Computer Base Network Security And Firewalls In Banking System
(A Case Study Of Diamond Bank Nig Plc Owerri)
In the banking systems, ensuring robust security measures is paramount to safeguarding sensitive data and thwarting cyber threats. Computer-based network security, encompassing a suite of technologies, protocols, and practices, serves as the cornerstone in fortifying these systems. Firewalls, pivotal in this defense architecture, act as barriers, regulating incoming and outgoing traffic based on predetermined security rules. By employing advanced intrusion detection and prevention systems, encryption techniques, and access control mechanisms, banks bolster their resilience against evolving cyber threats such as malware, phishing attacks, and data breaches. This comprehensive approach not only mitigates risks but also fosters customer trust, regulatory compliance, and operational continuity, thereby reinforcing the integrity and stability of the banking ecosystem.
The degree of accidence of an organisation that services to customer such as banks security depends on speed and accuracy with the service performed in the banks which include information processing e.g. data entry. Data using sorting data, updating data and service data etc. which are better suited to computer.
Therefore the acquisition of this latest gadgets in business goes long as toward keeping you a step ahead your competitor therefore most of the new banks being established go straight into bank securing and computerisation of fire wall.
In conclusion, the reality of this project work is described as distributed computing in bank security processing that is the computerization of bank security and fire wall in banking operation particularly in area of banking security.
Title page
Certification
Dedication
Acknowledgement
Abstract
Table of content
CHAPTER ONE
Introduction
Back ground of study
Statement of the problem
Objectives of the study
Significance of the study
Scope of the study
Limitation of the study
Definition of terms
CHAPTER TWO
Literature review
Introduction
Literature
Network
Types of network
Network and banking
Advantages and disadvantages of net work
Security concepts
Network security
Mode of data transmission
Fire walls its types components and techniques
CHAPTER THREE
System investigation analysis and design of 1/0 forms
Introduction
System investigation
System analysis
Designing of input / output forms
Research methodology
Sources of data
System proposal
Objective of the system
CHAPTER FOUR
System design
Introduction
Programming testing implementation and handour change over
Programming and testing
Implementation
Handover changing over
CHAPTER FIVE
Summary recommendation and conclusion
Introduction
Summary
Recommendation
Conclusion
References
INTRODUCTION
The interconnection of computer with other related office equipments are finding increasing application in almost all field of human endeavour most especially the financial
sector. More and more banks are introducing the use of computer networks in their establishment. These provide for easy access to the information and services available in the organisation.
Because of the high value of information, organisations now classify their data as well as putting a lot of effort to safeguard it. Networking is the vehicle for sharing information where as network security is a way to protect the information, information sharing cannot be constrained by physical or geographical location and today’s information has been made accessible to all by means of global network. For an organisation to become parts of this global network, it first need to have his own Local area network (LAN), which is then connected to the internet by means of a Wide area network (WAN). Computer security focuses on two main problems
a. How to protect the physical equipment of the computer.
b. How to protect against unauthorized use of the
Computer faculties by intruders. The objective of network security is to control access to corporate and government data residing on network services or transmitted over the LAN or WAN
1.1 BACKGROUND OF STUDY
Diamond Bank Nigeria limited was established with the aim of providing banking services to the general public. It is first growing commercial bank incorporate with headquarter and about 8 or more branches scattered across the country, which included Imo, Abia, Calabar and Ibadan etc with a staff strength of more than 500 workers, they provide banking service to the public which include
a. The handling of cash and provision of bank drafts
b. The provision of facilities for the safe keeping of
Important document and title delds.
c. The lending of money in the form of loans and
Overdrafts.
d. The management of customers’ investment such as the
Purchase of stocks and shares and the receipts of periodic dividends.
e. The transfer of funds to other places periodically
1.2 STATEMENT OF THE PROBLEM
Diamond bank Nigeria limited has a large volume of information, which it has to handle efficiently in other to evolve efficiently corporate management and improved customer services. The information needed to carry out operation geared toward customer satisfaction must be highly secured and transmitted properly too. Since the banks uses computer network in their activities, there are bound to be threats to security which hinders work progress in the organisation, once the organisation launches it presence in the internet.
Most banks lack awareness on how a network can be implemented, secured and maintained. Threats to network security are sometimes difficult to track and it won’t be easy to refuse the request of the attackers. Without refusing legitimate request for services. This attack comes from any connection that the bank has with the outside world, which included dial up moderns, and internet connection. So in order to adequately address security all possible avenues of entry must be identified and evaluated, also the security of every point must be consistent with stated policy on acceptable risk levels.
1.3 OBJECTIVE OF THE STUDY
Networking is the backbone of accessing vital information the world has becomes a global village, sharing everything through networking. Networks requires a high level of security, which involves the technical and administrative safeguards required to protect a computer based system (hardware, personnel data) against the major hazards to which most computer system are exposed and to control accessed to information. The work is aimed at defining/providing a security system that will keep unauthorized uses from the protected areas of the network. This system will also prohibit potentially vulnerability services from entering or leaving the network. The system will also provide a location for monitoring security related events and adults as well as the overall security management of the network.
1.4 SIGNIFICANCE OF THE STUDY
a. Network security and fire walls are useful in banking sectors and in their services
b. It is useful to the banks in other sectors who would wish to use network security and firewall in their banks.
c. It shows need for security in banking sectors.
1.5 SCOPE OF THE STUDY
This study presents an overview of security system network and firewalls its highlights are on firewalls. Risks threats and vulnerability of network. It also concentrates on design of security system and network types.
1.6 LIMITATION OF THE STUDY
This research was limited by the shortness of time giving rise to the limited study of network security and firewalls. Also the finance to embarked upon a higher level of research was not available. The bank on its part did not give out much information that would have really aided the writing of this work due to some security reasons.
Additionally, this research was carried out at the Owerri branch office of diamond bank. Therefore the research was based on the branch section and not from the centre.
1.7 DEFINITION OF TERMS
Network: Network in computing a number of computer and other devices that are connected together so that equipment and information can be snared.
Security: These are activities that involves protecting a building or person against attack danger hazards
Fire wall: Fire wall in computing is a part of a computer system that is designed to prevent people from getting at information without authority. But still allows them to received information that is sent to them.
Computer: Computer is an electronic device that accept data, processes the data and gives information under automatic control
Bank: This is an organisation that provides various financial service e.g. keeping or lending money.
Personnel: Person who manage, design program, control or operate an information processing system and maintain access to the network.
Policy: This layer defines the umbrella of the security program. It defines the policies of the organisation without a complete, effective and well implemented policy the security program cannot be complete.
LAN: LOCAL AREA NETWORK
MAN: METROPOLITAN AREA NETWORK
WAN: WIDE AREA NETWORK
E-MAIL: ELECTRONIC MAIL
FAX: FACSITAILE DOCUMENT TRANSMISSION
Computer Base Network Security And Firewalls In Banking System:
Computer-based network security and firewalls are critical components of the overall security infrastructure in the banking system. Banks deal with highly sensitive financial information and must protect it from various threats, including cyberattacks, data breaches, and unauthorized access. Here’s an overview of how computer-based network security and firewalls are implemented in the banking sector:
Firewalls:
Perimeter Firewalls: Banks typically employ perimeter firewalls at the network boundary to control incoming and outgoing traffic. These firewalls use access control lists (ACLs) to allow or deny traffic based on predefined rules. They help prevent unauthorized access and protect against common attacks like Distributed Denial of Service (DDoS).
Application Layer Firewalls: In addition to traditional packet-filtering firewalls, banks often use application layer firewalls (also known as next-generation firewalls). These firewalls inspect traffic at the application layer, providing more granular control and better protection against advanced threats. They can analyze specific applications, protocols, and user behavior to identify and block malicious activity.
Intrusion Detection and Prevention Systems (IDPS): Banks employ IDPS alongside firewalls to monitor network traffic for suspicious patterns or known attack signatures. These systems can detect and block intrusion attempts in real-time, enhancing network security.
Virtual Private Networks (VPNs):
Banks use VPNs to create secure and encrypted communication channels for remote access by employees, partners, and customers. VPNs ensure that sensitive data transmitted over public networks remains confidential and secure.
Network Segmentation:
Banks often segment their networks to isolate critical financial systems from less secure areas. This prevents lateral movement by attackers, limiting the potential impact of a breach.
Access Control and Authentication:
Strong access controls and authentication mechanisms are crucial in banking systems. Multi-factor authentication (MFA) is commonly used to ensure that only authorized individuals can access sensitive data and systems.
Security Monitoring and Incident Response:
Banks implement real-time security monitoring to detect and respond to potential threats promptly. They maintain incident response plans to address security incidents effectively and minimize damage.
Regular Security Audits and Penetration Testing:
Banks conduct regular security audits and penetration testing to identify vulnerabilities and weaknesses in their network security. These assessments help in proactive risk management and compliance with industry regulations.
Encryption:
Data encryption is vital in banking, both in transit and at rest. Secure Socket Layer/Transport Layer Security (SSL/TLS) is used to encrypt data in transit, while data at rest is often stored in encrypted databases or file systems.
Security Patch Management:
Banks maintain a strict schedule for applying security patches and updates to all networked devices and software to protect against known vulnerabilities.
Employee Training:
Banks provide cybersecurity training and awareness programs to employees to help them recognize and respond to potential security threats effectively.
Compliance and Regulation:
Banks must adhere to industry-specific regulations and compliance standards, such as the Payment Card Industry Data Security Standard (PCI DSS) and Basel III. Compliance ensures that security practices meet industry standards and regulatory requirements.
In summary, computer-based network security and firewalls play a central role in safeguarding the banking system’s critical assets and sensitive data. These technologies are part of a comprehensive cybersecurity strategy that also includes access control, encryption, monitoring, and employee training to mitigate risks and protect against evolving threats.