Since its establishment in 1930, the Crown Bank has developed expositional. The bank is committed to assisting its customers in achieving critical financial milestones and significantly enhancing their financial security. Crown Bank provides various money-related products and services, such as electronic banking, credit, insurance coverage, mortgages, savings and accounts, and consulting. The bank offers several types of savings accounts, including regular, fixed-rate, and target savings accounts (Tran & Corner, 2016). Clients can select the type of account they wish to invest in based on their financial objectives, and the lender will work with them to achieve those objectives. The bank also provides a range of loan choices, such as loans for organizations, people with disabilities, and entities. Whether borrowers want to start their own business, grow an existing one, or finance a socially conscious project, these loans help them reach their monetary goals. Anytime they need money, customers can conduct transactions and view their balances.
Primary communication means
Crown Bank interacts with its customer base in a variety of ways. Conventional marketing communications, alerts, phone calls, newspapers, films, and updates on social media such as Twitter and Facebook, as well as in-person contacts, are included. The company’s customer service phone center can be contacted to report problems or any issue concerning their ATM and bank and ask questions regarding the services and goods the bank offers. It has been repeatedly demonstrated that customer care services successfully raise customer retention and foster better client relationships (Tran & Corner, 2016). Another efficient means of communication is the bank’s regular email correspondence to clients regarding its accounting records and any other pertinent account information. Crown has social media accounts on all platforms. Through these pages, clients can contact the organization and discover more about the goods and services the bank offers. Following any transaction, the bank notifies its consumers to verify they are making the transaction. Clients may express concerns about their accounts by sending letters and alerts.
Advertising and sales/distribution
The banking institution uses publications, TV, radio, other media outlets, and partnerships with other local businesses to market its financial goods and services on social networking sites. Commercials on radio and television are widely heard and seen, and they are an excellent way to attract new clients. Crown regularly uses this marketing strategy to attract potential customers in rural and urban settings. Advertisers can save time and be more flexible when they use newspaper ads. It also engages customers effortlessly and attracts a wide range of demographics.
Additionally, it increases credibility because people are more likely to believe in brands promoted in newspapers, television, and radio. It also sponsors a range of games and other recreational activities to promote its brand. Crown has effectively promoted its brand through the media. Social media is now a crucial and valuable tool for customer service and marketing. The bank sells its goods in various ways through dealers, electronic mail, and self-service amenities such as cash machines, banking kiosks, and responders.
Company vulnerabilities, threats, and business model
Given the importance of the data they host, credit card companies are among the most popular targets for malicious people. Hackers con artists by peddling their stolen banking and login credentials to wealthy purchasers. Threats and vulnerabilities faced by Crown Company comprise malware, Trojans, phishing, client behavior, and external threats. Malware attacks are a common occurrence in the banking industry. A range of banking lenders can be the target of malicious software and Trojan programs. Arguably, the most significant risk in financial institutions in the 21st century remains the phishing attack, which has become an essential tool for fraudsters. Malicious individuals use phishing IDs to trick users into installing malware by pretending to email (Ghelani et al., 2022). The behavior of customers and employees may pose a significant risk to data. Inadequate security protocols used by digital banking customers can quickly jeopardize their data significantly. These safety incidents might also lead to issues with conformity and brand reputation. Cyberattacks can damage a person’s reputation and possibly lead to legal action.
Crown Bank is vulnerable to various risks as a banking organization, such as operational, reputable, legal compliance, and liquidity risks, among many others. If banks lend money to customers who subsequently default, they risk running bankrupt. These acts drive the financial institutions to the breaking point. The brand’s reputation significantly impacts its market position and overall success (Ghelani et al., 2022). Damage to the brand’s image could cost the company, among other things, essential customers. Liquidity risks are present for these lenders in the event of bankruptcy. Crown and the business are subject to operational risks in their day-to-day operations.
Crown has implemented a Business Impact Analysis tool to retain institutional resilience in the wake of a disaster and avoid disruptions to business operations. A risk assessment is necessary to identify the most critical assets. The next step is to assess possible risks and take other necessary steps, such as figuring out how interconnected all the various branches of banks, departments, and processes are. If a specific event fails, consider the appropriate and attainable wait time for essential amenities and any potential effects of known hazards on business operations. Determine the appropriate time frame for each risk’s recovery objectives based on the institution’s need to manage, monitor, assess, and make significant changes to each risk (Wu et al., 2003). The Crown Bank will be able to evaluate the likelihood that the risks will materialize and how they will likely affect day-to-day operations with the aid of BIA. It also assists the bank in determining the best goals for approved diversionary and rest areas. The upper management of the institution will be informed by the BIA of the authentication protocols that must be put in place for every critical service to boost security.
Plan to respond to incidents.
At Crown Bank, incident responses are planned and executed strategically. The financial institution has IT experts who are constantly on the lookout to ensure that incidents involving data breaches are promptly resolved. The team evaluates and confirms the situation following a ransomware incident. An exhaustive risk assessment is carried out at the outset to completely understand any potential ransomware attack that is likely to transpire. The impacted systems are heavily isolated to prevent an attack from spreading further. The data will be restored after the computer virus attack has been neutralized, enabling regular business operations to continue (Shinde & Kulkarni, 2021). One of the most effective long-term solutions for incident attacks is the configuration of firewalls and systems to detect intrusions. Bank staff members should receive training to protect themselves from hacker manipulation, as hackers can sometimes trick them into divulging personal data that could be detrimental to the company. Teaching them how to spot and steer clear of phishing scams will be very beneficial. After resolving the issue, the IT specialists should apply the lessons learned.
Costs that the company will have to pay in responding to attacks and their impact on ROI
Many businesses have invested significant resources in defending against attacks due to the sharp rise in hacking incidents. Businesses that occasionally make significant investments in cybersecurity require help managing their finances. Restructuring expenses, cloud service provider fees, regulatory fees if an enterprise faces litigation for breach of privacy by clients and third parties, and contracting costs—especially if the company’s safety team is unable to handle the threat—are all associated with cybersecurity management (Shinde & Kulkarni, 2021). Every company that wants to stay in business after suffering reputational damage must reestablish its brands, regardless of whether it will be costly. ROI will be impacted by the expense of neutralizing an incident and paying for the amenities. For the safety of their systems, every company must implement cybersecurity even though it has been a costly investment.
References
Ghelani, D., Hua, T. K., & Koduru, S. K. R. (2022). Cyber Security Threats, Vulnerabilities, and Security Solutions Models in Banking. Authorea Preprints.
Wu, F., Mahajan, V., & Balasubramanian, S. (2003). An analysis of e-business adoption and its impact on business performance. Journal of the Academy of Marketing Science, 31, 425-447.
Shinde, N., & Kulkarni, P. (2021). Cyber incident response and planning: a flexible approach. Computer Fraud & Security, 2021(1), 14-19.
Tran, H. T. T., & Corner, J. (2016). The impact of communication channels on mobile banking adoption. International Journal of Bank Marketing, 34(1), 78-109.
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