strategies that can be used to regain the trust of its customers.

The conclusion (approx. 150 words) will need to summarise any findings or recommendations that the report puts forward regarding the concepts covered in the report.

5. Format of the report:

The report should use the Arial or Calibri font in 11 point, be line spaced at 1.5 for ease of reading and have page numbers on the bottom of each page. If diagrams or tables are used, due attention should be given to pagination to avoid loss of meaning and continuity by unnecessarily splitting information over two pages. Diagrams must include the appropriate labelling in APA style.