Developing a robust security framework for inter-bank data transfer systems in the financial service sector
1 Nigeria Inter-bank Settlement system Plc (NIBSS), Nigeria.
2 Information Security Advisor, Corporate Security, City of Calgary, Canada.
Review
International Journal of Scholarly Research in Science and Technology, 2024, 05(01), 009–017.
Article DOI: 10.56781/ijsrst.2024.5.1.0029
Publication history:
Received on 24 June 2024; revised on 05 August 2024; accepted on 08 August 2024
Abstract:
This paper explores the critical need for a robust security framework in inter-bank data transfer systems within the financial services sector. It reviews current security measures, identifies key vulnerabilities, and examines existing standards and protocols such as SWIFT and ISO 20022. Major security threats, including cyber-attacks and insider risks, are analyzed alongside technological, operational, and regulatory challenges. The impact of emerging technologies like blockchain and AI on security is discussed. Recommendations are provided for financial institutions to enhance security practices and for regulators to strengthen policy frameworks. The paper also highlights future research directions to address evolving security challenges in the financial sector.
Keywords:
Inter-bank data transfer; Financial data security; Cybersecurity; Blockchain; Artificial intelligence
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Copyright information:
Copyright © 2024 Author(s) retain the copyright of this article. This article is published under the terms of the Creative Commons Attribution Liscense 4.0