Security Measures for Protecting Financial Transactions in Online Banking

Imagine you are an Information Security consultant working with a financial institution that offersonline banking services. The institution is concerned about the security of financial transactions conducted through its online platform and wants to implement robust measures to protect customers and their financial information. Write a three to five-page paper in which you:1. Online Banking Security Overview: Provide an overview of the unique security considerations associated with online banking services. Discuss the potential risks of unauthorized access, fraudulent transactions, and phishing attacks.2. Multi-Factor Authentication (MFA): Recommend strategies for implementing Multi-FactorAuthentication (MFA) to enhance the security of online banking transactions. Discuss theimportance of using multiple authentication factors for user verification.3. Transaction Encryption and Secure Communication: Propose strategies for encrypting financial transactions and ensuring secure communication between customers and the online banking platform. Discuss encryption protocols and secure connection practices.4. Incident Response for Financial Transactions: Analyze the importance of incident response planning specifically for financial transactions in online banking. Recommend strategies for detecting and responding to potential security incidents related to financial transactions.Your assignment must follow these formatting requirements: Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA or school-specific format. Check with your professor for any additional instructions. Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length.The specific course learning outcomes associated with this assignment are: Compare and contrast the methods of disaster recovery and business continuity. Explain risk management in the context of information security.  Use technology and information resources to research issues in disaster recovery. Write clearly and concisely about disaster recovery topics using proper writing mechanics and technical style conventions.Grading for this assignment will be based on answer quality, logic / organization of the paper, and language and writing skills, using the following rubric