Cyber attacks have the potential to pose a systemic risk by disrupting the business operations of key participants in Canada’s financial system. The operational resilience of these participants—large financial institutions and the financial market infrastructures (FMIs) they participate in—is central to the overall resilience of the financial system The attackers targeting elements of Canada’s financial system are a diverse group, with varying levels of sophistication and capabilities. Canadian financial institutions and FMIs have been proactive in building up their defenses against cyber attacks and actively collaborate with one another and with the federal government.

1. Protecting the Resilience of
Canada’s Financial System
- Ajay Shibu
1

2. TABLE OF CONTENTS
1. Executive Summary………………………………… 3
2. Client Introduction………………………………….. 4
3. Summarize Results – ENVISION..…………………... 5
4. Research Need………………………………… 6
5. Research Design ……………………………… 7
6. Qualitative Objectives and Study………………. 8
7. Qualitative Objectives and Study …………… 10
8. Recommendation…………………………………………... 17
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3. 3
EXECUTIVE SUMMARY
The new technologies
adopted by financial
institutions are making
them increasingly
vulnerable to various risks
Risk
Increasing concerns
among consumers and
millennials regarding
security and data privacy.
Technology Investment
Younger generation in
Canada has financial and
social independence
Untapped Market
At the start of the century, Ray Kurzweil, Futurist and Chief Engineer at
Google, rightly predicted that “20,000 years of evolution would be
crammed into the next 100.”
90% 84% 44%
90% respondents use Canadian banking
service
Banking Service Users
84% use Wireless technology.
Wireless Technology Users
44% sample use internet 6 hours a day.
Internet Addiction

4. CLIENT INTRODUCTION - CWTA
CWTA is the authority on wireless issues, developments and trends in Canada. It represents companies that
provide services and products across the wireless sector. Representing the industry before all levels of
government and various regulatory agencies, CWTA actively promotes the industry with the goal of
ensuring continued growth of the wireless sector in Canada. CWTA administers a number of initiatives on
behalf of its members, including corporate social responsibility programs and the national common short
codes program.
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5. SUMMARIZE RESULTS - ENVISION
As per ENVISION data, population for the
PRIZM segments that our organization has
targeted is 1,443,183
PRIZM Segment 316 M
Out of that, age group between 20-39
accounts for 47.8% with the population of
690,656
Millennial AGE 20-39
Around 63.15% (812,850) of targeted
millennials used Online/Internet Banking
under financial services past month
Target Audience 63.15%
This data has helped in deriving conclusion that high
percentage of millennials use online/internet banking
for financial services assistance. Therefore, it inclines
with the research objective for CWTA
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6. RESEARCH NEED
https://www.bankofcanada.ca/wp-
content/uploads/2014/12/fsr-december14-morrow.pdf
Cyber Security: Protecting the Resilience of Canada’s Financial System
• Cyber attacks have the potential to pose systemic risk by disrupting the business
operations of key participants in Canada’s financial system.
• The operational resilience of these participants—large financial institutions and the
financial market infrastructures (FMIs) they participate in—is central to the overall
resilience of the financial system
• The attackers targeting elements of Canada’s financial system are a diverse group,
with varying levels of sophistication and capabilities.
• Canadian financial institutions and FMIs have been proactive in building up their
defenses against cyber attacks, and actively collaborate with one another and with
the federal government.
6

7. To gather knowledge that forms a foundation of security and
reliability in Wireless Network for millennials in Online Banking
and Financial Services.
RESEARCH DESIGN
Research Objective Qualitative
Research
Quantitative
Research
7

8. QUALITATIVE OBJECTIVES
1. To understand the need of financial/ online banking services amongst millennials.
2. Ease in usage of financial/ online banking services of consumers
3. To understand millennial’s awareness on financial products, security and wireless network provider usage
(for ex: PayPal, payment gateways)
4. To gather opinions regarding mobile/web financial services.
Convenience
Reliability
5. To evaluate the effectiveness of the services offered by the financial institutions.
6. To evaluate the security options provided by financial institutions as well as wireless networks.
Measuring how much millennials trust the network or financial institution for financial/online banking services.
7. To identify the magnitude in which wireless network security has delayed the usage of financial/online
banking services.
8

9. Online banking is the
most preferred mode of
banking services
Mixed reaction towards
using same passwords
More than 90% of the
respondents use banking
services in Canada across
various banking
institutions.
Phone Banking is the
most common activity
MAJOR
FINDINGS
When we analyzed both the focus
groups conducted between
Centennial College students, we
came up with the following
findings:
Average rating for cyber
security awareness is 5-6
Nearly completely
dependent on online
network and banking
services
9

10. To examine the
awareness of the security
and operation of wireless
network in web/mobile
banking systems and
evaluate the usage of
technology amongst the
subscribers
To track the usage conduct
of the financial/online
banking services on
wireless network by
subscribers
To track the impact of
web/mobile services
usage on the consumer
habit.
To track the impact of
security in wireless
network and its effect on
consumer usage of online
banking/financial services
To evaluate the cost
effectiveness of the
wireless network on the
basis of data security
services provided against
the price the millennial
pays.
QUANTITATIVE OBJECTIVES
10

11. 87% respondents use wireless
devices to connect to the internet
Its been noted that 84% of the sample own
both laptop and mobile phones, so we can
make an assumption that someone who owns
a mobile phone also owns a laptop
Majority of our respondents belong to the age
group between 18-24
84%
61%
Emails and Social Media are two most major
purposes that the respondents use their devices for,
garnering 94% and 84% each.
87%
44% of the
sample
responded
saying they
spent 6 or
more hours
on internet.
84% Social
Media
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12. I Protect Myself
28% of the respondents
rated 1/10 when asked out
about leaving their device
unprotected.
I Have Trust Issues
Out of 32 respondents 48%
rated 4/5 with how much
they trust their banking
and financial apps followed
by 33% rating 5/5
You Cant Cross Me
71% of the respondents
said their devices are
protected by some kind of
firewall and antivirus
28% 48% 71%
12

13. 17% rated 10/10 on their trust
towards their banking and financial
institution with 10 being the
highest
There’s something
wrong
68% of the respondents spend 0-10%
of their earning on online shopping
Where’d you get that
money?
60% of respondents don’t use same
passwords for online usage.
You Will Never Know
13

14. An average of 61.6 trust their financial institution to keep their
personal data safe.
14

15. 40% did online purchases in the last 7 days
97%
3%
Cyber Secuity Policy
Yes No
96% of the respondents believe their app/financial institution follow
cyber security policies
15

16. rated 8/10 on satisfaction level on
security provided for the cost
charged .
responded that they avoid posting
sensitive information on social media
or internet
21% 59%
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17. RECOMMENDATION
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• Phone banking should be improved and banks and financial institution should start encrypting data which
is accessible through mobile apps
• With the rapid growth in users and wider coverage of mobile phone networks, mobile banking is
increasingly coming up as a significant delivery channel for extending banking services to customers.
Putting the onus on banks, the Office of the Superintendent of Financial Institutions (OSFI) and Canadian
Wireless Telecommunications Association (CWTA) have to work in tandem to issue operative guidelines to
regulate this channel, suggesting reporting of suspicious transactions to its financial intelligence unit
• Due to heavy reliance on telecom and network operators for its service, prevention and detection in
mobile banking has become complex leading to cyber theft. Keeping this in mind, the banks need
incorporate higher level of scrutiny by engaging advanced technology which is proven to protect the
consumer data against phishing and cyber theft

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