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Frequency and Magnitude of Future Loss associated with Online Banking Application through Smartphones

Uploaded by CaseyP on Nov 10, 2016



FAIR Analysis
Frequency and Magnitude of Future Loss associated with Online Banking Application through Smartphones
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Fair Analysis
In today’s dynamic and competitive environment, new and improved technology and innovations tend to shape our business and social environment. As the fast and emerging technological advancements continue to grow, it remains to pose a significant amount of risks when deployed to businesses and organizations. Impaired IT controls can have significant effects on the organizations' performance and profitability. Companies are now tasked to employ the latest and modest technologies, or they risk losing business and market share. Similarly, consumers are not left to chance with the innovations. With the ease of access to the internet and mobile phones, individuals can now use these platforms and tools for making utility payments, banking, shopping and even budgeting. Given the increasing pace of expansion in the mobile finance sector, it will be possible for individuals to conduct online banking applications through their smartphones. However, the rapid developments of these tools, devices, and their functionality concerning introducing m-commerce supporting technologies, will create newer risks, including cyber criminal activities which are increasing by the day and made worse by the economic challenges.
To help control and manage these IT exposures, Freund & Jones (2015) developed a FAIR approach to aid businesses to measure and control information risks. The FAIR analysis, which stands for Factor Analysis of Information Risk, is an international standard quantitative method for handling operational risks and cyber security. This technique is mostly used to identify, understand, assess and measure information risk in meaningful financial context (Freund & Jones, 2015). It creates a basis for establishing an accurate model to information risk management. The power of FAIR is relatively massive as it helps risk professionals to foster clarity and generate viable decisions from the ambiguous risky environment one was exposed to and basing judgment on useful measurements that yield quantifiable and defensible outcomes. The objective of this paper is to analyze the frequencies and magnitude of present and future losses associated with online banking systems applications.
Loss scenario, threat agent, and risk question identified
We are shifting from the paper-based banking environment that has been in existence for a very long time to a digital trading platform that is still in its early stages but seeks to provide real-time processing and convenience. Internet development has become the common source of communication across the globe and is rapidly being used by...

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Uploaded by:   CaseyP

Date:   11/10/2016

Category:   Science

Length:   11 pages (2,544 words)

Views:   582

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