Academic journal article The Journal of Developing Areas

Cyber Crimes-A Constant Threat for the Business Sectors and Its Growth (a Study of the Online Banking Sectors in Gcc)

Academic journal article The Journal of Developing Areas

Cyber Crimes-A Constant Threat for the Business Sectors and Its Growth (a Study of the Online Banking Sectors in Gcc)

Article excerpt

INTRODUCTION

Cybercrime and cyber security goes in parallel. Enhancing the layers of security and to protect information infrastructure is critical for security managers to maintain secure business environment. Current security measurements in banking sectors require the use of appropriate applications to secure online banking and to minimize available threats in cyber space. However, there is disagreement on whether security can be provided with its maximum level or the battle between security managers and computer criminals will never be ended. The effects of cybercrimes on business growth can never be ignored and must be addressed to develop awareness among individuals particularly in banking and other financial sectors to maintain secure and sustainable financial business environment. The aim of this research is to analyze the factors of cybercrimes affecting the growth of banking sectors in the countries of GCC. The alternative aim of the research is to recommend and discuss that how security layers could be improved to maintain sustainable business growth in banking and other financial sectors. The objective of this research is to critically analyze the role of online banking customers to reduce information security risks in banking sectors. The novelty of this research is based on the comprehensive approach adopted to understand the seriousness of the GCC countries and its online banking industry. The research is not limited to any specific organization or financial institution and the author took extreme care and efforts to find the overall effects of cybercrimes and discusses issues on how to improve the security layers when dealing with online banking services and other electronic financial transactions. The research is unique due to the nature that it details with the effects of criminal cyber activities on business growth and recommend measures on how to maintain secure and sustainable electronic banking when dealing in cyberspace.

BANKS POLICIES AND ADDITIONAL SECURITY MEASURES

The aspect of security is considered very seriously by the online banking services in the countries of GCC. However, the banking industry and other financial institutions still needs to take some extra measurements when dealing with online banking services. Majority of the banks applied security mechanism which is called the 3D Secure Service. The service is available for the Master and Visa card holders only. The aim of the service is to protect Bank customers against the unauthorized use of cards when they shop at participating online merchants. This mechanism is protected through personal customer's password giving them an extra layer of security and assurance that only card holders can use the card when dealing with merchants. If registered for this service, bank customers must need to provide the personal message in the form of password to confirm their identity with the bank before accomplishing the transaction.

RESEARCH METHODOLOGY - PHILOSOPHY AND APPROACH

The research questions and objectives must be delineated in the research philosophy and approach. Looking at the research philosophy (Saunders et.al, 2009) the four main factors, which are realism, positivism, pragmatism and interpretive, must be considered. The author of this research prefers to use the pragmatism philosophy as this is one of the most important philosophies in the research. By the help of this approach, a researcher can conclude proper and significant answers to his research questions. This allows the researcher to use observations and discussed findings for that reason. The chosen philosophy of the research helped the researcher to collect different views from different channels and to analyze them further for the interpretation of the research data. The author is therefore believed that the chosen philosophy is the appropriate for his research and will helped in collecting and analyzing the data in appropriate manner.

CYBER CRIMES AND LEGISLATIONS IN GCC COUNTRIES

GCC countries have implemented many legislations to secure their online banking assets. …

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