Week 7 Written Assignment 7

Establishing a secure WAN for financial institutions requires implementing stringent security measures such as encryption, multi-factor authentication, and intrusion detection and prevention systems. These measures ensure data confidentiality, integrity, and compliance with regulatory standards, while also enhancing overall network security. Technologies like IPsec, RSA SecurID, and Snort are examples of tools that can be utilized to achieve these security objectives.

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Week 7 Written Assignment 7

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Week 7

Written Assignment 7
Establishing a secure wide area network (WAN) for a financial institution requires careful
planning and implementation of stringent security measures. Financial institutions handle
sensitive financial information, making them prime targets for cyberattacks. This article
examines three important security measures that must be incorporated into a WAN infrastructure
to ensure data security, integrity, and compliance with industry standards.

 Encryption: Encryption is a key security measure that ensures the confidentiality and
integrity of data as it traverses the WAN. The data is converted into a coded format and
encryption makes it inaccessible to unauthorized users. Using end-to-end encryption
ensures that the data is encrypted at the source and decrypted at the destination, providing
additional anti-theft and prevention protection.

Importance of Encryption

 Data Confidentiality: It protects sensitive financial information from unauthorized access.

 Compliance: It helps to comply with regulatory requirements such as GDPR, PCI DSS,
and SOX.
 Data Integrity: It ensures that data is not corrupted during transmission.

Example Technology:

IPsec (Internet Protocol Security): Provides encryption and authentication at the IP layer.

 Multi-Factor Authentication (MFA): Multi-factor authentication (MFA) enhances

security by requiring multiple methods of authentication before granting access to the
WAN. Typically, this includes something the user knows (password), something personal
(smart card or mobile device), and something personal (biometric verification).

Importance of Multi-Factor Authentication (MFA)

 Enhanced Security: It reduces the risk of unauthorized access even if a product is

damaged.
 Mitigation of Phishing Attacks: It raises another barrier against certificates.
 Access Control: Ensures that only authorized personnel can access critical areas of the
network.

Example Technology:

RSA SecurID: Combines a password with a token-generated code.

 Intrusion Detection and Prevention System (IDPS): Intrusion Detection and Prevention
Systems (IDPS) are critical in monitoring and protecting the WAN from potential threats.
These systems can detect suspicious activity, generate alerts, and take countermeasures to
prevent or mitigate attacks.

Importance of Intrusion Detection and Prevention System (IDPS)

 Real-time Monitoring: Provides continuous monitoring of network traffic for suspicious

activities.
 Automated Response: It can prevent or stop dangerous traffic.
 Threat Intelligence: It uses threat intelligence to identify and respond to known and
emerging threats.

Example Technology:

Snort: An open-source network intrusion detection system.

Designing a secure WAN for financial institutions requires robust security measures such as
encryption, multifactor authentication, intrusion detection and prevention systems etc. This
system not only protects sensitive data but also ensures compliance with regulatory standards
and improves overall network security.
Reference:

Adnan, F. A. M., Yusoff, R. C. M., Maarop, N., Zainuddin, N. M., & Ibrahim, R. Information
Security Awareness: Case Study In Stock-Broking Company. Retrieved from:
http://fstm.kuis.edu.my/icits/proceeding/fullpapers/IC-ITS%202015%20-%20IT%20031.pdf

Schneier, B. (2015). Data and Goliath: The hidden battles to collect your data and control your
world. WW Norton & Company. Retrieved from:
https://www.cis.upenn.edu/~mkearns/teaching/ScienceDataEthics/files/lecture/presentations/Dat
a_And_Goliath.pdf

Stallings, W., & Brown, L. (2015). Computer security: principles and practice. Pearson.
Retrieved from:
https://thuvienso.hoasen.edu.vn/bitstream/handle/123456789/11970/Contents.pdf?sequence=1&i
sAllowed=y