The financial Sector is vast with each sector having unique needs in security, resources and risk management procedures. The banks business in the financial sector is an important part of the economy and is also charged with granting security to the people. Banks serve as credit institutions, depository institutions, and payment services providers. Banks are required to work with the department of Homeland Security to ensure continuity of the economy (Hayes & Ebinger, 2011, p. 573). Banks receive money from different sources and make them them available to anyone for borrowing.
Banks are here to help stabilize the our economy and keep it productive. Banks face several challenges, some include the risk of incurring a loss of money or stock as a result of a drop in the value of financial assets that they are holding. The department of Homeland Security requires the full cooperation of banks in achieving the security in some if not all instances. In this report we will go over the over the statement of the problem, then we will go over literature review and then over to the methods using a sample and a measurement, then we will touch over data analysis, moving into limitations and its findings and then to recommendations.
Starting with the statement of the problem the banking business has been established as critical infrastructure. If the financial sector is under any kind of attack, the country stands to lose a lot in economic worth. Thus, inadvertently, they have a role to keep the homeland safe from an attack initiated by them (James, 2017, p. 443). The business focuses on tacking day to day threats for instance theft of any kind stating this is because theft is not the out right robbing of a bank but from a hacker logging in and stealing, this depending on the size of the company is a huge threat. As a result, the threat from more organized crime groups like terrorists may be reduced a lot more easier than a random hacker. Being a part of the critical infrastructure of the United States, the security system of the bank plays a large role in the security of the homeland as a whole. Saying this it is therefore important to outline clearly the challenges that the company faces in its ability to fully fulfilling its roles to our national security. Now that we went over the statement of the problem lets move on to literature review.With the literature review we will start with something Jackson D. (2004) wrote when highlighting the cooperation between the department of Homeland Security and the financial sector. The bank relies on transportation, communication and cyber security which are under the protection of the department of Homeland Security. Even though banks use networks as a vital communication tool in their operations, it is not them that maintains these networks. The safety of these networks lies with the communication sector within the department of Homeland Security.The private sectors work in collaboration with the financial sector to achieve their security goals and to tackle the changing nature of the sector and the potential risks they face (Hayes & Ebinger, 2011, p. 650) The Department of Treasury formalized the collaboration of the various actors in various sectors including the bank. Participants in these partnerships share information, both at local and national level. They also address and mitigate risks that affect the entire financial sector. Additionally, they carry out occasional testing of protocol to be employed during times of crisis (Nohara, 2012, p. 320). The collaboration of the private banking business with the regulators acts as a major hub for information sharing between the public and private sector that is very much needed in our day in age. Now that we went over the literature review we will move onto the method using a sample and a measurement.We will look at this sample, the data for the study was obtained from the national database of telephone numbers of the bank’s customers in the department of Homeland Security. A fraction of the population was selected and asked a few questions about the security of the bank and other pertinent issues to the security of the banks, the customers and the nation. The participants in the survey were from the bank and the public sector.The measurement of the survey was by inferring from the data collected from the survey population (Roberts, 2004, p. 288). Various aspects of the company including the understanding of risk, its thoughts on social responsibility, and the security of the bank and its customers are passed from the feedback. Now that we went over the method by using a sample and measurement we will move onto the data analysis.The method of data analysis involves assessing the specific items of this survey and inferring from the responses from the participants where the individual items that were assessed using the factor analysis to identify these constructs proposed to test this hypothesis. The data that was collected from the survey was computed and compiled to come up with an empirical outcome. Under all these various circumstances, the unique conditions are considered together with the outcomes and also the challenges can be identified and looked over to ensure we are fixing them the best we can. Now going over the data analysis lets move on to the limitations.Some of the limitations found in this report are concerning the method of research. The methods are based on research methods that are intended for other researches (Schubert, n.d., p. 196). Additionally, there is no guarantee of accuracy of any kind in the outcomes of the survey that we are talking about. The survey population that was chosen could have not partaken in the survey truthfully. The survey was not qualitative in that the exact numeric representation of opinion is impossible to obtain. The level of risk perception in the survey population is of importance to everyone that sees it as this is something we can fix if it must be fixed. The survey was trying to look for the challenges facing the banking system in several of the roles they play into attaining security from our homeland. This survey was carried out using people whose focus was not on the same goals that Homeland Security was going for. Therefore the feedback that was given may have been more focused on one aspect of the research than on the whole thing by disregarding other important aspects that were outside of their areas of concern, and or their expertise.The findings shows the company has obligations towards maintaining the security in the homeland. These roles are necessary to track any suspicious activity going on the bank and raise a flag in the event of a legitimate threat to state security (“Banking and Finance Sector,”n.d.,p. 14). The company partners with other operations as legally required like information sectors. They make sure that a running communication system is maintained to ensure continuity of business.The challenge that the company faces is the dynamic and ever-changing nature of technology. The bank uses hundreds of millions each year to protect against cyber attacks every year (Harrald, 2009, p. 554). The risk also drives the banks to seek out insurances to protect against any liability due to loss of confidential customer information. Now that we looked at the limitations lets move to our recommendations.Our recommendation is that the bank must make sure that at all times, the threat to its financial status remains mitigated by following the guidelines provided by the home security department. The security of the people of this great nation is very important. And the requirement to work with other sectors of the security system of the small scale business is extremely important to make sure that the companys security is guaranteed now and into the future. The bank is working with information companies to ensure that the security of the United States is achieved and will not fail.