Security vulnerabilities and threats associated with banking systems

This research focuses on the security vulnerabilities and threats associated with banking systems. Various types of cyber-security attacks are performed by hackers on banking systems including malware threats, ransomware, phishing, DDoS and many more (Burkaltseva, et al., 2019). Phishing and ransomware are major security attacks performed by hackers to obtain login credentials of the banking systems and applications used by the customers so that financial details can be collected. This research will provide depth analysis of these security attacks and will propose effective recommendations and countermeasures against security risks so that the privacy of the banking systems can be improved.

This research delivers a way for identifying and monitoring security vulnerabilities associated with the banking systems and applications delivered by the companies. Today, hacking is a common problem for banking communities where it is difficult to control security risks and problems produced by cyber-criminals. This research will deliver depth observation regarding the cyber-security vulnerabilities that occur in the banking systems and communication networks of the banking communities.

Aim: To critically analyze the cyber-security vulnerabilities and attacks associated with the banking systems

There are the following research objectives based on the research topic:

Objective 1: To demonstrate an understanding of security risks and vulnerabilities in banking systems

Objective 2: To investigate the risk factors producing security problems and challenges among banking systems and networks by conducting a systematic literature

Objective 3: To explore various security attacks and threats performed by the hackers for gaining accessibility of the banking systems

Objective 4: To analyze the implications of security vulnerabilities on personal details, banking servers, ethics, and banking performance by reviewing the real cyber-attack incidents.

Objective 5: To propose and recommend effective security plans and countermeasures against security vulnerabilities so that the privacy of banking systems can be improved.

In order to attain the above research objectives, this research will conduct systematic literature that will help to identify the security risks associated with the banking networks and systems by analyzing the findings of recent papers. The previous studies provided brief information about risk factors increasing security vulnerabilities and threats in the banking networks and systems that produced the research gap (Thakor, 2020). There is no systematic research that provides complete information about security attacks and vulnerabilities for banking systems, but this research will critically discuss the major security threats and propose significant recommendations and security plans for defending against the security threats.

Research methodology plays a significant role in the study that enables the writers to control research problems or issues by delivering effective research programs, approaches and techniques. The uses of effective research methods directly impact on the research quality and help to address research questions significantly. The intention of the methodology for this research is to enhance knowledge about security vulnerabilities and risks associated with banking systems. This research will cover various research methods and techniques:

Methodology

It is one of the significant methods used in the study that helps the writers to develop and include significant research plans by which structures and frameworks can be developed based on the research aims and objectives. Mainly, qualitative, and quantitative are effective designs used in the studies by the writers. This study will cover a mixed research design that will address both qualitative and quantitative designs. In this manner, qualitative research will provide theoretical points related to the cyber-security vulnerabilities in banking systems (Elzamly, and Hussin, 2016). As opposed, the quantitative design will provide numerical facts or data obtained from the observations and primary sources. Using such a design, the writer will obtain significant information about risk factors and security vulnerabilities linked with the banking systems.

It is another reliable methodology that delivers a framework where writers can get the right direction for the research. With the help of a research approach, the research concerns and gaps can be managed in a significant manner. Generally, inductive, and deductive are common research approaches used in the studies. It is found that the inductive approach is able to deliver depth observation and analysis regarding research objectives, but the deductive approach provides brief information and details by developing research hypotheses. This research will follow an inductive approach because of their ability to provide depth information and analysis related to the cyber-security issues and risks associated with the banking systems.

The Final Year Dissertation / Project Report is a major work that students are required to undertake in order to complete their degree. This will be the largest piece of work that a student is expected to produce as an undergraduate. The outcome will not only be the production of a sizeable piece of work to add to their portfolio, but will also guide the student towards achieving greater self-direction, autonomy and personal satisfaction.

The aims of this exercise are to extend the students in a particular field of interest related to their studies, to develop critical faculties and to produce training in research methods. The project should provide the students with the opportunity to bring together the academic knowledge and skills acquired from the previous study.

Through the project, the students are expected to:

• Demonstrate depth of understanding of a broad range of skills and knowledge.
• Explore an idea, problem or area of study that is of special interest to them.
• Gain an insight into the complexities of real-world problems.
• Develop new skills.
• Demonstrate independent learning and self-management.

Dissertation Report Specification

Sectioning the Final Year Project Report

The report must be presented in sections, each one identifying a major part of the report. It must be obvious where each section begins and ends, and which sub-section is connected to which major section. Thus, headings must be linked in form and layout to a notation system which is itself logical and easy to use.

Headings within the organization of the report must be as specific as possible in order to be useful. The logical linking of headings is shown by notation, most commonly decimal notation (easy to produce and follow, and it is widespread). As far as possible, headings should match numbering in importance, so that the visual impact of major headings is correlated with the major notation. Lower down the ‘hierarchy’, this correlation may break down, but it should certainly be followed for first and second level headings.

Chapter 3 is all about the technique: how will you approach and manage the whole project in order to develop the solution?

This chapter focuses on the research methodology and project management part of the dissertation and intends to explain how you have chosen to undertake the various tasks based on the initial requirements (Aims and Objectives) and expected deliverables. Be specific and avoid bland statements that apply to all projects.

The approach will also depend on the type of project (Research-based or Applied / Practical):

• Research-based: Focusing on the research methodologies and approaches that you have chosen to follow in order to satisfy the Aims and Objectives set.
• Consultancy-based: Focusing on the data collection methodologies and approaches that you have chosen to follow in order to satisfy the Aims and Objectives set.
• Practical-based: Focusing on the design, development and testing / troubleshooting of the artefact / solution that you have undertaken to develop as per the Aims and Objectives set.

Chapter 3 should include the following sections:

If Research-Based:

• Introduce this chapter and its focus.
• Discuss and justify why this type of project (Research-based) is appropriate for the requirements as per the Aims and Objectives.
• Methodology: A Research-based project will be focusing on the collection of data and techniques used towards understanding, explaining and recommending as the main intention. Research choices made must be discussed and be supported by explanations on the suitability of these choices. The following must be covered in this section:

• Research Design: Explanatory, Descriptive or Normative
• Data Collection: Primary or Secondary sourcing of data and approach(es)
• Research Methodology: Quantitative, Qualitative or Mixed analysis techniques
  • Project Planning Review: The contents of this section have been initially included in the Project Plan of the Proposal but they should be reviewed here to incorporate / reflect changes encountered in the process of undertaking the project. The Project Planning Review should include the following:
• Work Breakdown Structure (WBS) – Updatedstructure of work tasks undertaken.
• Gantt Chart – UpdatedGantt Chart identifying the true start and finish dates of the various scheduled project tasks that were undertaken until the end of the project alongside the proposed dates.
• Resources List: The resources and/or tools used during the project and the purpose behind each item listed in order to enable you to progress and complete your project.
• Risks and Limitations: Identify and briefly discuss any limitations and/or risks that you might have encountered and what you did to overcome them. This may include non-availability of resources, tasks overrunning, etc.

If Consultancy-Based:

• Introduce this chapter and its focus.
• Discuss and justify why this type of project (Consultancy-based) is appropriate for the requirements as per the Aims and Objectives.
• Methodology: The consultancy project will be focusing on the understanding of a particular problem, need or opportunity that an organisation is facing, with the intention of producing a solution to the problem / need or capitalising on the opportunity. The following must be covered in this section:

• Research Design: Normative, Problem-Solving or Development and Application
• Data Collection: Primary or Secondary sourcing of data and approach(es)
• Research Methodology: Quantitative, Qualitative or Mixed analysis techniques
  • Project Planning Review: The contents of this section have been initially included in the Project Plan of the Proposal but they should be reviewed here to incorporate / reflect changes encountered in the process of undertaking the project. The Project Planning Review should include the following:
• Work Breakdown Structure (WBS) – Updatedstructure of work tasks undertaken.
• Gantt Chart – UpdatedGantt Chart identifying the true start and finish dates of the various scheduled project tasks that were undertaken until the end of the project alongside the proposed dates.
• Resources List: The resources and/or tools used during the project and the purpose behind each item listed in order to enable you to progress and complete your project.
• Risks and Limitations: Identify and briefly discuss any limitations and/or risks that you might have encountered and what you did to overcome them. This may include non-availability of resources, tasks overrunning, etc.

If Practical-Based:

• Introduce this chapter and its focus.
• Discuss and justify why this type of project (Practical-based) is appropriate for the requirements as per the Aims and Objectives.
• Methodology: The project will be focusing on the understanding of a particular problem, need or opportunity, with the intention of producing a solution to the problem / need or capitalising on the opportunity. The following must be covered in this section:
• Research Design: Causal, Problem-Solving or Development and Application
• Data Collection: Primary or Secondary sourcing of data and approach(es)
• Project Management Methodology: Waterfall, Agile, Scrum, other, and discuss and justify.
  • Project Planning Review: The contents of this section have been initially included in the Project Plan of the Proposal but they should be reviewed here to incorporate / reflect changes encountered in the process of undertaking the project. The Project Planning Review should include the following:
• Work Breakdown Structure (WBS) – Updatedstructure of work tasks undertaken.
• Gantt Chart – UpdatedGantt Chart identifying the true start and finish dates of the various scheduled project tasks that were undertaken until the end of the project alongside the proposed dates.
• Resources List: The resources and/or tools used during the project and the purpose behind each item listed in order to enable you to progress and complete your project. Any specialist hardware and/or software used should be included.
• Risks and Limitations: Identify and briefly discuss any limitations and/or risks that you might have encountered and what you did to overcome them. This may include non-availability of resources, tasks overrunning, client related issues, etc.