Maintaining the Safety of Financial Resources

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Maintaining the Safety of Financial Resources

Table of Contents

Introduction
Background
Concerns, Standards, Best Practices
Action Steps
References

Introduction

Maintaining digital security in the field of virtual economic transactions between citizens is a vital step in ensuring the safety of peoples financial resources and the security of their identities. In the case study under analysis, several breaches of digital security standards can be identified. Specifically, the countrys residents are affected by the lack of appropriately strong passwords within the system, unclear VPN policies, insufficient physical security, and gaps in employees understanding of the core concepts of secure practices, particularly, the process of handling sensitive data. However, the quality of the deployed software is sufficiently high, and the databases of the installed antivirus are regularly updated, which creates a thin layer of protection for citizens. Nonetheless, there are evident problems with security management, which can be addressed by revisiting the current standards and the means of enforcing them.

Background

The core background data to consider when addressing the case under analysis concerns the extent of citizens exposure to the existing threat. Though efforts to minimize the risk levels have been made, the current concerns for the safety of citizens data remain legitimate. Indeed, reports indicate that the extent of risk of a cyberattack has risen exponentially over the past couple of years within the financial industry (Snider, 2021). For instance, the use of overlay messages as the means of increasing the visibility of notifications that users receive during financial transactions have been reported to lead to dire consequences (Snider, 2021). Furthermore, the rapid advancement of digital technology suggests that an increased amount of security issues is yet to be properly tested, and that the existing loopholes can be exploited by cybercriminals using innovative techniques (Snider, 2021). Therefore, a prompt response is required to ensure that peoples private information remains undisclosed to a third party.

Concerns, Standards, Best Practices

Currently, the security of citizens private data, as well as their financial assets, represents the core concern to be addressed. Coupled with the lack of awareness and required skills in citizens, the existing gaps in security have created an environment where cyberattacks can be delivered with devastating outcomes (Aliyari, 2021). To manage the specified issue, current standards for maintaining customer data integrity and safety must be updated. Specifically, innovative solutions for addressing the loopholes in the current framework must be introduced immediately. For example, the tools for effective transaction monitoring and identification of any suspicious activity must be integrated into the general framework. Furthermore, citizens must be introduced to financial and IT literacy so that they could identify and avoid a relevant threat (Aliyari, 2021). Thus, community members will not expose themselves to the risk of being deprived of their money.

Action Steps

In order to implement the proposed strategy, a twofold plan must be developed. The first part of the process will involve introducing the relevant technological advances and performing the assessment of critical issues in the financial security system. For instance, appropriate monitoring tools must be included into the security framework alongside automated options for addressing suspicious activity within the financial framework of the community. The next stage of the project implementation will require designing a course for building informational literacy in citizens. Specifically, issues associated with the current security problems, the means of increasing the safety of ones financial data, and the associated concerns will have to be taught to the target population. Additionally, the courses must be adjusted according to respective needs of different age groups and cultural backgrounds of community embers. With the specified step implemented, one can expect an increase in security levels for community members financial data.

References

Aliyari, M. (2021). Securing Industrial Infrastructure against cyber-attacks using machine learning and artificial intelligence at the age of industry 4.0. Turkish Journal of Computer and Mathematics Education (TURCOMAT), 12(11), 6581-6594.

Snider, K. L., Shandler, R., Zandani, S., & Canetti, D. (2021). Cyberattacks, cyber threats, and attitudes toward cybersecurity policies. Journal of Cybersecurity, 7(1), 1-11. Web.

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