Discuss about the Impact Of Information Technology Systems in the Western Union Bank.
Impact of the system on business continuity
Information systems have become a valuable tool that is required in banks to perform critical functions such as financial statements, customer service, and payroll. This thing makes it easier to work in western union bank, but there are threats and risks in these systems that may damage, loss or get information in the technology systems. We have to get an act to prevent these risks and have a disaster recovery plan from all the bank losses in western union
Business critical function
The essential functions of a business are customer service, financial statements, and payroll. The information technology systems are essential in these functions. In financial systems, it can collect and store the financial data such as sales order, tax information, vendor invoices and inventory data the systems can supply this information and enables people to work together in the western union bank and how these financial systems are shared to the bank and different. The systems also assist the customer services since it promotes the product and services that accompany offers, and strengthen relationships with customers, the services offered by the bank is to store money, give loans they can advertise their services to the public and also enables the people to save money in this banks and all branches of western union . The systems enable employee data from the human resource information system to be replicated in the payroll on time without any error. This enables to process the payment this is your names, address, date of birth and compensation components such as your basic pays and allowances and this system enable to tax you on time the western union bank has to pay their staffs and clients on time.
Documentation of the system
This may entail a lot of legislation, rules, and regulations that the bank should consider. This involves training of clients, maintaining the equipment inventory, project management and report writing of the critical business functions. The name the standards required such as the international organization for standards (ISO) and also the international electrotechnical commission (IEC), ensures there is an audit of all the systems to ensure they are functioning correctly and the control of the systems in the western union bank to ensure its effectiveness
Critical data and software
This is specific sections that carry out a specific task and are vulnerable to tampering attacks. The software may include commercial, in-house, or packaged or customized software. The bank should identify the critical data and solve them from being attacked by code encrypting or obfuscation. This software should be authenticated, licensed, verified by a secretive key to limit the users to avoid tampering with the process and you should also identify the programming language in this software that all the banks staff would understand.
Documentation of the system
Statutory requirements, commercial requirements, and contingency possibilities
Statutory requirements are the legal requirements required by the bank, and this includes the business structure is it registered up to date are they going the correct standards. The Intellectual Property such as trademarks and designs. The employment requirements such as you meet their obligations and follow their anti-discriminatory act and ensure you follow their contracts. And follows the laws regarding confidentiality and reporting of data in organizations such as the health act and banking (Owusu and Duah 2018)
The commercial requirements may include how available is the business, the access to internal network, their back up plan, how the store data and recover them if they are needed how well is there systems encrypted and the integrity and confidentiality of the staffs especially where a client needs about his accounts and statements in the western union bank. (Board 2014)
The constraints may include the policies of the bank such as restricted areas, having been checked before entering the bank the serial number of equipment such as the ATM and in case of emergency procedures what action should the customers follow. Does the bank have enough resources and how are their budget systems? What is the time for the bank to be offering their services we see most banks open for eight hours? Are there any legal constraints with the bank.
The bank should have contingency plans in case of any risks such as fire breakout, a theft that occurred in the bank and this will enable to minimize disruption of business operations and implement disaster prevention programs in case for a fire there are areas all the customers, clients and all the clients will have to go to for security purposes to all the people who were in the bank (Eerkes-Medrano, Thompson and Aldridge 2015).
There are different types of risks and threats that may occur in a bank, and they may be physical, system failures, virus attacks, denial of service and telecommunication failure. The physical risks can either be internal, external or human. This may lead to information being copied, lost, stolen or getting damaged. The external may include lightning while internal may include an unstable power supply and humidity caused in an area while human effects are theft, intentional errors or vandalism (Kozlovsk et al. 2018). The virus attack is another effect. There are different types of viruses including the worms that alter the systems files. Trojan promotes a hacker to aces the computer, the rootkits that install files to get sensitive information, adware that monitors all the activities in a computer to enable to design it. This virus enables to collect information, hack or destroy a bank. System failure is also another effect, examples of systems include: applications, databases, gateways, operating systems, internet service provider and the servers the system may fail because of line tapping, introducing unauthorized software, malfeasance, introducing malicious data, media failure to report the system failure and also the data entry error (Mozaffar et al. 2017)
Critical data and software
Telecommunication failure may be due to failure to improve agility, failure to understand the customer value, lack of data integrity to bring about productivity and efficiency in the bank. Failure to adapt to innovation in a bank system, lack to regulate some activities in a bank are also possible causes. Failure to realize the new roles of the developed systems, inability to extract value from network services, lack of performance measurement of the systems to drive execution in a bank. Denial of service is when a multitude of computers flood to a single targeted computer they do this to gain information from a particular source (Løvholt et al. 2018).
The customers lose confidentiality in the banks since most of their privacy is revealed by the hackers and some of their essential information get destroyed and lost. These hackers used the information by bullying the clients or blackmailing them so as not to reveal this information. It is costly to install the firewalls and also the antivirus system and update them
In physical security, we consider a good lock on the companies doors and windows and the number of keys that have been made this is only one person is , install a surveillance camera in the banks for protection and identify all the persons in and the activities taking place in western union banks. The reception area where to see the inquiries of the outsiders, people being checked outside by officers to determine what they are carrying, protect all the cables that are running in the bank, encrypt all sensitive information’s, secure your wireless networks, lock your network devices such as servers and routers (Sandberg, Amin and Johansson 2015). Can purchase an uninterruptible power supply to protect from power blackouts. Installation of alarms to alert in case of emergency and ensure you have the access methods such as swipes cards or codes and ensure that they are regularly updated. Create a bank’s policy for security purpose that will entail restricted areas, showing the serial number of equipment and what procedures should be done in case of emergency (Eloff and Bella 2018)
In the system failures you should install the center for internet security, make regular backups in all the activities, monitor all the logs and systems and the data can be encrypted with passwords or complex biometric identification and should restrict user access for systems and should be done by only the legalized people. In the denial of service, you should ensure that there are advanced security information and management to take care of security reporting, scan your network frequently and update it regularly and ensure that the network is secured to report in case of mitigation. In viruses attacks its simple install an antivirus and ensure it’s regularly updated, know and understand each threat and use the authentication method (Bhagwati 2014).
Statutory requirements, commercial requirements, and contingency possibilities
Process of disaster recovery plan
Obtain management committee so that they ensure you coordinate the disaster recovery plan. Establish a planning committee that will develop and create a plan. The planning committee will undergo the analysis and possibilities of disasters. Get the priorities, processing’s and the operations required to enable to allocate resources required and the time you need.
How will you reach the dictate and evaluate it in the bank. Maybe by written agreements contract details. What process will be taken in case of an emergency?
- Collect the data and what people recommended
- Document the plan in writings as total the procedures for a recovery plan and all the details that occurred before and after are noted.
- Test the procedures that are to get a comp ability backup plan, see areas that need modification, train members and managers motivate in maintaining and updating the plan.
- Test the plan to see whether it is effective.
- Obtain approval of that plan.
Resources of a recovery plan
You require having a recovery plan. First, disaster recovery scenarios, global connect data that will serve during this critical times that have been affected by the data
Logistics required for disaster
This is the materials that are required in the place of disaster and what was destroyed, who were affected, how they are surviving and what help do they need or require (Bengtsson Borg and Rhinard 2018).
A business function is important in a company, it is our duty to identify the technology systems we are going to use and how we should recover them in case of a disaster. We can know all the threats and risks that our company is likely to undergo and how to prevent them from taking place .the western union bank should identify all this risks and damages to prevent more damage and losses.
- I recommend the western union bank should have a recovery plan
- I recommend that all the western union should follow all the standards they need and acts such as privacy act and the ISO standards or the Australian standards
- Recommend all companies should have a surveillance camera and alarms in case of danger
- Recommend that systems in the bank should be encrypted and minimize the user access
- All the systems should be authenticated with antiviruses to prevent damage in the western union bank
- Recommend tight security at the bank's entry and search of the people in entry of the bank
- Recommend improving the aces methods such as using codes and cards, and they should be updated regularly according to the western union bank.
- The western union bank should have their policies to govern all the functions
Bengtsson, L., Borg, S. and Rhinard, M., 2018. European security and early warning systems: from risks to threats in the European Union’s health security sector. European Security, 27(1), pp.20-40.
Bhagwati, J.N., 2014. The world trading system at risk. Princeton University Press.
Board, F.S., 2014. Adequacy of loss-absorbing capacity of global systemically important banks in resolution. consultative document, 10, p.2014.
Eerkes-Medrano, D., Thompson, R.C. and Aldridge, D.C., 2015. Microplastics in freshwater systems: a review of the emerging threats, identification of knowledge gaps and prioritisation of research needs. Water research, 75, pp.63-82.
Eloff, J. and Bella, M.B., 2018. Software Failures: An Overview. In Software Failure Investigation (pp. 7-24). Springer, Cham.
Kozlovsky, V.S., Tylik, D.N. and Novozhilov, E.A., EMC IP Holding Co LLC, 2018. Dynamic malicious application detection in storage systems. U.S. Patent 9,866,573.
Løvholt, F., Schulten, I., Mosher, D., Harbitz, C. and Krastel, S., 2018. Modelling the 1929 Grand Banks slump and landslide tsunami. Geological Society, London, Special Publications, 477, pp.SP477-28.
Mozaffar, H., Cresswell, K.M., Williams, R., Bates, D.W. and Sheikh, A., 2017. Exploring the roots of unintended safety threats associated with the introduction of hospital ePrescribing systems and candidate avoidance and/or mitigation strategies: a qualitative study. BMJ Qual Saf, pp.bmjqs-2016.
Owusu, P.A. and Duah, H.K., 2018. Evaluating Total Quality Management As A Competitive Advantage Tool In Mobile Telecommunication Services In Ghana. European Journal of Research and Reflection in Management Sciences Vol, 6(1).
Sandberg, H., Amin, S. and Johansson, K.H., 2015. Cyberphysical security in networked control systems: An introduction to the issue. IEEE Control Systems, 35(1), pp.20-23.
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