Cybersecurity risks in online banking: A detailed review and preventive strategies applicatio

Abstract

In an era where the digital transformation of the banking sector intersects with the escalating complexity of cyber threats, this paper endeavors to dissect the multifaceted realm of cybersecurity within the banking industry. With a backdrop of increasing online banking adoption and the concomitant rise in cybercrime, the study aims to illuminate the current cybersecurity landscape, evaluate the efficacy of existing frameworks and propose strategic enhancements to fortify digital defenses. Employing a methodological amalgam of literature review and analysis of recent cybersecurity incidents, this investigation delves into the intricacies of cyber threats, the financial repercussions of breaches and the robustness of current cybersecurity measures in banking. The scope of this paper encompasses a comprehensive examination of recent cyber incidents, an assessment of the financial impact of cyber-attacks, an evaluation of the effectiveness of existing cybersecurity frameworks and the formulation of strategic recommendations for bolstering cybersecurity measures. Through this scholarly inquiry, key findings emerge, highlighting the critical need for dynamic cybersecurity strategies that integrate advanced technologies, promote regulatory compliance and foster a culture of cybersecurity awareness. Conclusively, the study posits that the banking sector must embrace a holistic and adaptive approach to cybersecurity, underscored by strategic investments in technology, education, and collaboration. Recommendations advocate for the integration of Big Data analytics, artificial intelligence and continuous risk assessment methodologies to navigate the evolving cyber threat landscape effectively. This paper serves as a clarion call to banking institutions, urging a reinvigorated commitment to cybersecurity resilience in safeguarding financial assets and customer trust against the backdrop of digital transformation.