Information Security

Mobile and computer literacy is on the rise continuously. Smartphones play a vital role in everyone's daily life.  Mobile applications are trending topic among consumers, especially in youth,  daily. Consumers are able to get their services and goods with a push of a button via mobile phones. Mobile phones are shaping up all the industries one way or the other. Financial services are no exception. It has a strong influence of mobile phone on it. Banks are striving more to make the mobile banking services more frictionless, enhanced services and biometric validated applications services. In that context, a Canadian based startup called - Zoompass has developed a mobile phone-based platform that enables consumers can obtain financial services on the mobile phone. Zoompass mainly focuses on e-Payments. It has a strong partnership with Banks and other credit card institutions such as Visa and MasterCard. Along with these, it has the Candian government ag...

It is eminent that Artificial Intelligence (AI) will have a huge impact on all the service sectors, especially in Financial Services. AI brings will bring of value to the customers in the financial sector. Many banks already using advanced concepts in AI such as machine learning, predictive analytics. There are some key areas where AI would help in adding value to the services provided in the financial sector. - Focus on customer centricity   AI tools can analyze customers spending habits, the area of interests and creditworthiness etc and provide recommendations to the consumer so that best services can be made available. AI can be used to personalize his account based on his needs and the kind questions he/she frequently asks etc. - Efficiency in operations Financials sector has huge scope for the improvement in their operations. It can automate their routine tasks using Robotic Process Automation (RPA) and Intelligent Process Automation (IPA). With the h...

CIS608 - Week2 - Data breach at Equifax - How did it happen? Data breaches are old and quite common in IT world. The Equifax data breach issue also quite familiar. This kind of issues happened in the past. The basic difference is, this time it happened on a much bigger scale and the data that leaked is personal and financial information. Background of the Equifax data breach is - Equifax is a credit reporting agency. It holds sensitive data of millions of users. As part of their business, they do have an another portal, where consumers can raise their questions, disputes, and concerns about some items on the credit report published by Equifax. This portal runs on an open source software called Apache Struts. Apache Struts, familiar tool and it's being used by many many other businesses and enterprises. Equifax used this software to support its online dispute portal -- where Equifax consumers log their issues with their credit reports. Two months before the incident Apach...

Data Breach is a serious concern across the globe. This is the new epidemic in the modern era. Especially in the developed and developing nations. Data breach is a costly affair. It crippling effects on financial institutions and individuals. If data breach happens out of a financial institution, that will cause a huge impact on that organization in short and long terms. Few examples - Loss of reputation Drop in the share value and market capitalization Investors lose confidence in the organization Employees lose trust in the leadership and their direction More employee attrition rates Becomes a victim to get acquired or forced out of the business Chances are more get penalized from Government regulatory commisions. Preventive measures to avoid data breaches - Need to invest in learning new ways data breaches and preventing techniques. - Businesses should be aware of security patches released by software vendors, and they should be u...

Welcome friends. I will be blogging about Information security topics here