Question 2 (25 marks) You are the Head of IT Security at a financial institution

Question

Question 2 (25 marks) You are the Head of IT Security at a financial institution in Malaysia. Due to the rise in cyber crime in recent years, you have been asked to prepare a plan of action to combat phishing (for online transaction services provided by the financial institution). a) In your plan of action, firstly define and explain in detail what phishing is b) How can phishing affect the financial institution? c) How can the financial institution clients avoid being affected by phishing? [5 marks] [10 marks] [10 marks]

Explanation / Answer

a) Phising is an attack or an attempt through which one can obtain someone's sensitive information like username, password and card details for any malicious reason. This can generally carried out by email spoofing and messaging which contains links that redirect users to enter their personal information at the fake website created by the attackers which looks like the original one, the difference is in their URLs.

b) Phising leads to financial loss to the financial institution. Financial institutions face alot of financial loss.

It affects the reputation of the financial institution in the view of new clients and also the relationship with the investors.

It leads to loss of income.

It affects the trust of existing clients.

c) The financial institution clients have to take a look at their instituion's email address sent to them.

The clients need to check the spelling and grammar mistakes.

The clients should check the saltutation of the email sent to them and also the email's signature, in which the sender's personal information is given.

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