As modern banking increasingly relies on the internet and computer technologies to operate\r\ntheir businesses and market interactions, the threats and security breaches are highly increase\r\nin recent years. Insider and outsider attacks have caused global businesses lost trillions of\r\nDollars a year. Therefore, that is a need for a proper framework to govern the information\r\nsecurity in banking system. This paper highlights the information assets and potential threats\r\nfor banking system. It further examines and compares the elements from the commonly used\r\ninformation security governance frameworks, standards and best practices. Their strength and\r\nweakness are considered in its approaches. This paper further proposes the initial framework\r\nfor governing the information security in banking system. The framework is categorized into\r\nthree levels which are strategic level, tactical, operational level, and technical level. This\r\nproposed framework will be implemented in real banking environment.
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