Faster identification and resolution of risk in mobile and internet banking using CLOUDSHIFT

Abstract

The security risk report on mobile and internet banking technology has recorded a high-level financial loss globally, while personal data of customers and sensitive bank information are constantly at risk. This research explores the contextual banking technology issues in the financial industry. The study uncovers different security issues in the existing mobile and internet banking technology and proposes a CLOUDSHIFT implementation framework as secure haven. Our CLOUDSHIFT solution evolves a faster cloud technology that can easily investigate, detect and resolve real-time potential failures or breaches within the banking system from any secure web server. CLOUDSHIFT leveraged on where internet-based computing thrive, as such the case of Malaysia was considered. To leverage further on this benefit, banks and financial services need a co-security centric approach in conjunction with cloud providers and third-party solution partners to implement this cyber fraud event management process. The CLOUDSHIFT provides important implications of cloud computing in combating cyber-fraud with a better strategic cloud migration framework that addresses the operational challenges of the internet and mobile banking. The framework was evaluated using Gai proposition value chain system and Amazon AWS proof of concept applicable to the financial industry.