Factors Affecting Adoption of Information Security Management Systems: A Theoretical Review

In the last two decades, Information Technology has emerged in the world affecting our personal, social and public life and has made a significant impact on the quality of life. It handles data and information represented in digital, text, image, graphics or voice media and deals with communication, storage, processing, and printing or exhibition in the manner desired by users. It is an outcome of the advances in telecommunication and computer technology [1]. As a result all sectors of economy have not been left behind in Information Technology adoption since information systems offer significant cost benefits, time savings, productivity gains and process re-engineering opportunities associated with the use of data warehouse for information processing. The amount of sensitive data, customers, market demands and new technologies force the use of sophisticated IT solutions and constant development in this area. The growing infrastructure is becoming more and more complex. This usually invisible infrastructure is the very complex technology system that every function within every organization is built upon, from assessing loan applications to detecting money laundering, to making payments into accounts, provision of government services to manufacturing and Insurance. Simply put, when this technology does not work, the businesses do not work. Such problems are causing huge losses to the economy. For example, in 2012, millions of Royal Bank of Scotland customers were affected by problems with online banking and payments after a software upgrade went wrong. This happened for three hours on a Monday, one of the busiest online shopping days of the year in the US. As it was described, that cost the bank 175 million pounds (286 million dollars) in compensation for customers and extra payments to staff after the bank opened branches for longer in response