Security Concerns with Hypothetical Bank’s Loan Application processing system

Scenario:

The Big Bad Bank, is a tier one chartered bank headquartered in the Greater Toronto Area.

The CIO of the consumer lending division has asked your team to help them with the issue of “technology debt” as one of their key credit scoring applications is a 30 year old DOS application. The application works (which is why it has never been replaced), however it is limiting the process of loan applications as it runs overnight in batch and means a 24 hour cycle time between the submission of the customers information and an approved/not-approved response. The bank would like to move to instant loan approvals for its retail customers to compete with the fin-tech startups providing a similar service. It is imperative that as this approval service moves to real-time, there is no interruption or outage to loan approvals, as this is a key service at the bank.

Requirements:

Please read the framework attached in the power point slides (Slides 9-21 and Pg 38-42) and apply those two frameworks mentioned to this hypothetical bank’s current IT system and the new recommended IT proposal. The answer can be in bullet points or paragraphs. Feel free to use any diagrams . Max (500 words)

Assumptions:

Feel free to use any assumptions on the security risks for current system in the bank and the new system. I am also attaching Xerox Loan processing system file which can be used as a new recommended software.

Deliverable:

Applied F

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