Podcast
Questions and Answers
What was the number of customers using Internet Banking services in 2020?
What was the number of customers using Internet Banking services in 2020?
- 2,44,30,983
- 1,98,97,516
- 27,42,241
- 32,45,333 (correct)
What is a major challenge faced by banks regarding Internet Banking?
What is a major challenge faced by banks regarding Internet Banking?
- Lack of budget for purchasing security tools
- Disruption in link connectivity of Web server
- Cyber-attack and customer awareness (correct)
- Insufficient technical knowledge among customers
What is a common issue faced by customers when using Internet Banking services?
What is a common issue faced by customers when using Internet Banking services?
- Phishing attacks
- SQL injections
- DDOS attacks
- Forgetting security credentials (correct)
Why do customers become dissatisfied with Internet Banking services?
Why do customers become dissatisfied with Internet Banking services?
What is a challenge faced by banks in terms of providing Internet Banking services?
What is a challenge faced by banks in terms of providing Internet Banking services?
What is the primary advantage of a core banking software's security integration?
What is the primary advantage of a core banking software's security integration?
What feature helps prevent money mismanagement and fraudulent transactions in online banking?
What feature helps prevent money mismanagement and fraudulent transactions in online banking?
Why is customer communication important in electronic banking?
Why is customer communication important in electronic banking?
What is a key benefit of virtual banking mobile apps and net banking facilities?
What is a key benefit of virtual banking mobile apps and net banking facilities?
What is a potential risk of online banking if not properly secured?
What is a potential risk of online banking if not properly secured?
What is a major concern when it comes to information on the Web?
What is a major concern when it comes to information on the Web?
What is the primary advantage of the Web in terms of information discovery?
What is the primary advantage of the Web in terms of information discovery?
What is a result of the democratic nature of the Web?
What is a result of the democratic nature of the Web?
What is the core banking solution (CBS) platform used for in banking?
What is the core banking solution (CBS) platform used for in banking?
What is the result of the introduction of computer and internet facility in banking industry?
What is the result of the introduction of computer and internet facility in banking industry?
What is a key benefit of using IT in banks?
What is a key benefit of using IT in banks?
What is a significant advantage of e-banking over traditional banking?
What is a significant advantage of e-banking over traditional banking?
What is the role of IT in achieving competitive advantage in banks?
What is the role of IT in achieving competitive advantage in banks?
What is a benefit of using credit cards and debit cards in e-banking?
What is a benefit of using credit cards and debit cards in e-banking?
What was the approximate investment in IT operations in the banking sector in 2016?
What was the approximate investment in IT operations in the banking sector in 2016?
What is a major security concern in Internet Banking?
What is a major security concern in Internet Banking?
What is a prerequisite for using Internet Banking services?
What is a prerequisite for using Internet Banking services?
What is an advantage of Internet Banking in terms of record-keeping?
What is an advantage of Internet Banking in terms of record-keeping?
What can customers do with Internet Banking to prevent fraud?
What can customers do with Internet Banking to prevent fraud?
What is a potential issue faced by users who are new to technology when using Internet Banking?
What is a potential issue faced by users who are new to technology when using Internet Banking?
What percentage of ATMs were EMV compliant at the end of 2020?
What percentage of ATMs were EMV compliant at the end of 2020?
What is a major challenge faced by banks regarding ATM banking?
What is a major challenge faced by banks regarding ATM banking?
What is the benefit of introducing Chip/EMV technology in ATMs and POS?
What is the benefit of introducing Chip/EMV technology in ATMs and POS?
Why do merchants not accept proprietary debit cards at their POS?
Why do merchants not accept proprietary debit cards at their POS?
What is a challenge faced by banks in providing 24/7 ATM services?
What is a challenge faced by banks in providing 24/7 ATM services?
What is a primary goal of banks in implementing IT resources efficiently?
What is a primary goal of banks in implementing IT resources efficiently?
What is a major advantage of digital payment services introduced by banks?
What is a major advantage of digital payment services introduced by banks?
What is a benefit of online internal communications among employees and stakeholders?
What is a benefit of online internal communications among employees and stakeholders?
Why are banks investing in digital financial technology?
Why are banks investing in digital financial technology?
What is a key feature of technology-driven banks' internet banking channels?
What is a key feature of technology-driven banks' internet banking channels?
What is a primary goal of banks in providing digital services like Mobile Apps and QR-code payment?
What is a primary goal of banks in providing digital services like Mobile Apps and QR-code payment?
What is a benefit of Intranet and Extranet platform for banks?
What is a benefit of Intranet and Extranet platform for banks?
Why are banks focusing on optimum utilization of IT/IS resources?
Why are banks focusing on optimum utilization of IT/IS resources?
What is a primary goal of banks in implementing innovative digital services?
What is a primary goal of banks in implementing innovative digital services?
What is a primary objective of banks in reducing cash/paper-based transactions?
What is a primary objective of banks in reducing cash/paper-based transactions?
What type of threat to information security in electronic banking involves unauthorized access or malicious activities by bank employees or contractors?
What type of threat to information security in electronic banking involves unauthorized access or malicious activities by bank employees or contractors?
What is a key security measure used to verify user identities in electronic banking?
What is a key security measure used to verify user identities in electronic banking?
What is a common vulnerability in electronic banking systems?
What is a common vulnerability in electronic banking systems?
What is a best practice for customers to prevent fraud in electronic banking?
What is a best practice for customers to prevent fraud in electronic banking?
What is a security measure used to prevent unauthorized access to sensitive data in electronic banking?
What is a security measure used to prevent unauthorized access to sensitive data in electronic banking?
What is a type of security threat in electronic banking that involves theft or damage to banking systems and infrastructure?
What is a type of security threat in electronic banking that involves theft or damage to banking systems and infrastructure?
What is a benefit of regularly updating software and systems in electronic banking?
What is a benefit of regularly updating software and systems in electronic banking?
What is a key aspect of incident response in electronic banking?
What is a key aspect of incident response in electronic banking?
What is a key benefit of educating customers on online banking security best practices?
What is a key benefit of educating customers on online banking security best practices?
What is a key aspect of third-party risk management in electronic banking?
What is a key aspect of third-party risk management in electronic banking?
What is the primary reason why electronic banking relies heavily on information security?
What is the primary reason why electronic banking relies heavily on information security?
What is the main objective of encryption in electronic banking?
What is the main objective of encryption in electronic banking?
What is a common type of threat to electronic banking systems?
What is a common type of threat to electronic banking systems?
What is the primary function of firewalls and intrusion detection systems in electronic banking?
What is the primary function of firewalls and intrusion detection systems in electronic banking?
What is the primary reason why electronic banking systems are vulnerable to cyber threats?
What is the primary reason why electronic banking systems are vulnerable to cyber threats?
What is a type of threat to electronic banking systems that involves overwhelming the system with traffic?
What is a type of threat to electronic banking systems that involves overwhelming the system with traffic?
What is the primary benefit of using encryption in electronic banking?
What is the primary benefit of using encryption in electronic banking?
What is a type of threat to electronic banking systems that involves unauthorized access to customer accounts?
What is a type of threat to electronic banking systems that involves unauthorized access to customer accounts?
What is the primary function of information security in electronic banking?
What is the primary function of information security in electronic banking?
What is a type of threat to electronic banking systems that involves the loss or theft of sensitive customer data?
What is a type of threat to electronic banking systems that involves the loss or theft of sensitive customer data?
Study Notes
Threats to Information Security in Electronic Banking
- Insider Threats: unauthorized access or malicious activities by bank employees or contractors
- External Threats: hacking, phishing, malware, and other cyber-attacks
- Physical Threats: theft or damage to banking systems and infrastructure
Vulnerabilities
- Weak passwords and authentication mechanisms
- Outdated software and systems
- Unsecured networks and communication channels
- Human error and lack of security awareness
Security Measures in Electronic Banking
Authentication and Authorization
- Multi-Factor Authentication (MFA) to verify user identities
- Role-Based Access Control (RBAC) to limit access to sensitive data
Data Encryption
- Use of Secure Sockets Layer/Transport Layer Security (SSL/TLS) for secure data transmission
- Encryption of sensitive data at rest and in transit
Network Security
- Firewalls and intrusion detection systems to prevent unauthorized access
- Regular security audits and penetration testing
Incident Response
- Establishing incident response plans and procedures
- Training employees on security best practices and response protocols
Best Practices for Electronic Banking Security
Customer Education
- Educating customers on online banking security best practices
- Raising awareness about phishing and other social engineering attacks
Regular Security Updates
- Regularly updating software and systems to prevent exploitation of known vulnerabilities
- Implementing security patches and fixes in a timely manner
Third-Party Risk Management
- Conducting thorough risk assessments for third-party vendors and service providers
- Implementing contracts and agreements that include security requirements and liabilities
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Description
This quiz assesses your understanding of the challenges faced by banks in providing Internet Banking services, including customer-related issues and technical problems. Test your knowledge on the advancements and obstacles in Internet Banking.
