Security Risk Management in Online System

The contribution of this paper is to study online systems weaknesses and their relationships to relative cyber-attacks such as data breach against SWIFT network in online banking to ensure the effectiveness of the risk management process. The relationships developed in this study are identified by highlighting the latest incidents globally in online banking and discovering new approaches that the attacker can use against common vulnerabilities such as mobile malware and code injection in banking channels causing massive loss of bank's assets values. Additionally, this research analyzes Online Banking security practices that can be a backdoor for serious incidents and highlights risk management process. The goal is to provide a review of major risks including security risks, compliance risk and operational risk that have been developed in online banking. Also, the study reviews threat methodologies that attacker has been followed in recent years. As a result, the research shows that most dangerous attacks came particularly from one vulnerability that was disregard and handled without appropriate strategies; and provides guidance on risk monitoring and assessment in Online systems.