Systems Management and Security of Standard Chartered Bank Essay

Systems Management and Security of Standard Chartered Bank - prove ExampleIt is evidently clear from the discussion that Standard Chartered ranks among the top 20 companies in the FTSE-100 by market capitalization. It was formed in 1969 when devil banks merged i.e. The Standard Bank of British South Africa which was founded in 1863, and the Chartered Bank of India, Australia and China, founded in 1853. Standard Chartered Bank always strives to Lead by interpreter and be the right partner for its stakeholders. One of the objectives of the Standard Chartered Group is its commitment to building a sustainable business over the long term that is trusted worldwide for upholding high standards of corporate governance, companionable responsibility, environmental protection and employee diversity. IT, Security and the Banking system The increasing demand of account holders and the business industry has guide to a change in the banking sector. Like many other industries, the banking secto r is also affected by the impacts of info technological and technological advancements. Standard chartered uses a number of technologically advanced equipments to freshen up the procedures involved in the banking work. It makes use of computers, internet, modern softw atomic number 18 for accounting and transactional processing and so on. In the youthful year, online banking has also been established and promoted by the banking sectors. Standard Chartered Plc also proposed a trade platform for the users of its work called B2Bex. This platform is employ by both sellers and buyers to perform the basic transactions online without any delays or necessary paperwork. This platform helps in maintaining the whole trade procedures by giving the opportunity to the buyers to locate a provider and choose products, negotiate insurance and transfer finances. The software to combat hackers and misuse of customer information require also been incorporated in the IT infrastructure of most the banks. This helps in maintaining substantial level of security of information of the users. Standard Chartered was the first bank to introduce ATM during 1979 in Hong Kong. The IT Security Measures Here are some of the security features that standard Chartered has implemented 1. Strong Cryptography is extremely essential as it is the process through which data is converted into scrambled code and sent across a commonplace or private network and deciphered or unscrambled at the other end. There are two types of cryptography Symmetric cryptography. Asymmetrical cryptography. Under Symmetric cryptography the same key is used for encryption and decryption. This method is vulnerable to plain text attacks and linear cryptanalysis meaning that they are hackable and at multiplication simple to decode. Asymmetrical cryptography utilizes two different keys for the encryption and decryption of data. It is considered to be more good and secure. Hence keeping in line with the latest updates i n cryptography, Standard Chartered Bank Online Banking is soon employing SSL 3.0, RC4 with 128-bit encryption (High) RSA with 1024-bit and Triple-DES encryption to ensure data (password) protection and data integrity protection. This form of cryptography used is among the strongest that is available in the industry.