Information Security Challenges of Social Engineering in Banking Sector

Information security challenges of social engineering in Banking Sector.
By
Ms. Nisha Ann Jacob
Asst. Prof, De Paul Institute of
Science and Technology, Angamaly
Research Scholar, Karpagam University, Coimbatore

Abstract The concept of social engineering has been gaining importance in the modern business environment as almost fifty percent age of the Indians are techno kids, who are of age less than twenty five years. Latest research initiatives report accelerated use and adoption of social engineering mode of communication among individuals and organizations in searching and disseminating the required information and knowledge.
Social engineering activities have posed lot of challenges to various organizations especially to those operating in the financial services industry. Security experts propose that as our culture becomes more dependent on information, social engineering will remain the greatest threat to any security system. Prevention includes educating people about the value of information, training them to protect it, and increasing people 's awareness of how social engineers operate. The social engineering security threat like phishing is highly common in the banking scenarios. Attacks on the privacy and security of information not only expose the inherent vulnerabilities of the organizational systems, but it adversely affects the goodwill and reputation of the enterprise.
Therefore, this paper focuses in understanding the challenges associated with social engineering in banks.
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The last decades of the 18th century was when banking in India originated in its modern sense. The first banks were and Bank of Hindustan and The General Bank of India. The oldest bank still in existence in India is the State Bank of India. But there were evidences of banking operations and transactions as early as the vedic period. During the colonial era more banks were being

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