5G Deployment: Security Concerns for Banking Industry
While 5G technology’s rapid adoption and growth has created a new avenue for banking, it is crucial to be aware of security risks. With 5G, banking transactions will occur rapidly and will offer a higher level internet speed, however there are numerous risks that emerge within the complex network (Bruggeman, Ness & Šimová, 2020). Security concerns center around the link between mobile devices (owned by users) and 5G base stations (owned or managed by service providers) (Leijen, Ness & Simova, 2020). If this connection is not properly managed, it can pose security risks. One of the most common security risks that come with 5G is the accessibility within the network, which gives malicious attackers a chance to manipulate user data and intrude system surveillance (van Hoesen & Seltsikas, 2018). Due to the increased ability of data theft and manipulation, the financial risks that 5G banking will present are the most serious. Because 5G technology is complex and scalable, interference could lead to data theft, delay or unavailability, or manipulation of transaction values (Johnston et. al., 2019,). As 5G technology creates uncertainty and risks, banks should adopt stronger security measures. This requires proper management and sensibilization in order to implement effective data security protocols. References Bruggeman, P., Ness, S., & Šimová, M. (2020). 5G Security—Current Status and Perspectives. IEEE Communications Magazine, IEEE Communications Magazine, 56(10): 52-58. Johnston, B., Hearne, J., Howlett, R., Spielkamp, R., & Tushar, G. (2019). 5G Network Security & Privacy Risk. IEEE Aerospace and Electronic Systems Magazine 34(5): 62-67. Leijen, A., Kuipers, F. A., Eijkel, J. F. T., Thévenin, D., Boersma, K. J., Bults, R. G., … & Schiphorst, R. (2020). Analyse of security threats and attacks on 5G networks and systems. Transactions on Emerging Telecommunications Technologies (31(11), E3311). van Hoesen, P., & Seltsikas, P. (2018). Disruptive technologies and 5G networks: their impact on fraud. Journal of Cybersecurity 4(2): 155–169.
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