Protecting the Resilience of Canada’s Financial System

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  Cyber attacks have the potential to pose a systemic risk by disrupting the business operations of key participants in Canada’s financial system. The operational resilience of these participants—large financial institutions and the financial market infrastructures (FMIs) they participate in—is central to the overall resilience of the financial system The attackers targeting elements of Canada’s financial system are a diverse group, with varying levels of sophistication and capabilities. Canadian financial institutions and FMIs have been proactive in building up their defenses against cyber attacks and actively collaborate with one another and with the federal government.
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  • 1. Protecting the Resilience of Canada’s Financial System - Ajay Shibu 1
  • 2. TABLE OF CONTENTS 1. Executive Summary………………………………… 3 2. Client Introduction………………………………….. 4 3. Summarize Results – ENVISION..…………………... 5 4. Research Need………………………………… 6 5. Research Design ……………………………… 7 6. Qualitative Objectives and Study………………. 8 7. Qualitative Objectives and Study …………… 10 8. Recommendation…………………………………………... 17 2
  • 3. 3 EXECUTIVE SUMMARY The new technologies adopted by financial institutions are making them increasingly vulnerable to various risks Risk Increasing concerns among consumers and millennials regarding security and data privacy. Technology Investment Younger generation in Canada has financial and social independence Untapped Market At the start of the century, Ray Kurzweil, Futurist and Chief Engineer at Google, rightly predicted that “20,000 years of evolution would be crammed into the next 100.” 90% 84% 44% 90% respondents use Canadian banking service Banking Service Users 84% use Wireless technology. Wireless Technology Users 44% sample use internet 6 hours a day. Internet Addiction
  • 4. CLIENT INTRODUCTION - CWTA CWTA is the authority on wireless issues, developments and trends in Canada. It represents companies that provide services and products across the wireless sector. Representing the industry before all levels of government and various regulatory agencies, CWTA actively promotes the industry with the goal of ensuring continued growth of the wireless sector in Canada. CWTA administers a number of initiatives on behalf of its members, including corporate social responsibility programs and the national common short codes program. 4
  • 5. SUMMARIZE RESULTS - ENVISION As per ENVISION data, population for the PRIZM segments that our organization has targeted is 1,443,183 PRIZM Segment 316 M Out of that, age group between 20-39 accounts for 47.8% with the population of 690,656 Millennial AGE 20-39 Around 63.15% (812,850) of targeted millennials used Online/Internet Banking under financial services past month Target Audience 63.15% This data has helped in deriving conclusion that high percentage of millennials use online/internet banking for financial services assistance. Therefore, it inclines with the research objective for CWTA 5
  • 6. RESEARCH NEED https://www.bankofcanada.ca/wp- content/uploads/2014/12/fsr-december14-morrow.pdf Cyber Security: Protecting the Resilience of Canada’s Financial System • Cyber attacks have the potential to pose systemic risk by disrupting the business operations of key participants in Canada’s financial system. • The operational resilience of these participants—large financial institutions and the financial market infrastructures (FMIs) they participate in—is central to the overall resilience of the financial system • The attackers targeting elements of Canada’s financial system are a diverse group, with varying levels of sophistication and capabilities. • Canadian financial institutions and FMIs have been proactive in building up their defenses against cyber attacks, and actively collaborate with one another and with the federal government. 6
  • 7. To gather knowledge that forms a foundation of security and reliability in Wireless Network for millennials in Online Banking and Financial Services. RESEARCH DESIGN Research Objective Qualitative Research Quantitative Research 7
  • 8. QUALITATIVE OBJECTIVES 1. To understand the need of financial/ online banking services amongst millennials. 2. Ease in usage of financial/ online banking services of consumers 3. To understand millennial’s awareness on financial products, security and wireless network provider usage (for ex: PayPal, payment gateways) 4. To gather opinions regarding mobile/web financial services. Convenience Reliability 5. To evaluate the effectiveness of the services offered by the financial institutions. 6. To evaluate the security options provided by financial institutions as well as wireless networks. Measuring how much millennials trust the network or financial institution for financial/online banking services. 7. To identify the magnitude in which wireless network security has delayed the usage of financial/online banking services. 8
  • 9. Online banking is the most preferred mode of banking services Mixed reaction towards using same passwords More than 90% of the respondents use banking services in Canada across various banking institutions. Phone Banking is the most common activity MAJOR FINDINGS When we analyzed both the focus groups conducted between Centennial College students, we came up with the following findings: Average rating for cyber security awareness is 5-6 Nearly completely dependent on online network and banking services 9
  • 10. To examine the awareness of the security and operation of wireless network in web/mobile banking systems and evaluate the usage of technology amongst the subscribers To track the usage conduct of the financial/online banking services on wireless network by subscribers To track the impact of web/mobile services usage on the consumer habit. To track the impact of security in wireless network and its effect on consumer usage of online banking/financial services To evaluate the cost effectiveness of the wireless network on the basis of data security services provided against the price the millennial pays. QUANTITATIVE OBJECTIVES 10
  • 11. 87% respondents use wireless devices to connect to the internet Its been noted that 84% of the sample own both laptop and mobile phones, so we can make an assumption that someone who owns a mobile phone also owns a laptop Majority of our respondents belong to the age group between 18-24 84% 61% Emails and Social Media are two most major purposes that the respondents use their devices for, garnering 94% and 84% each. 87% 44% of the sample responded saying they spent 6 or more hours on internet. 84% Social Media 11
  • 12. I Protect Myself 28% of the respondents rated 1/10 when asked out about leaving their device unprotected. I Have Trust Issues Out of 32 respondents 48% rated 4/5 with how much they trust their banking and financial apps followed by 33% rating 5/5 You Cant Cross Me 71% of the respondents said their devices are protected by some kind of firewall and antivirus 28% 48% 71% 12
  • 13. 17% rated 10/10 on their trust towards their banking and financial institution with 10 being the highest There’s something wrong 68% of the respondents spend 0-10% of their earning on online shopping Where’d you get that money? 60% of respondents don’t use same passwords for online usage. You Will Never Know 13
  • 14. An average of 61.6 trust their financial institution to keep their personal data safe. 14
  • 15. 40% did online purchases in the last 7 days 97% 3% Cyber Secuity Policy Yes No 96% of the respondents believe their app/financial institution follow cyber security policies 15
  • 16. rated 8/10 on satisfaction level on security provided for the cost charged . responded that they avoid posting sensitive information on social media or internet 21% 59% You can replace this text. You can replace this text. 16
  • 17. RECOMMENDATION 17 • Phone banking should be improved and banks and financial institution should start encrypting data which is accessible through mobile apps • With the rapid growth in users and wider coverage of mobile phone networks, mobile banking is increasingly coming up as a significant delivery channel for extending banking services to customers. Putting the onus on banks, the Office of the Superintendent of Financial Institutions (OSFI) and Canadian Wireless Telecommunications Association (CWTA) have to work in tandem to issue operative guidelines to regulate this channel, suggesting reporting of suspicious transactions to its financial intelligence unit • Due to heavy reliance on telecom and network operators for its service, prevention and detection in mobile banking has become complex leading to cyber theft. Keeping this in mind, the banks need incorporate higher level of scrutiny by engaging advanced technology which is proven to protect the consumer data against phishing and cyber theft
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