Internet Security Management in Pakistani Banking Sector

Abstract

With invent of Internet in early 1990 1 s , there has been a major change in the way we live , we do business etc. The Internet has become a vast marketplace for global goods and services. This fast growth has also affected the banks , as more and more banks are going on Internet to provide their customers fast , better and customized services. The most important thing for the fast growth of e-commerce and Internet banking is t he security of financial transact ions . Either they are through credit cards or directly into bank accounts. Because data traveling over the network actually passes through many computers along the way, the opportunity exists for someone to intercept confidential information. Hackers can a l so break into computers to steal stored data. With tremendous potential for doing business over Internet , there is a lot of time and money being spent trying to make Internet transactions secure. There are already many methods and tools available that are being used for securing financial transactions and more are being developed as the development goes on. This thesis aims to explain Internet and Internet Banking with respect to different tools and methods that are available to secure the processing of financial transactions over Internet. This research starts with the underlying assumptions that the most i mportant thing for any bank operating over Internet is Security. Then the different tools and methods are discussed that can be used to secure bank 1 s network from hackers or Intruders . The tools discussed are Firewalls, Encryption, User Authentication, Intrusion Detection Systems and Anti Virus Software. During the which the along with banks, a literature research different practices were identified, banks follow to secure their customer ' s data their own network. After the study of the comparison was done between the banks , review and my findings/conclusion. The importance given by banks to Security Factor is same. They are trying their best to make their systems more secure and to give their customer t he sense of safety whenever they do business with them.