Essay Example on Financial Institutions' Technology Security: Protecting Data and Assets

Technology has introduced substantial advancement in humanity. The world has turned into a global village by easing the connection and exchange vast data across continents within seconds. A sizeable number of threats accompanies the advantages. One of the high-risk sectors is the financial institutions. As such, Banks develops extensive technological security policies that establish the processes and regulations for individuals with access and using the banks' technological resources and assets. A lot of emphases is placed on accountability/responsibility, as depicted in the following policy of Axis Bank Limited.

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The social media policy prohibits employees from engaging in any form of defamatory, threatening, invasive, or inappropriate and obscene content that is in violation of the Bank's internal guidelines and the state's law (Axis Bank Ltd, 2015). They are prohibited from sharing any confidential information about the Bank. Further, should an occasion arise where staff receives any communication or query from online media, and mainstream media, it should be reported immediately to Corporate Communication Department or mailed to [email protected] (Axis Bank Ltd, 2015). Should any response be spotted by the staff that may warrant an official response or any negative remark related to the Bank, it should be reported immediately to the Bank Corporate Communication Department for an informed response. Staff are required to create strong passwords to enhance information security, always have a staff identity, and lock the computer whenever one is not using it. All the sensitive documents should be locked away before anyone leaves the office. In the case of documents disposal, they should be shredded to ensure that they cannot be picked and reconstructed to allow unauthorized access (Axis Bank Ltd, 2015). If any staff detect any security weaknesses or occurrences with the email system, it should be reported to [email protected] (Axis Bank Ltd, 2015).

Conclusion

These codes should be followed, failure to which disciplinary procedures and penalties are initiated. They include caution, warning or censure, withholding promotion, incentives, payment revisions, and a restriction to the access of sensitive information (Axis Bank Ltd, 2015). In extreme cases, the staff employment grade is lowered and temporarily discharged from service, where evidence of probable cause will lead to disgraceful dismissal. Additionally, all the benefits and salaries due to them or part of the pecuniary loss caused to the Bank by negligence or breach of orders will be recovered (Axis Bank Ltd, 2015).

Reference

Axis Bank Ltd. (2015). Code of Conduct & Ethics: Axis Bank Social media and information security policy. https://www.axisbank.com/docs/default-source/default-document-library/code-of-conduct-and-ethics.pdf?sfvrsn=e4a89a55_2