$ 40.00 Due in 24 hours. Week 9 - Online Session

Virtualization is not an easy process however the benefits outweigh the cons of virtualization. In the process of virtualization, the majority of organizations overlook important factors that help in the process and focus on financing the virtualization process in order to reap the benefits of virtualization. Top bank an investment bank that is currently ranked amongst the largest bank in the US learned the hard way that finances are not the single most important factor in the consideration of a virtualization solution.

The bank implemented virtualization for its mobile banking and internet banking services, however, the bank’s systems were hacked and consequentially, the image of the bank was dented and the bank incurred financial losses as well as business losses. The project was carried out in order to confirm whether the institution's emphasis on the finance factor in virtualization was right or whether there are other factors that need to be considered in virtualization.

The project involved going through five articles that acted as evidence for the need for other factors to be considered in the virtualization process of the organization. In addition, four people were interviewed. The interviewed people were the IT manager and assistant IT manager for Top Bank, the IT manager for JP Morgan Chase Bank and a cloud implementation expert from Matilda Cloud services provider. Based on an analysis of the interviews conducted as well as the literature review on the most important factors in the virtualization process, there are many factors that need to be considered before an organization of a client settles on a virtualization solution.

The literature review revealed that a company needs and Information security are the most important factors when one is seeking a virtualization solution. On the other hand, the interviews revealed that the financial muscle of an organization or an individual as well as the security features of a virtualization process are the most important factors to be considered before a client settles on a virtualization solution.

Based on the two potential solutions it is recommended that organizations like Top Bank and those seeking to get a virtualization solution should use a mixed approach. The approach should require the institutions and organizations not to focus on a specific factor but to identify the most important factors. Based on the analysis, it is clear that there are three main factors; the financial muscle or ability of an organization, the organization or company needs and the security measures in place for the virtualization solution.

The capstone experience was worth the time I took on the project. I have learned a lot from the experience. There are two main things I have benefited from the study. First, I have learned the importance of a good research process. Going through the evidence or the literature review, I was able to gain insight into the views of other people and groups on the subject matter. Secondly, I was able to learn the importance of having the right facts regardless of the issue that is at hand. Right facts lead to informed decisions whereas wrong information leads to ill-informed decisions.

Table of Contents Abstract 2 Section 1 5 Factors for the Virtualization process 5 Introduction 5 1.1.1. Evolution of the organization 6 1.1.2. The institution’s core function 7 1.1.3. Enabling technologies 8 1.2. Business problem 9 1.3. Supporting research 10 1.3.1. Application of Cloud Computing in Banking: Advantages and Challenges 10 1.3.2. Cloud Computing and its Challenges and Benefits in the Bank System 12 1.3.3. Getting Started with Virtualization: Five Fundamental Factors to Consider 13 1.3.4. Virtualization: Is it right for my business? 14 Section 2 15 Impact 15 2.1. Organizational impact 15 2.1.1. Information security risks/cybersecurity risks 16 2.1.2. Business risks 18 2.2. Key stakeholders 20 Section 3 21 3.1. Potential Solutions 21 3.1.1. An Interview with the assistant IT manager of Top Bank 22 3.1.2. An interview with JP Morgan Chase bank’s IT, manager 23 3.1.3. An interview with a cloud implementation expert from the Matilda cloud services providers company 24 Potential solutions 25 Section 4 26 4.1. Recommendations 26 4.2. Implementation consideration 27 Section 5 28 Contribution from course work 28 5.1. Application of learning 28 5.2. Significance of the project 29 5.3. Reflections 29 Section 6 30 6.1. Conclusions 30 References 31

The last ten years have seen a rapid expansion and advancement in cloud computing. Organizations, as well as individuals, have widely accepted the use and reliance of cloud services for their daily functions or operations. Cloud computing is a form of virtualization. Organizations mainly virtualize their servers, their operating systems, their network resources, their storage devices as well as their computing hardware platforms. Virtualization is not an easy process however the benefits outweigh the cons of virtualization (Nedelcu et al., 2017). In the process of virtualization, the majority of organizations overlook important factors that help in the process and focus on financing the virtualization process in order to reap the benefits of virtualization. The above statement sets the foundation for this paper’s thesis statement; finance is the primary factor in the consideration of virtualization.

The below paper will look at how a local bank, Top Bank, not its real name is struggling in virtualizing its banking processes. The paper will focus on its virtual banking services, how the institution is supposed to deliver the service as well as the challenges it is having in implementing virtual banking. In addition, a review of other institutions that have virtualized their operations will as well be reviewed with the intention of determining the most important factors to be considered in the virtualization process.

1.1. The Top bank organization

Top bank is an investment bank that is currently ranked amongst the largest bank in the US. The bank is one of the five largest banks in the US in terms of assets and market capitalization. As of the end of last year, 2018, Top bank was recorded to have as much as 2.8trillion in assets. In addition, the bank had approximately 20 trillion in assets under custody. The bank started off as a microfinance institution in the early 20th century. Over its years of existence, the bank has merged with other microfinance institutions, insurance companies as well as other banks in order to get where it is currently. The bank has made over twelve acquisitions and mergers in order to expand and grow in the nation.

The success of the institution can be credited to its adaptability. The bank survived the great recession of the 20th century that threatened the finance sector of the nation. The bank as well survived the 2008 financial crisis. Surviving the two major crises mentioned above as well as other challenges can be credited to the management of the institution. The bank has had good leadership, leadership that is not only focused on the profitability of the organization but that is focused on the future of the organization. The desire to have the bank exist for as long as possible has driven the organization to always be a step ahead of other institutions. As part of being ahead of the pack, the bank has considered virtual banking as an option. The above strategy is in place in order for the bank to stay relevant in the ever-changing technological era that is currently in existence.

Unfortunately, the bank experienced a security breach. The breach targeted the bank’s internet banking system that had been virtualized. The hackers breached the system and initiated fraudulent transactions. The hackers transferred money from the accounts of the bank’s clients that amounted to $12 million. Forensic investigations revealed that the cybercriminals leveraged loopholes present in the virtualization solution that the bank had implemented.

The bank has five main core functions and the functions are similar to almost all banks. For starters, the institution is a cash custodian. The bank receives cash from its customers for safekeeping. The institution has over thirty thousand bank accounts. The accounts are categorized under savings accounts, current accounts, and fixed deposit accounts. The three account categorization is open for corporate accounts, joint accounts, and personal accounts. As a cash custodian, the bank stores cash for its customers and allows them access to the funds according to the agreed-upon terms.

The second core function is asset custodian. Other than keeping safe their customer’s cash safe, the institution as well as helps their customers secure the assets. The institution holds safe-deposit boxes where clients can store their valuables. For example, customers can store jewelry, title deeds and other important documents that customers might not feel safe having them in their houses or property.

The third function of the institution is credit administration. Due to the large pool of resources that the institution has access to, the institution is able to offer credit services to its customers at an interest charge that is set by the institution and that is agreed upon by the customers. The institution offers both personal and corporate loans. It offers mortgages as well as asset financing. In addition, the institution offers credit cards.

The fourth core function of the institution is asset or investment administration. Since the institution is an investment bank, the bank primary deals with investments. The institution takes clients funds and invests in lucrative businesses across the many industries that are present. The returns from the investments are shared by the institution and the investors. As of now, the bank has invested heavily in the real estate market, transport, and the oil industry since they are the most lucrative industries at the moment.

Lastly, the institution supports the transfer of money and assets from one party to another. The bank allows both account holders and non-account holders to make transactions through the institution given that the customers, as well as the transactions, are within the agreed-upon and regulated banking terms. For example, Top Bank facilitates telegraphic transfers for walk-in clients as well as account holders. The difference lies in the charges that the bank has for the two types of clients; account holders are charged less in comparison to walk-in clients.

In order for the institution to perform its core functions, there are three enabling technologies that it relies upon. First, the institution has an integrated banking system; Top Bank relies heavily on the Oracle FLEXCUBE core banking system. The bank’s operating system allows the bank to replace legacy systems, increase its competitiveness, comply with regulation, make information flow possible, optimize customer value and allows the bank to have in place a service-oriented architecture to aid in customer experience.

The institution as well has a mobile banking system. The mobile banking system is integrated with the bank’s core operating system. The mobile banking system makes it possible for bank customers to transact from their mobile phones. Banks can move money from their accounts to their phones and vice versa. Thirdly, the institution has internet banking or online banking platforms. The platform allows, the bank’s customers to access their financial institution from anywhere in the world given that they have access to the internet. Through online banking, customers can initiate and complete transactions, check their balances, request for credit facilities as well as raise complaints as well as offer feedback for the services rendered.

In order for the institution to offer all its services, the bank’s database has to be online at all times and has to be up to date. Due to the large customer base that the institution has and the need for financial services even when the customers are not in America, virtualization has become a reality. The bank has had to have in place virtual servers, virtual branches as well as virtual systems in order for the institution to meet all its functions.

In the company’s bid to virtualize most of its operations, the company has faced several challenges that it had not quite anticipated. First, the bank hoped to reduce its overall cost of operations by half through migrating its data from multiple sources to a single pool in order to allow easier and faster access. The institution tried the implementation of server virtualization in order to reduce the number of physical servers owned and operated by the institution. The main goals of the server virtualization were to make the operations of the institution more efficient, reduce the institution's energy and maintenance costs, increase the institution's security and reduce if not do away with unplanned outages amongst other benefits.

As far as the institution’s calculations were concerned, the institution only needed to have the finances to sort out the virtualization process. The institution assumed that having enough capital to sort out the process would be adequate. In short, the institution did not foresee any other challenges that may hamper its virtualization as they had their finances. As soon as the virtualization process began, the institution was introduced to several other factors that need to be considered before the implementation of virtualization.

The institution had not factored three things that later came to hamper their virtualization. First, the bank did not anticipate the learning curve of virtualization in banking. The institution had not factored in that they need to train their employees on virtualization and the virtualized components of the bank’s operations. Secondly, the institution did not factor in the recurring costs of virtualization. Thirdly, the institution did not factor in the effects that virtualization would have on it. In the course of implementing virtualization, the company ended up not only incurring financial losses but as well as reputational loss. A proper virtualization solution will allow the institution to flourish in its provision of mobile banking and internet banking services without exposing the bank to any risk (Boateng et al., 2016).

In reference to an article published in the Atlantis Press by Gujun Yan, banks stand to benefit a lot from cloud computing. The article lists three main advantages that banks get from cloud computing and generally virtualization. The advantages identified include cost saving, improved quality in terms of financial services offered and enhanced data processing capabilities (Yan, 2017). The article starts by first listing the main characteristics of virtualization and in extension cloud computing. Some of the identified characteristics include; large storage capacities, powerful computing power, lowered equipment requirements, dynamic expansion, and resource sharing.

The article as well lists the main challenges that banks face in virtualization. One of the challenges identified is information security issues. Yan starts by elaborating that the most widely used form of virtualization that banks use is cloud computing. Yan as well as notes that cloud computing denies clients direct control of the systems, the platforms as well as the services that they have access to. One of the most important facts that are presented in the article is that data is the life of banks and unfortunately virtualization exposes banks to data loss risks as well as compromises the integrity and the availability of data. It is because of the above that virtualization has been deemed as an information security risk.

The second challenge of virtualization according to the article is business security issues. In most cases, only specific services or functions of organizations are integrated into virtualized systems of platforms. The above means that not all business functions are supported by virtualization and for that reason businesses might not be able to perform all their core functions exposing them to unnecessary business risks. The last challenge of virtualization to banks as per the article is that there is a lack of technical standards for virtualization.

Based on the article by Yan, virtualization and in extension cloud computing offers many benefits to banks but only if the banks can adequately deal with the possible risks that they may be exposed to. It is clear that banks need to properly look at virtualization before embarking on it. It is important that banks consider all the challenges of virtualization more so those that expose them to business risks and security risks.

The second article that is under review is an article that looks at the benefits and the challenges of cloud computing. The article identifies cloud computing as the main form of virtualization that is used in banks. The article mentions that there are four main forms of cloud computing models incorporated by most banks as part of the virtualization. The four models are software as a service, business process as a service, platform as a service and infrastructure as a service.

Based on the article, there are five pros that virtualization offers banks. Top of the list is reduced costs. Secondly, virtualization offers high flexibility. Thirdly, virtualization brings about faster customer services. The fourth advantage of virtualization in banks is that it strengthens the relationship between banks and their customers. The article as well identifies three challenges of virtualization for banks. The challenges double up as the factors to be considered before virtualization. The three challenges are security and privacy, vulnerability and downtime outages.

Based on the article the three main factors that need to be considered before virtualization is implemented are the security features or advantages that virtualization will offer, the likelihood of downtime as well as the privacy risks that will be introduced due to virtualization. In reference to the article, the cost of virtualization is a significant factor when settling for virtualization but there are as well other factors that carry the same weight if not more than the cost of virtualization.

In a recent article published by Contel Bradford in the storage craft recovery zone, there are five main factors that all organizations should consider before virtualization. The first factor identified is the storage capacity that virtualization offers (Bradford, 2019). Bradford identifies that storage for virtual infrastructure is the biggest nightmare for IT management and this is because virtualization offers much less storage capacity for institutions compared to physical storage databases.

The second factor that Bradford identifies as important is the probability of failure. Virtualization is prone to failures just as with other IT systems and infrastructure. It is important that the organization knows the probability of failure of all virtualization methods that they may consider. According to the article, if an organization picks a virtualization method that is prone to downtime or failures, the organization is likely to have a hard time with virtualization. The third factor is the potential overload of a virtualization method. Every system has its overload limit. Bradford highlights the importance of IT managers being aware of the overload limits as they can guide as to whether to implement a specific virtualization method or not.

Fourthly, it is important that IT managers know their organization's needs before choosing a virtualization solution. Different organizations have different needs and different virtualization solutions offer different solutions (Srivastava, 2016). Bradford states that the needs of an organization should be sorted by a virtualization solution for the solution to be considered. Virtualization software must be chosen on the basis that the software meets the needs of the organization purchasing the software.

The last important factor is the hardware requirements of the virtualization method to be adopted. According to the article, institutions must be fully aware of the requirements of the virtualization method that they plan to implement. There are virtualization methods that are hardware demanding and consequentially have more costs as compared to the methods that are less hardware demanding. IT managers have to work within their budgets to get a virtualization solution that meets their organizational needs.

Bradford mentions five important factors that need to be considered before the implementation of virtualization. Of all the five factors he does not mention the cost of virtualization. It is possible to make the assumption that there are other more important factors to be considered in virtualization that finances. Based on the article, organizations have to assess the features of several virtualization methods before they can commit to a specific virtualization solution.

The last article to be reviewed is an article published by Megan Berry on the IT Manager Daily website. The article is focused on ensuring that organizations what is needed before they embark or a virtualization venture (Berry, 2019). For starters, Megan advises that virtualization more so server virtualization should be for organizations that have more than five physical servers. She states that organizations that have between 10 to 15 servers will fully see the benefits of having virtual servers as compared to organizations that have fewer servers.

The article as well lists about seven pros of virtualization. Some of the pros listed include; facilitation of cloud computing, instant offsite access of systems, files and applications, increased security, less downtime and efficiency in the deployment of installation and upgrades. Megan also lists the cons of virtualization. The listed cons are virtualization is an expensive venture, has a learning curve that requires organization staff to be trained and software licensing can hamper operations using virtualization (Delgado, 2014).

Megan as well as advices on six things that should be done before an organization settles on virtualization. Megan advices that IT managers should have a thorough understanding of virtualization before they start implementing such a solution. Secondly, IT managers should be fully aware of the requirements of virtualization methods. Thirdly, it is advisable for IT managers to have a good plan that will aid in the virtualization process.

The fourth thing is that IT managers need to understand the terms of software licensing in order to ensure that they implement a virtualization solution that is in line with regulation. Fifth on the list is that IT managers need to understand the architecture of virtual machines. Lastly, IT managers must be aware of what the virtual machines offer e.g. the number of virtual machines that can be created for the organization.

Based on the evidence provided, the literature reviews, as well as the challenges that the Top Bank organization is facing it, is clear that the lack of factoring other factors in the virtualization process can affect an organization in two main ways. The first way is it can expose an organization to information security risks. The second way is that it can expose an organization to business risks.

Cybersecurity refers to the protection of interconnected systems, hardware, software, data from cyber-attacks. Cybersecurity risks refers to the risks that may face interconnected systems (Camillo, 2017). As it stands cybersecurity risk is the most prevalent risk in the banking sector and generally in the financial sector. Guarding against cybersecurity risk is a challenging task considering it is both a technology risk and people risk. Since cybersecurity is concerned with security in the computing sector it as well involves physical security since the sector comprises both hardware and software.

Cybersecurity risks have come up in the last 20 to 30 years and it affects all sectors of operations so long as the operations use any form of network (Spikes Security, 2019). The financial sector is not the only sector that is adversely affected by cybersecurity risks, in fact, cybercriminals have attacked almost all if not all sectors. For example, they have attacked the health sector and the transport sector amongst other sectors.

In 2018, The Canadian Imperial Bank of Commerce and The Bank of Montreal, the two largest banks in Canada were exposed to cybercrime that led to the loss of financial and personal data of close to 100,000 customers (Nandikotkur, 2019). The two banks are not the only banks in the world that have been exposed to cybercrime. In fact, almost all countries in the world have experienced cybercrime targeting at least one of their banks. Cybercriminals mainly target banking systems, and financial data (DATAFLAIR TEAM, 2019). They target banking systems since they can initiate transfers using the systems and they target financial data since they can use the data to ask for ransom as well as commit other crimes as a result of access to financial data. For example, hackers who access, credit card data, can use the data to commit credit card fraud.

The main way that cybercriminals threaten the banking sector is data breaches. Hackers are always on the lookout for ways they can access sensitive information from banks. They are always trying to hack banking networks by sending phishing emails, attacks on servers and even using moles or insiders to gain access to banks. Financial data is sensitive considering it can lead to a loss for both the banks and their customers. Virtualization that is not protected by good or reliable security protocols can make it much easier for cybercriminals to breach Top Bank systems and data (Kleyman, 2015). Virtualization more so through cloud computing has to be supported by information security protocols and measures for it to work (Beckham, 2011).

The other type of cyber risk that has the potential to collapse a bank such as Top Bank is the denial of service attacks and system outages. Since we are currently in the technological era, most operations in the banking sector are carried out via banking systems. The simple act of cybercriminals attacking banking systems for the purposes of taking over their systems in order to deny services can lead to both monetary losses as well as the financial loss (Posey, 2015). Banks need to continuously monitor their networks to identify threats as well as to detect attacks before they cause catastrophic damage. Top bank is at risk mainly because of its mobile banking system and internet banking systems that are heavily reliant on virtualization. The organization can easily find itself in trouble if either of their systems is breached. The organization will expose itself to financial and reputation risks.

Since cybersecurity risks are enterprise-level risks it is safe to make the conclusion that they cause both monetary loss and reputation loss at the same time. Banks operate based on the trust that their customers have on them and Top Bank is not an exception to this. Cybersecurity and business risks create an environment that makes customers lose the trust that they have in their banks and generally in the banking sector. If Top bank was to suffer a financial data breach they would lose trust from their customers. Customers would stop believing that the bank has the ability to secure their data and that knowledge would affect their desire to bank with the bank or invest in the institution. For example, data breaches in relation to credit cards would lead to customers straying away from accessing not only credit card services from the institution but as well as any credit facility from it.

If the bank was to lose the trust of its customers, then it would as well incur monetary or financial losses. The bank is highly profitable as we speak because it has a large number of customers that are willing to bank or invest in the bank. The loss of trust would lead to many customers pulling out their deposits as well as their investments in the institution. The ripple effect of the withdrawal of deposits is that the bank would not have the financial muscle it currently has to invest more meaning that its investments and consequentially its profits would dwindle. If the bank experiences a major pull out, then the bank can incur losses that would affect its operations.

Cybersecurity risks and business risks can cause the bank to lose money. As earlier mentioned cybercriminals targeting banks mostly target the banking system. They hack systems to initiate fraudulent activities such as electronic transfers or even online and ATM withdrawals (CAMPANELLI, 2018). The republic of Kenya in Africa faced cyber-attacks targeting its banking sector. The attacks primarily targeted the banking institutions’ online banking systems. The banks lost some considerable amount of money as a result of the attacks. If Top Bank was to experience a successful cyber-attack targeting its online banking system due to poor IT security measures, they would lose a lot of money considering the size of the bank and the number of customers the bank has.

The loss of money would affect two main things. It first would affect the bank’s operations (Rudy, 2015). The bank’s sheer size is dependent on the capital the bank has and if the capital is reduced then the bank would have to reduce its size in order to remain profitable or even stay afloat. Top Bank is an investment bank and an attack that reduces its financial muscle affects its investment operations. Meaning that the bank would have a reduced investment ability.

The second thing that would be affected by the bank’s loss of money is the bank’s reputation. The bank’s reputation would be dented as customers and the general public would have the misconception that the bank does not have the ability to secure its systems and consequentially its customers' deposits or investments. If the monetary loss of the bank is severe then the reputation of the bank would be severely dented. A severely dented reputation would make it hard for the bank to operate as it would lose its customers and consequentially their deposits and investments (Laukkanen, 2016). Considering customers have a direct link to the bank’s operations and profits, the loss of customers has the potential to collapse the bank if the loss is of a high magnitude.

As far as virtualization is concerned the primary stakeholder of the organization is the IT manager (Rivera, 2018). The IT manager is the most concerned as far as virtualization is concerned. He and his team faced a lot of critic after the bank’s online banking system was hacked. He had to let go of two of his employees under the claims that they aided the hackers to access the bank’s system. The two employees who were fired were responsible for ensuring that virtualization would allow the bank to offer its services to its customers as well as protect the bank from loss and reputation damage.

An interview with the Top Bank’s IT manager was conducted. The interview focused on a system breach that had taken place in the bank half a year ago. The breach affected the bank’s internet banking platform that was mainly supported by virtualization. The interview with John, the IT manager, revealed that there was a lot that he and his team learned from the hack as well as interacting with other IT personnel from other institutions. For starters, the manager learned that virtualization is a complex process and for that reason, an organization requires a detailed plan when it comes to considering it as a solution. The manager identified that the cost of a virtualization solution is not a priority for him and his team. As a matter of fact, he ranked the cost factor as his least important factor when settling for a virtualization solution. He identified information security as the number one factor as far as virtualization is concerned.

Based on the lesson that they learned from the hack, Top Bank prioritizes information security over all other factors in its decision-making process. The managerial team focuses on having solutions that ensure security for their customer’s deposits, the bank’s data as well as the bank’s infrastructure. After security, the second most important factor identified by John is the company's needs. All solutions, including virtualization solution, must meet the company’s intended needs (Bernbo, 2014). For the case of mobile banking and internet banking, the virtualization solution must make the two functions possible. Leave alone make them possible, the solution must make accessing the services faster and in a reliable manner (Price, 2017).

There were two other factors that John identified as Important when settling for a virtualization solution. He identified the need to carry out a proper search for virtualization solutions. It is important that organizations search on virtualization methods as well as providers that offer virtualization solutions. Such searchers ensure that organization gets virtualization solutions that meet their needs. In addition, organizations get to confirm the authenticity of providers that offer virtualization solutions.

The other factor that he identified to be important was the learning curve that is associated with virtualization. John was more than happy to share that when new systems are implemented, the users have to be trained on how to use the systems as well as how the systems operate. The failure of training the users has two main effects; it can trigger abuse of the system or it can lead to losses due to poor system usage. John advised that training on virtualization solutions is as important as getting the funding to get a virtualization solution.

In an attempt to solve the problem identified to be challenging Top Bank, three interviews were carried. The first interview was with Mary Copenhagen, the assistant IT manager of Top Bank. The second interview was with the IT manager of JP Morgan Chase bank and the third interview was with a cloud implementation expert from the Matilda cloud services providers company.

Mary was interviewed for the purposes of knowing what Top Bank had done after the hack to make the company’s virtualization more secure and more reliable. Mary was also interviewed to get her views on the possible solutions for virtualization challenges. The interview was open-ended and had only three questions. The first interview question that was directed to Mary was what were the measures that Top Bank took to protect itself from future attacks as well as make its virtualization process easier and reliable? She responded by stating that the institution approached a virtualization consultation firm. The firm helped the institution come up with a more secure and more reliable virtualization solution for the bank’s needs.

The second interview question was what do you think are the main factors that one should consider when opting for a virtualization solution. Mary responded by stating that information security was the most vital which was followed closely by the learning curve of using virtualized systems. The last question to Mary do you think companies should place emphasis on the cost of virtualization when looking for a reliable virtualization solution? Mary responded that the company had placed emphasis on the cost and that had not turned out okay for the company. She stated that there are many other factors that should be considered before the cost of a solution is considered.

It was important that the views of another institution that operates in the same industry as Top Bank were captured as regards virtualization. JP Morgan chase bank is an investment bank just as Top Bank although it has been in existence much longer than and has been more successful than Top bank. Just like in the case of Mary, the interview with JP Morgan bank’s It manager was open-ended and had three main questions. The purpose of the interview was to get to know how the bank had succeeded in virtualization without major hitches.

The first question of the interview was how has your institution successfully implemented virtualization in its operations? The manager responded by stating that the institution had collaborated with a virtualization consultation firm to get the best solution for the bank. He was, however, hesitating in commenting on the institution that they were collaborating with for security purposes. The second question was what do you think are the main factors that one should consider when opting for a virtualization solution? The manager responded by stating that getting a solution that meets a company's needs is very important and so is getting a solution that offers maximum security and that is within an organization’s budget.

The last question was do you think companies should place emphasis on the cost of virtualization when looking for a reliable virtualization solution? The manager responded by stating that the budget of a company is an important factor in getting a virtualization solution. The manager went ahead and stated that companies that have bigger budgets for technology are more likely to get much more reliable solutions compared to organizations that are tight on their budgets.

It was crucial that a virtualization solution provider was interviewed and this is because they are the best placed in knowing what makes up a good virtualization solution. In addition, providers are best placed in offering information on the factors that need to be considered when a person or an organization is looking for a virtualization solution. Unlike the two first interviews, the last interview had only two main questions. Just like the first two interviews, the interview was open-ended.

The first question that was asked to the expert was what are the main factors a person or an organization should consider before implementing a virtualization solution. Unlike the two other interviewees, the expert listed five things as important factors. The identified factors were finances, the learning curve, the end goal of those seeking a solution, a company or a person’s objectives or needs and knowledge on virtualization. He believed that the two most important were a company or a person’s needs and the end goal of those seeking the solution.

The second question that was asked to the expert was how important the finances of a person or an organization were in terms of getting a reliable virtualization solution. Just like the IT manager from JP Chase bank, the expert considered the financial capability of an individual or an organization critical in the selection of a virtualization solution. According to the expert, a larger budget makes it possible for clients to access more features of virtualization solutions.

Running Head: FACTORS FOR THE VIRTUALIZATION PROCESS 1

FACTORS FOR THE VIRTUALIZATION PROCESS 33

Based on an analysis of the interviews conducted as well as the literature review on the most important factors in the virtualization process, there are many factors that need to be considered before an organization of a client settles on a virtualization solution. The literature review revealed that a company needs and Information security are the most important factors when one is seeking a virtualization solution. On the other hand, the interviews revealed that the financial muscle of an organization or an individual as well as the security features of a virtualization process are the most important factors to be considered before a client settles on a virtualization solution.

Based on the two potential solutions it is recommended that organizations like Top Bank and those seeking to get a virtualization solution should use a mixed approach. The approach should require the institutions and organizations not to focus on a specific factor but to identify the most important factors. Based on the analysis, it is clear that there are three main factors; the financial muscle or ability of an organization, the organization or company needs and the security measures in place for the virtualization solution.

Top Bank and other organizations should always factor in their financial muscles. The more finances an organization can set aside for virtualization the more likely they are to get a reliable solution. The company needs are also vital as an organization will identify a solution that meets its needs. Security measures or virtualization solutions are important more so for banking institutions and this is because of the sensitivity of the transactions that banks support as well as the sensitivity of the data that banks hold.

The Top Bank organization was heavily affected by its virtualization solution because it did not offer enough security for the organization as it performed its functions. In order to ensure that the security lapse does not happen again, there are four other things that the institution can do to compliment the recommendation. For starters, the bank should have policies and procedures that detail how its employees should deal with potential cybersecurity risks that may result from lapses from virtualization. The institution can have user privilege segregation. It is highly recommended that the bank should have all users’ rights and privileges identified and clearly cut out.

The second measure is that the bank should ensure that there are transaction business controls. For example, the bank can have a password authentication process for all its banking systems regardless of whether they are being accessed by employees or customers virtually or not. The third measure revolves around access controls. The bank should have reliable measures to ensure that their virtualized systems are not accessed by unauthorized persons. In addition, the organization should implement physical and logical access controls.

The last main measure that can be implemented by the bank is the investment in cybersecurity systems. For example, banks can use reliable anti-malware systems. The bank can as well reinforce their firewalls and encrypt all their data to ensure that it is close to impossible if not impossible for hackers to have access to it. Encryption will make the data accessed impossible to access and read (Srinivas, Das & Kumar, 2019). Good security systems stop cybercriminals as well as discourage cybercriminals as their success in carrying out a cyber-attack is not guaranteed.

implementation of the recommended solution stands to benefit the Top Bank immensely. The benefits will be felt on two fronts; business growth and financial growth. For starters, by implementing the recommendation, Top Bank will acquire a reliable virtualization solution that will meet the bank’s objectives and needs. The bank will be able to perform all its core functions. It will be able to support mobile banking and internet banking. By having all these systems properly working and secure, the bank will attract and retain customers considering customers are looking for banking institutions that offer convenience. Consequentially, the bank will witness business growth. The bank will have more capital to invest and this will grow its investment portfolio.

The last hack on Top Bank, led to the loss of money for the bank as the hackers were able to initiate transfers to pseudo accounts. In addition, the bank lost money in litigation as a result of the hack. The bank has to compensate, the customers that lost their money in the hack based on the fact that the bank did not have enough security protocols to support its virtualization solution. Furthermore, the bank had to incur costs to source for another virtualization solution. By having the recommended solution in place, the bank will save itself from future financial losses and consequentially, the bank will witness financial growth as a result of business growth as well as the implementation of a secure virtualization solution.

My major has been critical in understanding the problem that is under study as well as in the contribution of the recommended solution. Learning on virtualization as well as information systems as well has contributed to how I tackled the study. By tackling all assignments issued this semester as well as in previous semesters, I have been able to appreciate the need for good research more so in the literature review. Tackling assignments have made me become used to handling research better and in a professional manner.

Handling the project has been an eye-opening experience. I have learned a lot from the project. For starters, I now appreciate the need for planning better. I had to plan the project before I started on it. I divided the project into phases in order to ensure that I tackled all the required areas in a good time. Surprisingly, handling this project has pushed me to desire to become part of a project management team if not a project manager. I have become interested in planning simply because it involves teamwork and because it involves research which I love. The study has been instrumental in my understanding of the importance of having the right factors in the consideration of a solution or a system.

The capstone experience was worth the time I took on the project. I have learned a lot from the experience. There are two main things I have benefited from the study. First, I have learned the importance of a good research process. Going through the evidence or the literature review, I was able to gain insight into the views of other people and groups on the subject matter. Secondly, I was able to learn the importance of having the right facts regardless of the issue that is at hand. Right facts lead to informed decisions whereas wrong information leads to ill-informed decisions.

The top bank organization was having a challenge as far as identifying the right factors for consideration in the implementation of virtualization solutions. The challenge was magnified when the institution was hacked by cybercriminals. The hack led to the loss of data, cash and consequentially dented the reputation of the bank. Through the project that involved studying articles that touch on the important factors for virtualization and an interview process with stakeholders of virtualization processes, it was possible to come up with a recommendation that would work well for Top Bank.

The recommendation was that the institution should not only consider its financial ability as far as acquiring a virtualization solution is concerned. The institution should as well consider the security protocols offered by a solution. In addition, the recommendation emphasized the need for having a virtualization solution that considers the needs of the company. Implementation of the proposed recommendation allows the organization to protect itself from financial loss as well as reputation loss. The solution promises business growth for Top Bank as the organization can safely and reliably perform its core functions; the institution can offer secure mobile banking and internet banking services.

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Andreas Rivera, (2018). Virtualization vs. Cloud Computing: What's the Difference? Retrieved from https://www.businessnewsdaily.com/5791-virtualization-vs-cloud-computing.html

Berry Price, (2017). Advantages of Banking Virtualization. Retrieved from https://revation.com/advantages-banking-virtualization/

Bill Kleyman, (2015). Key Factors to Consider When Working with Storage and Virtualization. Retrieved from https://www.itprotoday.com/business-resources/key-factors-consider-when-working-storage-and-virtualization

Boateng, H., Adam, D. R., Okoe, A. F., & Anning-Dorson, T. (2016). Assessing the determinants of internet banking adoption intentions: A social cognitive theory perspective. Retrieved from https://doi.org/10.1016/j.chb.2016.09.017

Bogdan NEDELCU, Madalina-Elena STEFANET, Ioan-Florentin TAMASESCU, Smaranda-Elena TINTOIU, Alin VEZEANU, (2017). Cloud Computing and its Challenges and Benefits in the Bank System. Retrieved from http://www.dbjournal.ro/archive/19/19_5.pdf

Brien Posey, (2015). 10 issues to consider during virtualization planning. Retrieved from https://www.techrepublic.com/blog/10-things/10-issues-to-consider-during-virtualization-planning/

Contel Bradford, (2019). Getting Started with Virtualization: Five Fundamental Factors to Consider. Retrieved from https://blog.storagecraft.com/getting-started-with-virtualization-five-fundamental-factors-to-consider/