INTRODUCTION There is no doubt that the technology utilized by a large number of businesses, including financial institutions, noticeably in developing and emerging countries, is becoming more and more varied, advanced, and innovative. When measuring the gap between financial institutions that are technology centric and those that are not, one finds a notable difference. The International Telecommunication Union (ITU) has identified five key factors to the success of a cyber security program at the national level; these are: (1) a national strategy; (2) collaboration between government and industry; (3) a sound legal foundation to deter cyber crime; (4) a national incident management capability; and (5) a national awareness of the importance of cyber security (Ennis, 2008). Attacks and unauthorized uses on businesses and institutions include malicious acts such as theft or destruction of intellectual property, abuse by insiders, and unauthorized access to information that results in a loss of data integrity and confidentiality, as well as malware threats such as viruses, spyware, worms, and Trojans. These cyber attacks affect the trust of cyber users and, as such, lead to apprehension about using the Internet as a means to conduct transactions. Philosophers when discussing ‘trust’ frequently refer to the party which displays trust in another as making itself vulnerable to the other party’s behavior. In other words if you trust somebody then you are accepting that while it is a theoretical possibility it is not a realistic probability that they will act in a manner that would disadvantage you. The concepts...
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