As modern banking increasingly relies on the internet and computer technologies to operate their businesses and market interactions, the threats and security breaches are highly increase in recent years. Insider and outsider attacks have caused global businesses lost trillions of Dollars a year. Therefore, that is a need for a proper framework to govern the information security in banking system. This paper highlights the information assets and potential threats for banking system. It further examines and compares the elements from the commonly used information security governance frameworks, standards and best practices. Their strength and weakness are considered in its approaches. This paper further proposes the initial framework for governing the information security in banking system. The framework is categorized into three levels which are strategic level, tactical, operational level, and technical level. This proposed framework will be implemented in real banking environment.
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