Cyber Threat in a Finance Organisation Essay Example | Topics and Well Written Essays - 3000 words

Cyber Threat in a Finance Organisation - Essay Example Identifying the loopholes in the existing regulatory framework for cyber crime will be the essence of the second part of this report. In the final part, the paper will try to recommend a viable solution which can at least decrease the magnitude of cyber threat in terms of identity fraud for financial organizations. Table of Contents Table of Contents 3 Introduction 4 1.1Aim and methodology 5 1.2 The report 6 Chapter 2: Identity Fraud in Cyber Space 6 Chapter 3: Are there enough safeguards? 8 Chapter 4: Strategic Interventions 10 Chapter 5: Conclusion 13 Reference 15 Figure Number Name Page Number Figure 1 Decision Check Box 10 Introduction Since the birth of World Wide Web (WWW) in the hand of Sir Timothy John "Tim" Berners-Lee, internet usage has traveled a long distance in the horizon of time. According to the report published by CNN News Story (2005), global cyberspace users have increased by more than 1 billion in last one decade. Although the internet has started its journey as the magic technology which provides information later on it has established its ubiquitous presence in all our daily life needs, for example, one can even conduct financial or banking transactions by taking help of internet without going to the bank. It will be erratic to believe that such development of internet age has only offered benefits for mankind and not given the means to wrongdoers to commit crime through an online platform. Rather the opposite scenario is true, crime through internet or cybercrime has increased manifold in last few years due to human civilizations overexposure to the internet. Fletcher (2007) has reported that in many countries such as Brazil, Russia, and UK etc internet financial fraud has outpaced the money lost through bank robbery. The surprising fact is that public awareness about the threat of cybercrime, internet hacking is pretty low despite being the fact that activities of hackers are creating a negative impact on the financial system of a count ry in a regular interval (Fletcher, 2007). Fletcher (2007) has also reported that cyber criminals or malicious hackers not only hack personal information of users but also rob the money from the account of users by using the hacked information. Hence, the situation cannot be taken in light-hearted manner rather stringent regulatory reform is required in order to restore the safety of internet usage. Now, readers of this essay might question that why government and cybercrime agency is not taking steps to regulate the cyberspace? Well, it is not so easy. For example, Sofaer and Goodman (2001) have reported that internet is a large hemisphere of information which has multiple information channels and transaction points hence creating standard investigative instruments for all these issues is almost impossible. The important fact is that the internet is a free source hence no can control it in 100% accurate manner; a company can create a firewall to prevent hackers to access user infor mation but there is no guaranty that the firewall will give 100% safety. Grabosky et al (2001) have argued that magnitude of cybercrime which threatens the internet security is far greater than the traditional criminal activities such as robbery, misrepresentation or theft berceuse cybercrime can be carried out in geographically boundaryless manner.