An In-Depth Analysis of & Performance Comparison Security Models Used In Banking Scenario

Suraj Pawar and Abhimanyu Dhutonde

International Journal of Scientific Research in Computer Science, Engineering and Information Technology, 2023, vol. 9, issue 5, 10-29

Abstract: The demands of the contemporary banking environment call for a sharp focus on security paradigms that protect the integrity and confidentiality of private financial information. The exposure to several cyber dangers increases as digitization quickens and transactions cross traditional boundaries. This study conducts a thorough examination of security models within the context of banking situations in response to this urgent requirement, attempting to shed light on their intricacies and efficacies through a discriminating comparative analysis. The complexity of cyber threats, which is increasing, necessitates security frameworks that go beyond conventional safeguards, which forms the basis of this work. In order to prevent breaches, safeguard customer data, and guarantee smooth operations, banking institutions must carefully consider and select the best security models. This paper examines the complexities of security models while closely examining their applicability and performance metrics in light of these imperatives. The review procedure used here combines in-depth literature analysis with empirical evaluation. The initial stage entails a thorough analysis of the security paradigms currently in use in banking situations. The fabric of these models is made up of multifactor authentication methods, intrusion detection systems, access control mechanisms, and cryptographic techniques. This thorough evaluation lays the groundwork for the comparative study that follows, which depends on crucial parameters including precision, accuracy, complexity, deployment cost, and scalability levels. The report carefully examines the interplay of evaluative criteria and analyses the strengths and weaknesses of each security model. This approach concludes with a sharp evaluation that highlights the differences in their abilities to fend off cyberthreats and survive the rigours of the banking environment. The abstract ends by stating that our work proves not just the necessity of sophisticated security models but also gives stakeholders, decision-makers, and practitioners a useful tool for wise model selections.

Keywords: Security Models; Banking Scenarios; Comparative Analysis; Precision; Accuracy; Complexity; Deployment Cost; Scalability; Empirical Study; Paradigms (search for similar items in EconPapers)
Date: 2023
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