Analysis of the financial institutions' strategic e-business security solutions: Technical and non-Technical

Many financial institutions are now realizing that information technology is enabling business, not just supporting it. For this reason, financial sectors are changing the way they operate to capitalize on this trend by conducting their day-to-day business operations, namely, business-to-business (B2B) and business-to-consumer (B2C) using online applications. The proliferation of e-business and the widespread distribution of systems have created significant challenges for managing security and availability of systems. These challenges result out of a lack of uniformity and integration in the management of information across heterogeneous systems and locations. To address e-business challenges, an in-depth literature review was conducted to analyse the financial institutions in South Africa using existing models. Industry Analysis model was used as the underlying model in analysing the financial industry forces that are rapidly changing due to new emerging online technologies and intermediaries that are instrumental in driving these changes. Competitor analysis model was used to understand how financial banking and insurance institutions secure their e-business. E-business strategies such as B2Bs and B2Cs require extensive system integration. To achieve the value proposition these strategies provide, financial institutions need to knit together many systems to provide secure enablement. In this study, an integrated framework approach is applied since the concept of integrated security is emerging as an effective approach to address the new challenges facing e-business.