K-FFRaaS: A Generic Model for Financial Forensic Readiness as a Service in Korea

Abstract

While Korean financial companies are currently providing electronic financial services by establishing the high-level information technology and security system in accordance with the Electronic Financial Supervision Regulations (EFSR), they are rarely equipped with digital forensic readiness (DFR) to maximize the capability to collect critical digital evidence (DE). So, there is a limit to identifying the root cause of financial incidents and securing admissible DE. In this paper, there, the authors present Financial Forensic Readiness as a Service in Korea (K-FFRaaS), as DFR of financial companies to secure the admissible DE. Based on ISO/IEC 27043:2015 international standard, K-FFRaaS consists of 3 processes groups, namely: Planning processes group, Implementation processes group, and Assessment processes group. Planning processes group is the processes group to prepare the organization to be forensically ready before potential incidents happen. Implementation processes group is the stage to carry out the processes defined in the planning group. Assessment processes group consists of activities that evaluate whether the result of the implementation process group is consistent with the objective of K-FFRaaS. The contribution of this research is to present that the financial company can adopt the systematic management procedure for mitigating the causes of incidents, store admissible DE, and present scientific evidence to a court of law through K-FFRaaS.