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Security and privacy of electronic banking byBog'liq Security and Privacy of Electronic BankingConclusion
The internet has grown exponentially, with more than 2,267 million which is actually 32.7% of
the world population in December 2011. The internet enhances the interaction between two
businesses as well as between individuals and business. As a result of the growth of the internet,
electronic commerce has immerged and offers tremendous market potential for today’s business.
One industry that has benefited from this new communication channel is the banking industry.
Electronic banking (e-banking) is offering its customers with a wide range of services.
Customers are now able to interact with their banking accounts as well as make financial
transactions from virtually anywhere without time restrictions. E-banking is offered by many
banking institutions due to pressure from competitions. Today, it is believed that people make
the difference to information technology and security development and that training on the
ethical, legal and security aspects of information technology usage should be ongoing at all
levels within organizations (Nolan, 2005).
The future of electronic banking will be a system where users are able to interact with their
banks “worry-free” and banks are operated under one common standard. Most research studies
have indicated that the common problem affecting information security and privacy of customers
is e-services provider’s lack of security control which allows damaging privacy losses. Apart
from that, another problem is the subsequent misuse of consumers’ confidential information, as
in identity theft. These may affect customer’s confidence toward online business transaction in a
variety of privacy risk assessments by consumers. Current technology allows for secure site
design. It is up to the development team to be both proactive and reactive in handling security
threats, and up to the consumer to be vigilant when doing business online.
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