Socio-Economic Correlates of Information Security Threats and Controls in Global Financial Services Industry

2015 ◽  
Vol 7 (2) ◽  
pp. 54-70 ◽  
Author(s):  
Princely Ifinedo
Keyword(s):  
Information Security ◽  
Financial Services ◽  
Negative Impact ◽  
Tertiary Education ◽  
Financial Services Industry ◽  
Security Threats ◽  
National Wealth ◽  
Information Assets ◽  
Services Industry ◽  
Socio Economic Factors

Threats to data and information assets of Global Financial Services Industry (GFSI) are ever-present; such problems, if not well understood, could lead to huge negative impact. To some extent, the environment where a business operates does matter for its success. This study presents information about the relationships between selected socio-economic factors and information security threats and controls in the financial services industry. Essentially, it seeks to enrich the information provided in the 2012 Deloitte Touche Tohmatsu Limited (DTTL) survey that dealt with about security threats in the industry. This study's findings indicated that contextual factors, such as national wealth, transparency levels, staff training, tertiary education enrolment, and buyer sophistication, do have positive associations with some information security threats and controls. Practitioners and academicians can benefit from this study's insights.

Relationships between Information Security Concerns and National Cultural Dimensions

2011 ◽  
pp. 134-153
Author(s):  
Princely Ifinedo
Keyword(s):  
Information Security ◽  
Financial Services ◽  
Cultural Dimensions ◽  
Future Research ◽  
Financial Services Industry ◽  
Current Effort ◽  
Corporate Managers ◽  
Security Issues ◽  
Services Industry ◽  
Security Concerns

This study investigates the relationships between the contextual factor of national culture and information security concerns in the global financial services industry (GFSI). Essentially, this study attempts to expand the breath of information provided in the recent 2009 Deloitte Touche Tohmatsu (DTT) survey, which reported such issues in the financial services industry. The inference from the 2009 DTT survey was that information security concerns across GFSI are being informed solely by industry-related standards or imperatives. As such, perceptions and attitudes towards such issues were thought to remain unchanged in differing contexts. Results from this study’s analysis showed that the perceptions of information security concerns in GFSI compared reasonably well, but also varied by some national cultural attributes to debunk such a claim. Corporate managers in the industry may benefit from this research’s findings as they formulate country-wide information security policies and strategies. As well, insights from this current effort indicate that it would be erroneous for practitioners to accept that entities in the financial services hold exactly the same view on information security issues in their industry. Future research avenues are discussed.

The potential negative impact of the misuse of Transparency International’s corruption index by the financial services industry

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Graham Baldock
Keyword(s):  
Financial Services ◽  
Service Industry ◽  
Negative Impact ◽  
Financial Service ◽  
Financial Services Industry ◽  
Content Type ◽  
Academic Knowledge ◽  
Financial Service Industry ◽  
Compliance Officers ◽  
Services Industry

Purpose This paper aims to raise awareness of the potential misuse of Transparency International’s Corruption Perception Index (CPI) within the financial services industry and outline the potential negative impact this may have on society in certain developing countries. Design/methodology/approach This piece of research adopted a mix-method approach across three strands; an online line anonymous survey, consisting of 24 questions, face to face interviews with 10 anti-bribery and corruption compliance officers and three focus group, one in Hong Kong, India and Mexico. Findings The results of the research have evidenced that there is a lack of understanding of the methodology used to compile the CPI within the financial services industry and there is a potential adverse impact if misused. Research limitations/implications A potential limitation was the fact that the survey was written in English yet was distributed to some countries where English was not the respondents’ first language. As such, it was accepted that there may have been context challenges or a misunderstanding of what the question asked. Practical implications By raising awareness of the methodology of the CPI and the advantages and disadvantages of its use, it will enable the financial service industry to better understand the implications of using such an index and the impacts of its misuse. Social implications This research highlights that through the potential misuse and lack of understanding of the CPI by the financial services industry this may have an adverse financial, growth and development impact on societies in low ranked countries. Originality/value This paper draws on a sub-set of results from a wider piece of research that was undertaken for a Professional Doctorate. This research combined academic knowledge with practitioner research skills, providing an original contribution to knowledge surrounding corruption from a more targeted focal point, particularly with input from anti-bribery and corruption compliance officers in the financial service industry.

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