A Criminological Study on Trends of Cybercrimes Against Financial Institutions in Sri Lanka

Abstract

Cybercrimes are virtual crimes that evolved according to nature and the intention of the culprit. Numerous cyber-attacks have been led by several anonymous groups to establish the censorship of information. As the technology used for any activity in the banking industry is continuously upgrading with monetary values as well as with information of clients, it is necessary to have a piece of updated knowledge on both cyber-attacks and technology for both clients and employees of the banking industry. Furthermore, it is crucial to study the nature, techniques and impact of cybercrimes as its techniques are continually evolving with technology. Moreover, it would be possible for individuals to assume that their confidential data and transactions are secured with the bank. This study investigated trends of cybercrimes against Sri Lankan financial institutions using seven Licensed Commercial Banks and uncovered its nature, techniques, impact and strategies that were applied by institutions for the protection of its clients.