Financial institutions have made significant investments in their e-commerce initiatives. However, in 2016, a survey of financial institutions reported that over 70% of financial organizations were affected by denial-of-service (DoS) attacks and 17% of the respondents had encountered ransomware in conjunction with the attacks. Their e-commerce services had been interrupted by such attacks.

Required:

(a) Customer relationship management (CRM) is a common storefront e-commerce application for financial institutions. Describe TWO (2) major functions of the CRM application of a bank.

(b) Describe THREE (3) ways in which an Intrusion Prevention System (IPS) can be used to protect financial institutes from DoS attacks.

(c) Identify and explain TWO (2) objectives that the management of financial institutions must meet in the Enterprise Risk Management – Integrated Framework (ERM).