CASE STUDY(Discussion)

  Let us discuss about various security measures that is undertaken by Llyods bank to secure data and information of customers.

  Lloyds Bank's most recent technological project is claimed to be part of the bank's three-year strategy, the details of which will be unveiled next year.The bank is likely to prioritise the sale of insurance and money management services to rich customers under this plan.Lloyds Bank reported a pre-tax profit of £1 billion ($1.3 billion) in the third quarter on income of £3.4 billion last week.The profit exceeded experts' projections (an average of £588 million) and is likely to boost investors' confidence in the bank's near-term prospects.Furthermore, due to the ongoing Covid-19 pandemic, Lloyds Bank has ordered two-thirds of its 65,000 total staff to work from home until at least early 2021(Mehta, 2020).

 The first and most critical step will be to implement an effective information security system that includes biometrics, encryption, digital signatures, intrusion detection systems, security education and training, virus control, and compliance with data protection legislation and policy. Implementing a mix of effective security measures is a capital-intensive course of action, thus smaller banks and other financial organisations with little financial resources will continue to struggle in their goal to solve this security problem.

 

 

References: Z. Karim, K. M. Rezaul and A. Hossain, "Towards secure information systems in online banking," 2009 International Conference for Internet Technology and Secured Transactions, (ICITST), London, UK, 2009, pp. 1-6, doi: 10.1109/ICITST.2009.5402619. 

ZubinMehta (2020) Lloyds Bank unveils £500m project to combat cybercrime, Retail Banker International. Available at: https://www.retailbankerinternational.com/news/lloyds-bank-unveils-500m-battleplan-to-combat-cybercrime/ (Accessed: 04 June 2023).