Securing Cloud Computing in Banking: Strategies and Mitigation Techniques Assignment Sample

Securing Cloud Computing in Banking: Strategies and Mitigation Techniquesr

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1.0 Introduction - Enhancing Banking Security Through Cloud Computing Mitigation

1.1 Background and Context

Cloud computing security is a great platform for all sectors and is beneficial in the banking sector. Cloud computing is imposed as storing and accessing data and providing the data that are service-related to computing over the internet. Cloud computing is the data referred to as the remote services on the internet and helps to access and manage the online data rather than the local drives of the computer. The restored data of cloud computing can be any type like documents, images, audio, files, and videos. The role of cloud computing is functioning as a model of data enabling convenient, ubiquitous, on-the-demand networks which are accessed to and shared by a pool of configurable resources of computing systems like servers, applications, networks, storage, and services which are released and provisioned by the minimal effort of management and service provider interaction.

1.2 Problem Statement

The security problem arises in a cloud computing system and these are

• The problem arises in the security of virtual machine
• Access and identity control of the computing system
• Key management of the system
• The data security system of the computing system

These are the main issues that are occurring in the cloud computing system and the most challenging part is it restricts the cloud data limit when using cloud computing. Not only restricts but also prevents the access control of the data security (Li, et al. 2021 ). Data security is the most important factor of the cloud computing system. It refers to some significant key factors like data confidentiality, traceability, availability, and integrity. These all are the risk management factors for the cloud computing system.

1.3 Aim and Objectives

The main research aim of the cloud computing system in the banking sector is to store high-security informative data without any glitches. For the public and private in both sectors the aim of the cloud computing system is to restore the data and provide the easy to access data in the computing system and the renowned IT services (Subramanian and Jeyaraj 2018). A Cloud computing system consists of both software and hardware systems and these components work according to the model of cloud computing.

The main objective of the research is-

• To understand the technique of storing data in the cloud computing system.
• To identify the mitigation technique that is used to reduce the workload in the banking sector.
• To rectify the high-security process of informative data in the cloud computing systems.
• To analyze how cloud computing helps to improve better businesses in the banking sector (Alhenaki, et al. 2019).
• To use the technique of a cloud computing system gets access to the data centers.
• To identify and manage the banking task from a remote location.

1.4 Research Questions 

The important questions about the cloud computing data store for the banking sector are.

Question 1

How does the cloud computing technique help the banking sector to store the data?

Question 2

Which mitigation technique is used to reduce the workload in the banking sector?

Question 3

How to rectify the high-security process of informative data in cloud computing systems.

Question 4

Analyze how cloud computing helps to improve better businesses in the banking sector?

Question 5

How many techniques are used to access the data center?

Question 6

How to identify the important technique? and manage the banking task from a remote location?

1.5 Research Rational

The main focus of the research rationale is to identify the significance, implementation, and future impact of the research on an organization. The main purpose of the research on cloud computing systems is how to store the data in the cloud and how to access the data in the future (Tariq, 2019). The purpose is to amplify the responsibility for security and analysis of the data and store them for maintaining all the security in the banking database. The main significance of the cloud computing system with its mitigating technique in the banking sector is to reduce the workload by accessing only one file that stores the multiple data of one customer and it saves time for both the customer and employee of the organization. 

1.6 Research Structure

In this research, the structure should be mentioned above so this structure is to be followed by the researchers. In the introduction part, the researchers discussed the whole assessment and what they are discussing in this research and what is the main aspect of their research (Hosseinian, et al. 2018). In the literature review part, the researchers have described the author's view of what they are thinking about the importance and the impact of Cloud computing security with its mitigation techniques in the banking sector.

In every research, the researchers have followed some method which might be the secondary method or the primary method so the researchers are describing their methodology in this part. In the data analysis part, the researchers describe their collecting data as the time of research they are collecting to complete their project so in this section they are analyzing their data in the right way. Lastly, in the conclusion part, the researchers conclude their research in the right way. In this part, the researchers have described an overall view of their research and described what they have to learn from this research.

1.7 Relevance and Importance of Research

The research on the cloud computing system in the banking sector is very relevant and also has great importance. The data of the customer is stored in the company database which helps to store the customer’s information and it is handled by only one employee of any organization (Dong, et al. 2019). So using the cloud computing system in the banking sector mitigates the employee workload and also relieves the employee from taking on the huge workload in the office. The previous time period was very hectic for the people who stored the customer information and registered them in a registered copy. At that time it was very difficult to find the proper copy of the exact person’s information and it was also very time-consuming that’s why the work dealing was a general problem. But cloud computing eases the problem of storing the data in the company database maintaining all safety. The job is becoming easier and providing the services is a very time-bound manner. That’s why both customers and employees do not face the time bounding issue, use less time the company produces more productive work.

2.0 Literature Review

2.1 Empirical Study

According to Subramanian, and Jeyaraj, 2018, the traditional industry like IT and many different kinds of industries including banking is changed rapidly through the digital transformation and accelerating the constantly evolving technology. This research process is accepted widely and has experienced various transformations (Geng, 2019). The term “Fintech” was introduced in the 1980s and 1990s; the term fintech means financial technology which mostly helps in the financing month of the year. Using previous technology it was almost impossible to complete the work within a given time bound because of using poor technologies. But using the research it has been that the help of the technology especially using a cloud computing system transformed the customer's services.

According to Alhenaki, et al.(2019), cloud computing technology is taken into account with the top technology which strategically works for the organization and helps to reduce the cost of the organization and increase the flexibility of the services instead of dealing with big data both the storage and computer. According to the research, although cloud computing helps the organization store the data and mitigate the extra unusual workload, cloud computing still needs to address privacy and security issues (Kadhim, et al. 2018). There are some policies that are followed and these are preserving data privacy, authorization, authentication, access and identity of the control management, data ownership, and policy management. 

According to Tariq, 2019, sometimes cloud computing is unaware of sensitive data and the exact location because of the provider of the cloud services. The provider of the cloud services always maintains the data centers in a geographical manner and distributes the resulting locations in several security threats and challenges. In a cloud computing system, the organization faces some security challenges and these security challenges consist of risks and threats of cloud computing, security use in the crypto cloud, and so on (Mehrban, et al. 2020). Sometimes communication level arises because the whole process is controlled digitally so without the proper access to the internet it is difficult to communicate and access the information of the customer in their respective bank.

2.2 Theories and Models

The important factors which are involved in the cloud computing system identified in the literature were network access, scalability, reliability, privacy, savings, security, interoperability, and sustainability.

Network access is the most important characteristic of the cloud computing system and the capacities are to access the computing platforms and make them available using the network over heterogeneous platforms like mobile phones, computers, and laptops. Adopting the cloud computing system of an organization is considered by scalability (Porcedda, 2018). The role of scalability refers to the ability of the computer, system, and product. The system expands the large no. of users without crashing the important data.

2.3 Gaps in Existing Knowledge

Any research work contains the research proposals along with the research gap to write a research proposal and find a valid research gap in the proposal is a precursor. In the research proposal research gap is a topic that contains insufficient data and missing information that limits the capacity to conclude the respective questions. In the given research a cloud computing system with mitigation techniques for the banking system is less communicative to the customer because the whole process is completed through the internet (Vafamehr and Khodayar 2018). This is the main research gap that can be found in the research process. Since the cloud computing method is used in the banking sector by using the mitigate technique it is obvious that there should be strong network access but in remote areas, it is problematic to access the internet and in that context it is difficult for the organization to use the technique and ease the workload.

3.0 Research Design and Methods

3.1 Research Design

This research design can be proposed as per the present study areas. Selecting and adopting appropriate methods, philosophy, research approach, time frame, method of sampling, data collection procedure, and most important analysis of the data will be utilized within the examination by understanding this research. And in this research, the researcher has followed the qualitative method to discuss the research. The qualitative research design will be used in the research because it will be helpful to gathering so many formations and data from the small sample sizes (Aldasoro, et al. 2022). This research design will also be helpful in capturing several forms of data. That will be helpful in the research to evaluate such techniques of cloud computing systems.

3.2 Methods and Sources

To produce informative and considerable research, proper research is required. To produce a critical analysis of the CC(cloud computing system), such a research method will be considered in this research. In this research, the qualitative research design will be followed. The secondary data will be used in this research. To gather information, online platforms such as google and google scholar will be used. The gathered information will be presented in a descriptive format to present a theory-based investigation. To complete each task properly the project schedule has been created, which will be helpful to complete each before the assumed time. All the instructions and ethical characteristics will be followed to present the investigation adhering to the regulations. v

3.3 Practical Considerations 

In this study, the implication process of cloud security has been found. The improvement in cloud computing is possible including a lot of data. It needs to modify and develop patches if any data breaches occur in cloud security. One of the major limitations of cloud security is a technical problem. Data mobility is another problem because there may still be local storage where data can be stored. It depends upon the internet connection and a high risk still exists. Multi-Factor authentication can be implemented to protect the device and services from cyber-attacks. Security can be improved through the management of user access. The employees should train in Ant phishing techniques.

4.0 Implications and Contributions to Knowledge

According to the research on cloud computing systems, a mitigating technique for the banking sector is very important (Machkour and Abriane 2020). It helps to mitigate the time as well as helps to save important data in the company’s data cloud. That’s why it is easy to access and more convenient for the people as well as the banking employee. The knowledge of the research is very informative and important to know the fact about data storage policy in the banking sector.

4.1 Practical Implications

The practical means the actual and real result. People do not need to overstate it. The practical implication is important to fulfill certain conditions. After the analytical conduct and behavioural experiment, the primary and secondary data are collected for the implication of determine the effectiveness of behavioral remedies. The practical implication produces desired results to aware people of cloud security and protects them from cyber attacks and data leakage.

4.2 Theoretical Implications

Theoretical implications are newly found additions that exist in the building materials and theories of the new theories of an organisation during the research work (Uchibeke, et al. 2018). From the research perspective, the main responsibility of the theory is to provide a promising and interesting area to work on.

5.0 Conclusion

The whole research indicates the importance of cloud computing systems in how store the data and manage them in accordance with the respective place in the computer. The main purpose of the mitigating technique (which is following the cloud computing system) in the banking sector is to mitigate the time as well as workload and simplify the glitches of the data. The overall research process follows the qualitative method and is implemented in various departments of the banking sector. To complete the whole research follows some important points like literature review, the practical implication of the study and theoretical implications, and so on. Overall the project is very helpful and convenient for the banking sector

Reference list

Journal

 Aldasoro, I., Gambacorta, L., Giudici, P. and Leach, T., 2022. The drivers of cyber risk. Journal of Financial Stability, 60, p.100989.

Alhenaki, L., Alwatban, A., Alamri, B. and Alarifi, N., 2019, May. A survey on the security of cloud computing. In 2019 2nd international conference on computer applications & information security (ICCAIS) (pp. 1-7). IEEE.

Dong, S., Abbas, K. and Jain, R., 2019. A survey on distributed denial of service (DDoS) attacks in SDN and cloud computing environments. IEEE Access, 7, pp.80813-80828.

Geng, Y., 2019. Homomorphic encryption technology for cloud computing. Procedia Computer Science, 154, pp.73-83.

Hosseinian-Far, A., Ramachandran, M. and Slack, C.L., 2018. Emerging trends in cloud computing, big data, fog computing, IoT and smart living. Technology for smart futures, pp.29-40.

Kadhim, Q.K., Yusof, R., Mahdi, H.S., Al-Shami, S.S.A. and Selamat, S.R., 2018, May. A review study on cloud computing issues. In Journal of Physics: Conference Series (Vol. 1018, No. 1, p. 012006). IOP Publishing.

Li, F., Lu, H., Hou, M., Cui, K. and Darbandi, M., 2021. Customer satisfaction with bank services: The role of cloud services, security, e-learning and service quality. Technology in Society, 64, p.101487.

Machkour, B. and Abriane, A., 2020. Industry 4.0 and its Implications for the Financial Sector. Procedia Computer Science, 177, pp.496-502.

Mehrban, S., Nadeem, M.W., Hussain, M., Ahmed, M.M., Hakeem, O., Saqib, S., Kiah, M.M., Abbas, F., Hassan, M. and Khan, M.A., 2020. Towards secure FinTech: A survey, taxonomy, and open research challenges. IEEE Access, 8, pp.23391-23406.

Porcedda, M.G., 2018. Patching the patchwork: appraising the EU regulatory framework on cyber security breaches. Computer law & security review, 34(5), pp.1077-1098.

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Tariq, M.I., 2019. Agent-based information security framework for hybrid cloud computing. KSII Transactions on Internet and Information Systems (TIIS), 13(1), pp.406-434.

Uchibeke, U.U., Schneider, K.A., Kassani, S.H. and Deters, R., 2018, July. Blockchain access control ecosystem for big data security. In 2018 IEEE International Conference on Internet of Things (iThings) and IEEE Green Computing and Communications (GreenCom) and IEEE Cyber, Physical and Social Computing (CPSCom) and IEEE Smart Data (SmartData) (pp. 1373-1378). IEEE.

Vafamehr, A. and Khodayar, M.E., 2018. Energy-aware cloud computing. The Electricity Journal, 31(2), pp.40-49.