Milestone

Name: Ranjith Gurram

University of Cumberland

Date: 04/05/2020

Abstract.

Financial companies are almost everywhere these days ranging from loan offering companies to brokerage companies, insurance, and banks. These are on the rise because many entrepreneurs these days prefer to use loans for their business instead of getting their capital. These companies are lucrative in that they have a significant number of customers. Many of the financial institutions around are trusted and preferred to be the people compared to the banks because they require a minimal amount of details for one to acquire a loan. Therefore, it means that the banks are losing it to these institutions. When we look at the insurance companies, they have been gaining fame over time since many people these days understand the importance of insurance. This is the fact because, over the years, the world has witnessed catastrophic incidences caused by nature. The other reason for the rise in insurance is the advent of new technologies, which has led to hacking and stealing of resources through the internet. This means that users always lose most of their information, and with the right insurance, they can get a boost to help awaken their business. In this document, we are going to look at an insurance company and a bank. We are going to look at their operations and the layout of the company and compare hoe the two sectors can leverage technology to improve productivity and strategic governance.

1.0 Introduction

1.1 Background

Information and Communication Technology (ICT) has helped drive more intense global competition. Companies are increasingly globalizing through sourcing strategies that make the geography more transparent to digital-based communications and operations. ICT innovation and driving through this global competition. For example, ICT Innovation is a driving competition because it helps organizations to start networks, reduce access barriers, and open up new entry access. On the other hand, studies have indicated that as far as there is competition, technology innovation will continue to thrive, resulting in the creation of more advanced products. Service-Oriented Computing and Service Oriented Architecture (Colan 2004) have been essential and rapidly adopted key technology opportunities since 2000. Service-oriented architecture relates to some of ha. The simple addition of XML to web services and application portfolios does not significantly change the institutional technology environment (Earl, 2004). Therefore, the key aspect of the industry that has continued to be instrumental is safeguarding the client’s information from the growing cyber-attacks. The paper has explored and discussed the security architecture in the banking sectoring factoring in the crucial role it plays in the economy. Further, the paper analyzes how the Service Oriented Architecture has continued to advance in pursuit of ensuring that customer’s financial records are protected.

Banking provides a particularly interesting setting for studying service-oriented architecture optimization. Rapid growth in deregulation, as well as profit margins (Dove 2001) and banking offline banking, are affecting the global financial market and the need to increase organizational agility (Colan 2004). As a result of the traditional regulatory banking law, the highly fragmented industry IT infrastructures must now meet the new demand for customer-oriented, specialized, and highly automated virtual banking. Banks with integrated ICT architecture (Mocker and Teubner 2005) are now facing an increasing demand for flexible and cost-effective information systems (IS) structures. The ability of the new and advanced ICT architecture to support new financial business drivers is now a major advantage and propelling factor in banking (Baskerville and Pries-Heje 2004).

However, older architectures complicate the integration of enterprise applications, as the underlying elements create a ‘closed’ architecture. Closed architectures have limited the access to hardware configurations and forced many financial institutes to depend on a single-vendor for all their information technology issues and components (Colan 2004). Banks have different COBOLs, PL. Conflict with various applications running on the .NET or Java platform. Closed architectures discourage a bank’s ability to offer new financial products (Baskerville and Pries-Heje 2004), engage with competitors, or consolidate unnecessary activities.

The Insurance company has also been gaining fame over time since many people these days understand the importance of insurance. This is the fact because, over the years, the world has witnessed catastrophic incidences caused by nature. The other reason for the rise in insurance is the advent of new technologies, which has led to hacking and stealing of resources through the internet. This means that users always lose most of their information, and with the right insurance, they can get a boost to help awaken their business.

1.2 Banking Sector Overview

The role of the economy in economic development is subject to debate among economists. Diversity in the money supply affects national income, employment, living standards, and social welfare. How does economic growth affect economic growth? Various specialized banks and other financial institutions have developed a structured structure and have developed qualitatively over the years in India. These specialized financial institutions have played an important role in promoting investment in the country. Some developments are in the process of merging financial institutions with their commercial banking arms. Similarly, commercial banks seek to join insurance companies and other financial institutions to diversify their portfolios.

Banks have not been considered very active historically. Banking is balanced with regulation and security, and as a result, these are very traditional institutions. But their contemporary environments produce more institutional agility. Customer needs are evolving. As a result, modern banks are motivated to continually expand their operations and services to meet ever-changing customer demand. These broader activities include collaborating with partners and competitors. These new products and services have resulted in better relationships that have brought about the adoption and integration of the new information systems in the banking sector. The redevelopment of these banking systems means that most sophisticated banking institutions are moving from traditional development to a more active ISD system. Banks have developed their technology to control other risks such as repayment of other loans and credit card ownership, to measure the creditworthiness of borrowers. Consumer financiers also face operational risks such as fraud.

1.3 Insurance Company overview

The company has five departments and six rooms in a single building when we look at the company layout. We are going to look at each department individually in case of their tasks and those who occupy the room. The rooms include the server room, programmer’s office, manager’s office, technical support office, accounts office, and the sales department.

1.3.1 Organization of the Company.

The server room contains the server which stores all the information on the company before sending the information to the cloud. The server room contains a supercomputer whose main aim is to ensure that the resources that the users need are available.

The second room is the office of the manager, whose main role is to perform authorization and receiving customers’ complaints (Guo, 2011, May). The manager is also tasked with developing new strategies that will be used by the company to ensure that they remain competitive in the market. These strategies are aimed at making the company stand out among the competitors.

The third room is the programmer’s office, whose main aim is to ensure that the resources are running well. These resources comprise a website, a mobile application, and the system that is used in the office. There is three personnel in this office with each tasked with one of the activities mentioned above.

The fourth official is the technical support office, which deals with the customer’s issues or the issues with the system. They are tasked with ensuring that the customers receive the best from the company. There are two officers in this room, and one deals with customer calls while the other with the customers who physically visit the company. In case of a great number of customers from one side, let’s say they will both do the same work on the phone.

Account office is the other office with two employees tasked with printing the customer’s insurance policies and giving them the insurance warrants. They have a printer and a scanner and a printer in their office apart from two computers (Jiang, 2018, September). The scanners are meant to get the documents of those seeking insurance in the system.

The final office is the sales department, whose main task is to offer the services to the customers. Their main work is advertising the company and ensure that they have customers. This office has three computers for those who are working from the office. Other agents work from the ground where they advertise the services to the customers in the streets.

1.4 Purpose and scope

1.4.1 Banking

Construction of the security structure began in early 1995. The safety construction paper was written and reviewed by security experts. The design objective is to use appropriate security technologies to protect all parts of the bank’s operations while building a system that can be easily managed by competent system managers. The main difference between securing a non-line bank and providing a firewall to a business enterprise is that the bank database must be accessible to external users and therefore protected by a stronger machine than a traditional firewall. Most architecture discusses how to protect this machine, what kind of machine it should be, and the need for administrative control.

After a comprehensive review, the architecture was approved, and the security policy was written based on the security structure. It took time to properly design both the security architecture and the security policy, as it did not require significant changes. The safety of the entire system depends on the safety of each machine in that system. If a single machine is vulnerable, the entire network is vulnerable. One of the first steps of the overall design is to understand the data that flows through the system. Then carefully examined what machines are needed and how the machines are connected.

1.4.2 Insurance

The main goal of this project is to come up with a competitive insurance business where we are going to develop a company the beats the others, ensuring that the company offers the best forms of insurance.

The other main goal is to work and ensure that the company ensures that customer details are safe and that no outsider will get the information. We are going to use the security strategies to ensure this, which include application security for our application and the use of access controls within the company (TANG, 2011). This will ensure that customer data is kept safe from any outsider. The use of access controls will work to ensure that only those who are using the information are allowed access to the information.

With the company, we are going to implement role-based access controls where we are going to ensure that only the employees that are using a certain kind of information get access to the information. To ensure that the employee’s passwords are not stolen, we will implement biometrics as a form of security. In this way, we will ensure that only the employees whose fingerprint is used to get access to the information.

2.0 Technology Implementation

2.1 Banking Security Architecture

The Banking Industry Architecture Network (BIN) vertical market interface refers to software authentication, focusing on the general framework for land interoperability (Albers, 2014). The banking industry relies heavily on ‘in-house’ enterprise software application development. Banks invest more time and money in software development on their core skills. It is very difficult to switch to ‘in-house’ packaged software offered by vendors. Integrated software is easier to buy than developing software packages on its own, but some of the software currently in banks will be used in the future, but will gradually be replaced by new architectures on IBN principles. Banks have a long history of managing IT project systems. They have begun building large and complex legacy IT systems to automate processes, support multiple market segments, customer groups, products, and services, manually convert physical index files into administrative processes.

As systems for risk management, compliance increased security requirements and regulatory reporting. And with mergers and acquisitions, in-sourcing and outsourcing IT platforms add even more complexity to the bank IT systems environment. Verbalization of system dependency resulted in the need for consolidation, which frustrated the transition to banks’ IT departments. Although banks have proven to be very successful in standardizing external communication, internal integration through patents is always achieved and home-owned. Most financial institutions have implemented a common integration platform with the use of Enterprise Application Integration (EAI) or Enterprise Service Bus (ESB) approaches and fully compatible data formats. All of these proprietary structures create management challenges and vendor dependencies; they lead to off-the-shelf solutions that generally support different integration standards that are not plugged into a standards-based setting. They need complex mapping, which increases the cost of insertion on a continuous cost basis. In the banking field, various factors help to understand the OSI model, such as bank security, as shown in the figure below.

It describes the process of network communication between two nodes. Its name is publicly known as Open System Interconnection (OSI), but it is commonly used in the OSI model. The main objective is to serve as a framework for categorizing all processes related to messaging across the network. Today it is used as a structured approach to the development of all types of computer network systems using the layering approach. Each layer provides top-level services, and any level can be modified as long as the output and input of the changed layer remain the same.

Our analysis suggests that in these cases, many common organizational needs are studied by the two of us for the banks. These requirements are becoming a necessity for the growing demand (Dedrick, Gurbaxani, and Kraemer 2003) for application integration and redevelopment in the banking sector. The answers are evaluated based on the service-oriented architecture and Web services in a case; Of course, inherent in the use of web services to achieve a service-oriented architecture that refers to the case of the US banks. It is also actively involved in the development of the elements. Service-oriented architecture-based Web services need to be fixed at any point, regardless of the service’s details, to provide a high level of flexibility and organizational activity.

This allows for a level of compatibility and re-establishment that can be accepted in the implementation phase without compromising the previous development of the latter. Central European Bank’s recent projects have demonstrated the commercial part. The most recent projects, the new functionality is added to the main business segments. Very few web services can be reused in some form that was originally implemented. However, it does not affect their customers to switch to the basic Web services. Developed based on an earlier version of the business component, software modules are generally not affected by increased functionality. CMS project experience gained, for the reuse of different customers, the service is part of the often refers to the need for expansion. The main promoter of the expansion of Web services, such as recycling, reuse to deliver significant commercial benefits.

2.2 Insurance Company  Network The Diagram.

Below we are going to look at the image of the network of the organization which we are going to develop. Here we will look at the offices we had mentioned above and their vital functions. In this image, we are going to look at the picture representation of what we were saying in the introduction.

The blue line throughout the diagram is the ethernet, which connects all the departments in the company. This ethernet will be used to send the information to the server in the server room, where the information will be sent to the cloud.

3.0 Conclusion

When designing system architecture networks, security is important for IT systems and their proper operation. Network security is important for the design of the network describes the design of the partition) and the security level. To avoid errors and the costs of the security structure of the market is not standardized, so some of the principles that should be taken into consideration. When we properly design the network development architecture (Stovsky, 2009).

Do not require the development of active institutional development of active systems. Strict demands for safety and reliability of the banking system, many are not suitable for use in active development policies. These approaches focus on the speed of development rather than product quality (Baskerville et al., 2001; Baskerville and Prez-Hedge, 2004) and are generally unacceptable to banking systems. Expandable as banks, service-oriented architecture, and its general development strategies that have been developed, most people adopt new frameworks and tools.

The network implementation in the insurance office will also need to deploy cybersecurity to help protect the insurance company data against attacks, including DDoS, DNS attacks, among others.

References

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Colan, M., 2004. “Service-Oriented Architecture Expands the Vision of Web Services: Characteristics of Service Architecture.” Developer Works.

Dedrick, J, V Gurbaxani, and K Kraemer. 2003. “Information Technology and Economic Performance: A Critical Review of the Empirical Evidence.” AMC Computing Surveys 1-28.

Dove, R., 2001. Response Ability: Language, Structure, and Culture of the Agile Enterprise. New York: Wiley.

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