Educating Banking Employees to Ensure Security in the Cyberworld

Abstract

Information and communication technology (ICT) has simplified our lives and revolutionised many facets of human existence. It has been used in several sectors and has streamlined corporate procedures by grouping, condensing, coding, and personalising them. ICT has, however, resulted in unforeseen effects, including various cybercrimes. The term “cybersecurity” describes the methods, practices, and technology used to protect computer networks, data, and software programs against online threats. Providing financial services online is known as “cyber banking.” The present global concern over cybersecurity is an example of financial terrorism. In contemporary online banking, protecting consumer data has proven to be the most challenging issue. Cybersecurity is a strategy used to protect the internet against cyberattacks. Cybersecurity is intended to prevent breaches since they can cause both financial and non-financial harm to the afflicted firm and its customers. Losses other than monetary ones might include intellectual property theft, stealing one’s identity, and account misuse. Cybercrime is an increasingly prevalent problem that has a big financial impact on society. Cybercrimes have impacted a variety of businesses, and the banking industry is one of them. It has experienced several cybercrimes, including ATM fraud, identity theft, phishing, and denial-of-service. The issue of cybercrime in the banking industry and its effects on bank finances are covered in this chapter. It evaluates the potential for cybercrime and identifies the players. The many cybercrimes afflicting the banking industry and the motivations of the cyber criminals that commit these crimes are also examined. Worldwide, the banking industry has suffered substantial financial losses due to cyberattack defence and system expansion efforts. As a result, further attacks on the sector must be avoided. To defend against cyberattacks, traditional communication security measures have been used, with authentication and access control serving as the first line of defence with some degree of granularity. These methods have been revealed to be ineffective since further security measures, such as technical and individual security controls, must be applied.