The Financial Sector Is A Crucial Part Of Society s...

The financial sector is a crucial part of society’s critical infrastructure. Commerce drives our daily functions in acquiring necessities as well as desires. The debate for what is a necessity versus desire is not my point, but the reliance we have on the financial sector in order to function is. Since the days of bartering have been replaced with a monetary system in addition to technological advances, we have become as dependent upon the financial system as we are on oxygen. Accumulation of wealth has always been a driving factor since the financial system’s inception. In the past, bank robberies were the major concern as such notorious robbers as Jessie James along with Bonnie and Clyde were infamous for their robbing sprees. However, today’s bank robberies are less likely to be done in the physical nature with advances in technology. Malware plus Spyware are now the threat to financial security in personal and commercial capacities. The financial sector has experienced enormous change over the past few decades. Evaluating the changes that have transpired over the last 40 years is amazing. Transformation of the industry began in the 1970’s when the Federal Reserve announced the U.S. dollar was moving away from the gold standard and has culminated today with the latest technological applications. Henceforth, the ways financial transactions take place have forever changed (LoÃŒ pez, Setola, Wolthusen, 2012, p. 300-302). Justifiably, the financialShow MoreRelatedThe Purpose Of A National Cybersecurity Strategy1421 Words   |  6 Pageshave become integral part of our daily life. Society, businesses, government and national defense depend entirely on the well-functioning of information technology and information infrastructures, communication, transportation, e-commerce, emergency services and financial services depend on the integrity, availability and confidentiality of information streaming these infr astructures. 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