In today's digital era, online banking has become an integral part of the banking sector, offering convivence and accessibility to customers worldwide. However, with the increasing reliance on Internet based services, en
CS Professional · Artificial Intelligence, Data Analytics and Cyber Security - Laws and Practice · PYQS · June 2024
In today's digital era, online banking has become an integral part of the banking sector, offering convivence and accessibility to customers worldwide. However, with the increasing reliance on Internet based services, ensuring the security of online banking platforms has become a paramount concern for banks and financial institutions. The online banking platform utilizes internet and related technologies to facilitate seamless transactions and user transactions. This includes the use of secure protocols to encrypt data transmission between user and banking servers. This infrastructure and protocols are employed to guarantee high availability and reliability of banking services, minimize downtime and service disruptions. Software security is also a critical aspect of the online banking platform, encompassing various measures to protect against security threats and vulnerabilities. Secure coding practices are followed during the development phase to minimize the risk of common security flaws such as SQL injection, cross-site scripting (XSS), and buffer overflows. Regular code reviews, vulnerability assessments, and penetration testing are conducted to identify and address security issues proactively. Additionally, the platform incorporates mechanisms for user authentication, session management, and access control to prevent unauthorized access to sensitive resources and functionalities. To increase the security in customer's data some platform can use that asymmetric encryption algorithms such as RSA to establish secure communication channels. Digital certificate issued by Certifying Authorities (CA) are used to verify the authenticity of the banking servers and protect against the man in middle attack. The IT Security team of XYZ Bank discovers suspicious activity on its computer network, indicating a potential data breach. Bank's IT security team initiates a forensic investigation to identify the source of the breach, recover lost data, and ensure compliance with relevant regulations and ethical standards. The key issues are related with Data Recovery Procedures and data protection in which implementing ethical data recovery procedures to retrieve lost or compromised data, while preserving the integrity of digital evidence. Ensuring proper precautions are taken during the gathering of digital evidence to maintain its admissibility in legal proceedings and prevent contamination or tampering. Now Bank Employing computer forensics software tools and forensic toolkits to recover deleted or hidden files, analyze system artifacts and cross-validate findings in computer evidence-related cases. In this regard, the forensic team at XYZ Bank follows established protocols for data recovery and evidence handling, ensuring compliance with legal and ethical standards throughout the investigation. By conducting a thorough time-line analysis of computer files. the team enabling prompt remediation and risk mitigation measures. Advanced forensic tools and software are utilized to recover deleted files, analyze system artifacts, and corroborate findings, strengthening the integrity of digital evidence presented in legal proceedings. The investigation also highlights the importance of data protection and privacy regulations in safeguarding sensitive information and maintaining customer trust and compliance with regulatory requirements. In the above case scenario, answer the following questions: Secure Protocols usually make use of cryptography and encryption techniques to secure and encrypt data, which can only be decrypted by using special algorithm, logical key, formula or a combination of them. What are the various commonly used secure protocols that can be used in data transmission of XYZ Bank services?
Answer & Explanation:
Commonly used secure protocols are as follows: Secure Sockets Layer (SSL) Protocol: is designed to facilitate secure data transfer between a web browser and a web server, while guarding the confidentiality and authenticity of information. It is very popular as most web browsers support SSL protocol. It is found between the application layer and transport layer. Secure File Transfer Protocol (SFTP): refers to File Transfer Protocol (FTP) over Secure Shell (SSH) as it encrypts both commands and data while in transmission. SFTP acts as an extension to SSH and encrypts files and data then sends them over a secure shell data stream. This protocol is used to remotely connect to other systems while executing commands from the command line. Transport Layer Security (TLS) Protocol: generates a master key for encryption of data using a pseudo-random algorithm. The encrypted data is then transmitted from the client to server, ensuring data protection. It encrypts communication between web browser and web server. Hyper Text Transfer Protocol Secure (HTTPS): HTTPS is an extension of the Hypertext Transfer Protocol (HTTP). It is used for secure communication over a computer network with the SSL/ TLS protocol for encryption and authentication. So, generally, a website has an HTTP protocol but if the website is such that it receives sensitive information such as credit card details, debit card details, OTP, etc. then it additionally requires installation of an SSL certificate to make the website more secure. Therefore, before entering any sensitive information on a website, we should check if the link is HTTPS or not. If it is not HTTPS, then it may not be secure enough to share sensitive information. SSH: SSH (Secure Shell) is a protocol used for secure remote login and other secure network services. It provides a secure and encrypted way to remotely access and manage servers, network devices, and other computer systems. SSH uses public-key cryptography to authenticate the user and encrypt the data being transmitted, making it much more secure than traditional remote login protocols such as Telnet. SSH also allows for secure file transfers using the SCP (Secure Copy) and SFTP (File Transfer Protocol) protocols. It is widely used in Unix-based operating systems and is also available for Windows. It is commonly used by system administrators, developers, and other technical users to remotely access and manage servers and other network devices.
Topics: Cybersecurity Protocols
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