Hi,My subject is Business Research.My topic is "Cyber security for Online Banking".The compulsory requirements are :1. 90% of the references should be from the Journal articles of last 5 years.2....

CYBER SECURITY FOR ONLINE BANKING IN AUSTRALIA
Table of Contents
Introduction    3
Project Objective    3
Project Scope    3
Literature Review    3
Conclusion    8
References    10
Introduction
High competition in the Australian banking sector has reshaped the prioritisation of customer approach and recently, banks are offering 24 hours banking services over the internet, namely online banking. The skyrocketing of the Information technology (IT) has been responsible for the actualisation of online banking services and has developed the base for core banking. It is true that the Australian banking sector has reached new heights of success based on the online banking services, nevertheless, it does incorporated the security hazards that are prevalent in IT sector. Therefore, the need of cyber security has been felt. In addition to the vulnerability of IT usage, the huge amount of monetary transaction has also made the cyber security mandatory and unavoidable. In the current assignment, the essential aspects of cyber security of online banking in Australia have been discussed elaborately for offering an in-depth and comprehensive understanding of the issues.
Project Objective
Considering the essence of the current assignment the following objectives become rationally assumable.
The first objective of the assignment is to understand the concept and significance of Online Banking System and Cyber Security in Australia.
The second objective is to identify the loopholes in Cyber Security adapted at the time of Online Banking in Australia.
The third objective of the assignment is to suggest suitable suggestions for solving the Cyber Security Issues in the Online Banking System in Australia.
Project Scope
The current project retains the scope for being a secondary source of information for future researchers, who will be able to understand the online banking and cyber security better through critical or comparative study of the current assignment. In addition, the current research holds the scope of being extended in the future by adding more real life case study association and micro analysis of discussed topics and ideas.
Literature Review
The base of banking system, works on the fundamental idea of collecting money from one or more persons or entities and lending that money to another person or entities in exchange of fixed rated interest. As assessed by Ophele and Jennifer (2018), banking system is the process of safeguarding monetary transaction through a commercial organisational framework. On the other hand, based on the wide reach of internet and the soaring popularity of electronic internet devices, as stated by Pradhan and Bai (2018), people have included the use of IT as a part of their daily lives. In cue to the high user base of IT devices and IT system, banking services have been provided through internet, which is known as online banking. The online banking has common process cycle for completing monetary transaction and has become much popular lately. However, through exploitation of the common vulnerability of the IT system used by banks for their online banking services, people with profound knowledge of coding and programming in IT sector, namely unethical hackers have committed fraudulent activities and hence cyber security such as use of biometric devices, passwords, pins, and surveillance are felt necessary for safeguarding the interest of the users and service providing banks.
The first prototype of banks emerged in the early 1400s as the merchants started lending money to local farmers in exchange of monetary or tangible interest. Before the development of banks tangible assets were values highly and were kept within family on own responsibility. As time progressed and people felt the need of storing the assets for safeguarding, banking system was initiated on a very small scale. As the banking system became popular, more and more people started storing their property in the form of either tangible asset (forms of Gold or Silver jewellery) firstly to protect the asset from getting robbed and secondly to use the asset in convenient form at the time of need (EIIFF, 2018). In the early 1600s the first use of cheques started, which enabled a person to move his or her monetary asset to another person on the basis of legal documentation. The cheque system in bank very popular as it allowed persons to transact money without being physically present at the bank. In the 1700-1800s the importance of banks on economic activities made the development of national banks, which worked directly under the government of the country (History World, 2018).
In comparison to the primitive banking system the modern banking system was more complex. As stated by Chernikova et al. (2018), as all the countries of the world started using paper currencies of different commercial values in their local political boundaries and the dynamics of monetary transaction was easy, until the world business popularised the concept of globalisation. As supported by Nguyen et al. (2018) when international banking system started the calculation of comparative values as per global standards become tough, and the reliance on human resource made the money transferring process hectic and slow. In addition to complex international trade, business and money transfers, the increasing number of banking system users increased. As stated by Bajada and Trayler (2015), realising the commercial value and potential for growth, banking business was flooded with competition, which not only made the bargaining value of the banks less, but also increased the number of options for customers. As preventive measures, banking organisations started offering better and more user friendly services. In the early 2000s the IT took the business world by surprise with its...