DISSERTATION- PROJECT SUBMISSION
A New Risk Management Framework for Cloud Migration in
Banking Industry: NEDBANK, South Africa
By
Student Name:
Student No:
Faculty of Management Studies
UNICAF University, ZAMBIA
Tutor’s Name: Dr. Richard Ndonye Ngungu
Supervisor’s Name: Dr. Mary Mandiringana
JULY 2022
Page 1
, ABSTRACT
“ The appearance of the internet and its wide uses in our daily work along with the ever-changing technology
environment expose organizations to improve their performance by adopting new trends in the markets. The
advent of cloud computing and offering applications more mobile and collaborative, motivated me to choose
my thesis project about cloud computing related to my work environment, the banking industry. The
literature review studied over the last decade for this project propounds the importance of cloud computing.
Secondary data collected for this research along with primary data gathered from semi-structured interviews
with top-level managers of NEDBANK, South Africa were used based on a mixed-method and represented
in the literature review in a systematic order. ”
“ Evidence demonstrates that switching to cloud computing reduced the organization’s expenditure regardless
of the time barrier. However, these benefits come along with various challenges mostly related the security
issues. These challenges are inevitable and cannot be generalized to either service or deployment models
(IaaS, PaaS, SaaS). Many IT departments prioritize the development of both public and private clouds while
Hybrid clouding offers a wider range of benefits for the banking industry. This thesis aims to identify
security challenges for adopting cloud computing and solution/mitigation strategies to seek an adequate
framework for the banking industry migrating to cloud computing considering risk management. Through
this analysis, I identified the potential security challenges of adopting and implementing cloud computing in
the banking industry and presents a risk management framework for this architecture migration. ”
Keywords: Cloud Computing, Risk Management, Security, Challenges, and Solutions.
Page 2
, ACKNOWLEDGMENTS
“ I would like to thank my supervisor Dr. Mary Mandiringana for helping me throughout the process of
writing this thesis and dissertation. She always provided useful remarks and comments, and always helped
me to stay on track. I am also grateful for the help from my Tutor Dr. Richard Ndonye Ngungu who
provided me with additional ideas on how to improve this work. I also wish to express my gratitude and
appreciation to the Faculty of Business Management of the UNICAF University of Zambia for their
academic excellence. Finally, I would like to thank the management of NEDBANK as well as respondents
who had provided empirical information and data related to my thesis. ”
Page 3
, ABBREVIATIONS
Cloud Computing
“ CC
Service Provider SP
Information Technology IT
Infrastructure-as-a-Service IaaS
Platform-as-a-Service PaaS
Software as a Service SaaS
Banking Process as a service BPaaS
International Data Corporation IDC
Extensible Markup Language XML
Risk Treatment RT
Risk Controlling RC
South African information and communications technology ICT
Virtual Machine VM
Cloud Security Alliance CSA
Applications programming interfaces APIs
Provable Data Possession PDP
One-time Password OTP
Static Data Masking SDM
Intrusion Detection System IDS ”
Page 4
A New Risk Management Framework for Cloud Migration in
Banking Industry: NEDBANK, South Africa
By
Student Name:
Student No:
Faculty of Management Studies
UNICAF University, ZAMBIA
Tutor’s Name: Dr. Richard Ndonye Ngungu
Supervisor’s Name: Dr. Mary Mandiringana
JULY 2022
Page 1
, ABSTRACT
“ The appearance of the internet and its wide uses in our daily work along with the ever-changing technology
environment expose organizations to improve their performance by adopting new trends in the markets. The
advent of cloud computing and offering applications more mobile and collaborative, motivated me to choose
my thesis project about cloud computing related to my work environment, the banking industry. The
literature review studied over the last decade for this project propounds the importance of cloud computing.
Secondary data collected for this research along with primary data gathered from semi-structured interviews
with top-level managers of NEDBANK, South Africa were used based on a mixed-method and represented
in the literature review in a systematic order. ”
“ Evidence demonstrates that switching to cloud computing reduced the organization’s expenditure regardless
of the time barrier. However, these benefits come along with various challenges mostly related the security
issues. These challenges are inevitable and cannot be generalized to either service or deployment models
(IaaS, PaaS, SaaS). Many IT departments prioritize the development of both public and private clouds while
Hybrid clouding offers a wider range of benefits for the banking industry. This thesis aims to identify
security challenges for adopting cloud computing and solution/mitigation strategies to seek an adequate
framework for the banking industry migrating to cloud computing considering risk management. Through
this analysis, I identified the potential security challenges of adopting and implementing cloud computing in
the banking industry and presents a risk management framework for this architecture migration. ”
Keywords: Cloud Computing, Risk Management, Security, Challenges, and Solutions.
Page 2
, ACKNOWLEDGMENTS
“ I would like to thank my supervisor Dr. Mary Mandiringana for helping me throughout the process of
writing this thesis and dissertation. She always provided useful remarks and comments, and always helped
me to stay on track. I am also grateful for the help from my Tutor Dr. Richard Ndonye Ngungu who
provided me with additional ideas on how to improve this work. I also wish to express my gratitude and
appreciation to the Faculty of Business Management of the UNICAF University of Zambia for their
academic excellence. Finally, I would like to thank the management of NEDBANK as well as respondents
who had provided empirical information and data related to my thesis. ”
Page 3
, ABBREVIATIONS
Cloud Computing
“ CC
Service Provider SP
Information Technology IT
Infrastructure-as-a-Service IaaS
Platform-as-a-Service PaaS
Software as a Service SaaS
Banking Process as a service BPaaS
International Data Corporation IDC
Extensible Markup Language XML
Risk Treatment RT
Risk Controlling RC
South African information and communications technology ICT
Virtual Machine VM
Cloud Security Alliance CSA
Applications programming interfaces APIs
Provable Data Possession PDP
One-time Password OTP
Static Data Masking SDM
Intrusion Detection System IDS ”
Page 4
