Policy Statements in the Banking Sector

Case Study Submission 4
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Case Study Submission 4
Policy statements are essential in the banking sector since they facilitate information security and confidentiality and foster a good relationship between the financial institution and customers, which prevents lawsuits. Since they are broad, an organization ought to come up with proper guidelines, procedures, and standards that enable employees to understand clearly how they are required to implement the set policies.
Policy Statement 1
Customers’ information should be kept confidential and secure. The bank keeps a record of clients’ data, such as names, physical addresses, national identity numbers, birth dates, email addresses, social security numbers, and mobile or office contacts. The first guideline in implementing the above policy is to restrict the sharing of information without customers’ consent. Second, only the bank’s operation managers should be given the system preference to retrieve people’s data when the need arises. One way of implementing data confidentiality is by ensuring that only account holders can access their personal details at any time (Grance et al., 2003). Second, employees in the customer care department should be well-trained to scrutinize clients who need assistance to make sure that they are the owners of the accounts they claim to have and that they are not hackers trying to access others’ data.
Policy Statement 2
The authorization and authentication process of online banking should be rigorous to ensure that only the right people can access the services they want on the Internet. In particular, the bank should use proper security protocols, such as a one-time password (OTP), to authorize users. Additionally, when it comes to withdrawing money on the Internet, the bank should either call the customers who have initiated this service or ask them to provide the answer to their security question. One way that a bank can implement the above policy statement is by using mobile phones to send OTP that the customer should input before accessing online banking services (Tham, Yazid, Khatibi, & Azam, 2017). When it comes to calling customers, the customer care service provider should scrutinize them by asking questions such as names, age, and the national identity number. However, the questions should be twisted for different callers to make it hard for them to know what to prepare and that only the real user can answer them correctly.
Policy Statement 3
The bank should chec...