An Online Banking Security Framework and a Cross-Cultural Comparison

The objective of this research is to develop a security framework for online banking based on security information posted on websites of eight major banks in Australia and Malaysia and to investigate whether and why banks in culturally different countries manage security differently. Twenty-five security measures were identified and classified into three categories-physical, administrative, and technical. Security measures adopted by the major banks in Australia and Malaysia were then compared and analyzed along the cultural perspective. Results show that Australian banks provide general security information more often than Malaysian banks. Moreover, Australian banks pay attention to all categories of security measures whereas Malaysian banks lack physical security measures. Such differences are attributed to cultural factors such as individualism, power distance, and uncertainty avoidance. Results help customers in Australia and Malaysia assess the security of their online banks and are useful as a benchmark to banks worldwide.