High staff moral does not only build up the
internal culture of a bank, it also improves customers perceptive of the bank
which in all improves their reputation. Nowadays all businesses rely on technology to complete
daily tasks. One thing that has become more common is the hacking of
businesses, especially large corporations, for example, to steal customer
information in order to commit fraudulent activities.
The repercussion banks face after
a security breach is that customers will lose confidence in them as they feel
that they did not take all precautions to prevent the cyber-attack. They will not
feel comfortable giving them they’re personal information anymore and will
rather switch to a bank that hasn’t had any systems breached.
In April 2013, Barclays branch Swish Cottage (London)
computer systems were hacked into and the cyber attackers were able to steal
£1.3 million from customer’s account. Barclays claimed that a significant
amount of the money was recovered and Alex Grant, the Managing Director, Fraud
Prevention stated that “no customers suffered financial loss”. However, a shock
that was uncovered later was that an employee name JEAN JACQUES was involved in the attack.