Digital security vulnerabilities and threats implications for financial institutions deploying digital technology platforms and application: FMEA and FTOPSIS analysis

Abstract

Digital disruptions have led to the integration of applications, platforms, and infrastructure. They assist in business operations, promoting open digital collaborations, and perhaps even the integration of the Internet of Things (IoTs), Big Data Analytics, and Cloud Computing to support data sourcing, data analytics, and storage synchronously on a single platform. Notwithstanding the benefits derived from digital technology integration (including IoTs, Big Data Analytics, and Cloud Computing), digital vulnerabilities and threats have become a more significant concern for users. We addressed these challenges from an information systems perspective and have noted that more research is needed identifying potential vulnerabilities and threats affecting the integration of IoTs, BDA and CC for data management. We conducted a step-by-step analysis of the potential vulnerabilities and threats affecting the integration of IoTs, Big Data Analytics, and Cloud Computing for data management. We combined multi-dimensional analysis, Failure Mode Effect Analysis, and Fuzzy Technique for Order of Preference by Similarity for Ideal Solution to evaluate and rank the potential vulnerabilities and threats. We surveyed 234 security experts from the banking industry with adequate knowledge in IoTs, Big Data Analytics, and Cloud Computing. Based on the closeness of the coefficients, we determined that insufficient use of backup electric generators, firewall protection failures, and no information security audits are high-ranking vulnerabilities and threats affecting integration. This study is an extension of discussions on the integration of digital applications and platforms for data management and the pervasive vulnerabilities and threats arising from that. A detailed review and classification of these threats and vulnerabilities are vital for sustaining businesses’ digital integration.

Securing financial data storage: A review of cybersecurity challenges and solutions

“…The digital transformation of the financial sector has significantly increased the complexity and volume of cybersecurity threats, necessitating a comprehensive understanding of the gap between current threats and the solutions available to mitigate them. Edu et al (2021) emphasize the integration of digital technologies such as the Internet of Things (IoT), Big Data Analytics, and Cloud Computing in financial institutions, which, while beneficial, introduces significant vulnerabilities and threats. The study conducted by Edu et al (2021) through a Failure Mode Effect Analysis (FMEA) and the Fuzzy Technique for Order of Preference by Similarity to Ideal Solution (FTOPSIS) highlights the critical vulnerabilities, including insufficient backup electric generators, firewall protection failures, and the absence of information security audits, underscoring the gap in preparedness against digital security threats.…”

Information Security in the Banking Sector: A Systematic Literature Review on Current Trends, Issues, and Challenges

“…From another approach, the study [51] identified 27 associated factors, of which 5 stand out as the most critical to consider. The first is the lack of a backup electric generator, of which it is indicated that not having at least one creates vulnerability in the digital infrastructure.…”

Enterprise Big Data Management and Analysis System Based on Cloud Computing

“…At the same time, the crisis information in network communication has been accelerating to spread and penetrate into the traditional communication field, and its destructive power has been further enhanced. At the same time, due to the weakening of corporate communication control, coupled with the anonymity and concealment of the network, corporate negative information is more likely to be used by competitors, and with the help of online public opinion to artificially expand publicity, even rumors and incitement, making enterprises hard to prevent [5].…”