Systems Management and Security of Standard Chartered Bank Essay

Systems Management and Security of Standard Chartered Bank - Essay Example It 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 two 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 example 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, social responsibility, environmental protection and employee diversity. IT, Security and the Banking system The increasing demand of account holders and the business industry has led to a change in the banking sector. Like many other industries, the banking sector is also affected by the impacts of information technological and technological advancements. Standard chartered uses a number of technologically advanced equipments to quicken the procedures involved in the banking work. It makes use of computers, internet, modern software for accounting and transactional processing and so on. In the recent 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 services called B2Bex. This platform is used 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 supplier and choose products, negotiate insurance and transfer finances. The software to combat hackers and misuse of customer information have 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 wa s 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 public 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 times simple to decode. Asymmetrical cryptography utilizes two different keys for the encryption and decryption of data. It is considered to be more reliable and secure. Hence keeping in line with the latest updates in cryptography, Standard Chartered Bank Online Banking is currently employing SSL 3.0, RC4 with 128-bit encryption (High); R SA 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.