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A PROJECT REPORT

ON

Wireless Networking in Financial Service Institution

Submitted in partial fulfillment of the requirements for the


Award of the degree of

Master’s in Business Administration


In
Financial Management

(2019-2021)

FORE School of Management, Qutab Institutional Area,


New Delhi, Delhi 110016

Supervised by: Submitted by:


Prof. Sunita Daniel Pulkit Dhanava (024036)
Ronit Guha Roy (024042)
Rohit Rai Saxena (024041)
Rahul Singh Tanwar (024038)
Rohan Paul (024040)
Rishabh Pandey (024039)
Abstract

Ever since its humble beginnings, computer networks have made great strides and wireless
networks play a major role in each and every industry they have been deployed in. However,
there are several pros and cons to every new and upcoming technology that gets deployed in
the market. This report examines some of the drawbacks when it comes to network and data
safety in financial institutions as well as some of the key advances in wireless network safety.

This report also summarizes how going wireless benefits businesses and financial institutions
in capturing and retaining new markets and evaluates different types of Wireless networks
and features currently available across the market and how risks associated with Wireless
networks like data breach and network vulnerabilities can be mitigated.

Introduction

A wireless network is a computer network that uses wireless data connections between
network access points. Wireless networks use radio waves to connect devices such as
desktops and laptops to the Internet, the business networks and various applications. There
are four main types of wireless networks:

1. Wireless Local Area Network

2. Wireless Personal Area Networks

3. Wireless Metropolitan Area Networks

4. Wireless Wide Area Networks

At present, each new device manufactured in the market has some sort of wireless
connectivity feature embedded in it. This development has had various implications for
businesses. Wireless networks have been utilized to target and retain customers as well as
provide the “Convenience factor” for prospective customers. Fast and efficient networks have
reduced delay and latency for both the customers receiving the information as well as
companies disseminating the information to customers. As more and more devices get
networked it has paved the way for organizations and institutions to provide highly
customizable service to customers like banking, brokerage, location-based services to
transactional services etc. With an increase in deployment of wireless networks organizations
have been able to deploy and support various applications and services on a global scale
Wireless network vs. Wired network

A wired network uses cables to connect devices, such as laptop or desktop computers, to the
Internet or another network.

A wireless network allows devices to stay connected to the network but roam untethered to
any wires. Access points amplify Wi-Fi signals, so a device can be far from a router but still
be connected to the network.

A wired network has some disadvantages when compared to a wireless network. The biggest
disadvantage is that your device is tethered to a router. The most common wired networks use
cables connected at one end to an Ethernet port on the network router and at the other end to
a computer or other device.

Previously it was thought that wired networks were faster and more secure than wireless
networks. But continual enhancements to wireless network technology and Wi-Fi networking
standards have eroded speed and security differences between wired and wireless networks.

Wired Networks Wireless Network


Close proximity required More freedom (within range)

Every device must be hard-wired More layout options

Time consuming process Quick installation

More hardware required Fewer accessories required

Nominal software costs No special software required

Failed cables might present issues Interference could cause issues

Ethernet hubs & switches do not support firewalls Built-in firewall capability
Benefits of a wireless network

Businesses can experience many benefits from a wireless network, including:

Convenience
Access your network resources from any location within your wireless network's coverage area
or from any Wi-Fi hotspot.

Mobility
Wireless networks allow mobile users to access real-time information so they can roam around
your company’s space without getting disconnected from the network. This increases
teamwork and productivity company-wide that is not possible with traditional networks.

Productivity
Wireless access to the Internet and to the company's key applications and resources helps the
staff get the job done and encourages collaboration.

Easy setup
Installing a wireless network system reduces cables, which are cumbersome to setup and can
impose a safety risk, should employees’ trip on them. It can also be installed quickly and easily,
when compared to a traditional network

Expandability
You can easily expand wireless networks with existing equipment, whereas a wired network
might require additional wiring.

Security
Advances in wireless networks provide robust security protections. A managed WLAN service
offers a layered security structure – centralized authentication infrastructure to control access
to the network, automatic tracking of all users and devices and wireless intrusion detection,
prevention and mitigation.
Cost
Wireless networking may carry a slightly higher initial investment, but the overall expenses
over time are lower. It also may have a longer lifecycle than a traditionally connected network.

Types of Wireless Networks


There are 4 types of Wireless Networks

1) Wireless Local Area Networks – Allows users in a local area such as an


Institution/Campus to form a network ad attain access to the internet.

2) Wireless Personal Area Networks – we know these are Infra-Red and Bluetooth,
these allow the connectivity of personal devices within an area of about 30 feet,
though IR requires a direct site and range is less.

3) Wireless Metropolitan Area Networks – this type of technology allows the


connectivity of multiple networks in a metropolitan area such as different buildings in
a city, which is an alternative to fiber cabling

4) Wireless Wide Area Networks - These types of networks are maintained over a
large geographical range such as cities/countries via multiple satellites or antenna
sites looked after by an ISP.
Comparison of the Different Types of Wireless Networks

How wireless services benefit Financial


services Institution

Instant/Pop Up Networks for New Branches


While mobile use is increasing, only 39 percent of banking customers use it; the most
common way of conducting financial interactions is still in person. With 4G LTE, new brick-
and-mortar branches can have business-critical connectivity up and running immediately —
as opposed to perhaps months later with a wired line — which enables opening day to arrive
a lot sooner. If a wired line is installed at a later date, branch managers can choose whether to
keep wireless broadband the primary connection or seamlessly transition it into a failover
role.

Additionally, 4G LTE can help reduce operational expenditures for branch locations, enable
the pooling of data usage across locations, and reduce the need for on-site IT support.
Targeted Advertising

Beacons, which use Bluetooth Low Energy technology to make smartphones location-aware,
have opened up a whole new world of targeted marketing that includes person-specific
advertisements and notifications, such as credit qualifications. Beacons also provide financial
service organizations with valuable data to help drive everything from future offers to branch
staffing. These benefits are only attainable in the presence of reliable in-store connectivity.

This kind of proactive service allows companies to pre-emptively meet customer needs with
relevant content while also giving employees the ability to enhance the value, services, and
engagement they can offer a customer.

Digital Signage

Whether indoors or outdoors, digital signage offers multiple benefits for financial service
providers. Screens provide ample flexibility to at a moment’s notice change messaging or
even move a sign altogether — but it’s usually not viable with wired lines and traditional
management tools. 4G LTE and remote cloud management help financial institutions
maximize digital signage while minimizing overhead including truck rolls, IT man-hours, and
other expenditures.

Some forward-thinking financial organizations are even pairing beacons and digital signage
to create an environment where screen messages change based on the characteristics of each
person who walks past.

Security & Regulatory Compliance


The influx of data available to financial institutions is both a boon and a challenge, largely
because it’s highly regulated and protected. According to Accenture, 55 percent of financial
service providers say managing data is “very challenging” or “extremely challenging.” Their
struggles are real, as financial services is a top-3 target industry for hackers, according
to Verizon’s 2015 Data Breach Investigations Report.

The challenges associated with massive amounts of applications and data aren’t going away
anytime soon. However, IT professionals can mitigate security risks with remote cloud
management and 4G LTE solutions that support best-in-breed security applications including
top-of-the-line encryption, intrusion detection and protection (IPS/IDS), and rapid response
capabilities without taxing human resources. It’s a network architecture that makes allows
companies to nimbly adjust and scale in response to regulatory revisions and organizational
shifts.

As these organizations look to the future, top-of-mind action items include integrating the
cloud, big data, and the Internet of Things into their operations, as well as adapting to
changing customer demands. A growing number of financial services institutions are finding
that 4G LTE solutions provide the best way to attain competitive advantages without
sacrificing security or the bottom line.
New technologies trends in wireless
network

In wireless networking segment, 5G will enhance the finance industry as the future of
financial services is mobile. From ATM machines to online and mobile banking, the financial
services industry has often been an early adopter of digital technology. For example,
according to research done by AT&T and IDG, 81% of financial institutions have made
technology changes at the corporate and/or branch level in recent years. With mobile usage
continuing to accelerate a rapid pace, many customers are actively seeking new services to
match the evolving technologies in their pockets and on their wrists. To meet these demands,
banks must be more agile than ever.

5G technology is poised to help banks and other finance companies deliver the new,
innovative mobile services consumers want. The low latency, high data capacity and
reliability of forthcoming 5G networks will help create a new platform for the delivery of
services – virtually wherever the customer is.

One example of a technology that could be powered by 5G is the remote teller. This service
would enable customers to get personalized attention via a video session without necessarily
finding and traveling to their nearest branch. Teller services could potentially become
available wherever the 5G network exists, either on smartphones or via personalized ATMs.

Wearable devices

Another promising pivot point for 5G in financial services lies in wearable devices.
Wearables are already becoming an important channel for mobile payments, and this is likely
to increase even more in the future. In the past, wearable devices have relied on local
authentication using biometric data to enroll fingerprints and then check them against a new
scan each time the user accesses the device. These biometric checks are becoming more
sophisticated, moving from fingerprints to faces, and even beyond that to voice recognition
and to behavioral analysis, in which the service checks the user’s typing patterns to
authenticate them. By connecting to the cloud using 5G technology, these devices could share
that data with financial services and with each other – potentially with even more reliability
and lower latency than ever before. This data sharing could enable cloud-based services to
apply more computing power, evaluating these new biometric data types with even higher
degrees of accuracy.

Ideally, banks and other finance companies would no longer need to rely on just one form of
biometric authentication. By using real-time 5G connectivity to aggregate biometric data
from a user’s different devices, financial organizations could also provide multi-layered
authentication for extra account protection. This would help substantially reduce the risk of
false negatives during biometric authentication.

Data collection and wealth management

5G’s ability to collect a steady stream of data from customers will help enable banks to do
more than just protect their accounts. Low latency bandwidth offers real-time information
gathering and delivery of data ranging from location to payment information, paving the way
for new artificial intelligence-based personal banking services. These services could
aggregate a user’s behavioral data in real time to create context-aware financial
recommendations. An automated financial assistant could remind users that they’re reaching
a weekly budget limit for entertainment services when they go to the cinema, or suggest new
ways to save at the grocery store. Using high-speed, low-latency services, they could offer
more accurate advice where it matters most.

Beyond customers

5G’s benefits are expected to extend beyond customers. Financial professionals will also be
able to use them to create more efficient back-end processes. In insurance, damage appraisers
could use 5G-enabled high-speed connectivity to send dozens of photos back to the head
office quickly, without having to wait to reach their office or home network. Using this
technology, insurance companies could serve customers more quickly and automatically,
especially when combining claims adjustment processes with AI. The future of financial
services is mobile. As 5G enhancements create more reliable, responsive networks, it can
help banks and other financial institutions ensure that this future is more productive, efficient
and protected.
What are the risks to Wireless network?

In today’s technology-oriented world, every individual has at least one internet-connected


device. What we fail to realize is an increased number of these devices, means there’s an
increased potential for exploitation.

Here are some major risks that are associated with Wireless Networking

1) Piggybacking - occurs when in an unsecured wireless network – anyone can use your
connection with a wireless-enabled computer in your range, these users can steal
information, illegal activities and monitor your web activities

2) Wireless Sniffing – Many public access points are unsecured and may put your
sensitive information/ transaction at risk, hackers can use these sensitive data and get
your transaction details. Card number by using sniffing tools, therefore it is essential
to connect to an access point using at least WPA2 encryption

3) Unauthorized Computer Access – A combination of unsecured public network and


file sharing can be deadly, it can allow users to obtain not intended information as
well and therefore it is very important to ensure that file sharing is disabled when
connected to wireless, to protect device’s files from an unknown attacker.

4) Evil Twin Hacks - an attacker sets up his system impersonating a public network
access point and offers a signal stronger than the one offered by the original access
point. This technique fools the users into connecting with the stronger signal and the
attacker gets a golden chance to read all data the victim sends over the internet.
Hence, always confirm the name and password of a public internet connection before
using it to make sure it is a trusted access point.

5) Wardriving - a very specific kind of piggybacking – where the attacker understands


the broadcast range of the network and carries wireless -equipped computer having a
powerful antenna to steal crucial information and data
Steps to minimize the risks

● Avoid using the default password


It’s easy for a hacker to find out the manufacturer’s default password for your wireless
router — and then use that password to access your wireless network. So it’s wise to change
the administrator password for your wireless router. When you’re deciding on your new
password, try to pick a complex series of numbers and letters — and try to avoid using
a password that can be guessed easily.

● Don’t let your wireless device announce its presence


Switch off SSID (Service Set Identifier) broadcasting — to prevent your wireless device
announcing its presence to the world.

● Change your device’s SSID name


Again, it’s easy for a hacker to find out the manufacturer’s default SSID name for your
device — and then use that to locate your wireless network. Change the default SSID name
of your device — and try to avoid using a name that can be guessed easily.

● Encrypt your data


In your connection settings, make sure you enable encryption. If your device supports WPA
encryption, use that — if not, use WEP encryption.

● Protect against malware and Internet attacks


Make sure you install a rigorous anti-malware product on all of your computers and other
devices. In order to keep your anti-malware protection up to date, select the automatic update
option within the product.