11th International Conference on Mobile Data Management (MDM2010)

Kansas City, Missouri, USA, May 23-26, 2010

www.sce.umkc.edu/mdm2010

Securing Financial Institutions from Authorized Users’ Attack

Abstract

      Security has been an essential requirement of any organization, more so for financial institutions. The introduction of new and stronger security schemes, innovative gadgets, powerful monitoring and identification schemes, etc., has strengthened the security, unfortunately it has also helped attackers, especially the insiders (authorized users) to come up with relatively more effective hacking schemes. They use the same gadgets (software and hardware) to attack the system that are designed to protect the system. It is a reality that financial institutions are more vulnerable to threats from insiders than from outsiders. This presentation, after a brief history of origin of banking, touches upon a number of security issues and then focuses on a security framework mainly for securing banks from insider attacks; however, the approach would be equally affective for other institutions. We present a brief overview of current security schemes, identify their inability to protect the institution from new types of threats, and then we present a framework. We use “contextual-processing” for implementing our security scheme. Contextual processing has been around for sometime but its scope is expanded here by including spatial and temporal parameters, financial activity (ATM, etc.), customer profile, a number of real time metrics, and “activity-context” for developing this framework. The core component of the scheme is referred to as “Contextual Transaction (CT)” which is an extension to the conventional ACID transaction model.

 

John M. Blakeney

Executive Vice President and Chief Information Officer

Commerce Bank, N.A.

Kansas City, MO, USA

      John Blakeney joined Commerce Bank in 2004 and holds responsibility for delivering and supporting all technology services for Commerce Bank. This entails directing all activities related to running the global IT infrastructure, Data Center Operations, Information Security and all application development, support and maintenance.  

Mr. Blakeney also has research collaboration with the Department of Computer Science Electrical Engineering, School of Computing and Engineering and the Bloch School of Business at the University of Missouri-Kansas City.

Mr. Blakeney has more than 25 years of IT management experience in the telecommunication and financial services industries. Mr. Blakeney holds a Master of Business Administration from the Wharton Graduate School, University of Pennsylvania and a Bachelor of Science in Management Science, Kean University of New Jersey.

 

Commerce Bank, N.A.

Company Overview

An $18 billion super-community bank headquartered in St. Louis and Kansas City, Missouri. Commerce has been in operation for more than 135 years and has 330 branches in five states.