How Effective are the Measures taken by Banks to Protect the Interests of the Stakeholders Online from the Threat of Cybercrime?

Abstract

Cyber-crime is a worldwide phenomenon that is growing in sophistication, despite advances in cyber-security. It is emerging as a serious threat to privacy and personal data. The world of technology today has become a parallel form of life and cyber-criminals have taken advantage of society’s over-dependence on technology. This paper focuses on online cyber-crime, and more importantly the systems that banks use to prevent this and protect their customers online. The financial sector is facing an increase in cyber-threats and it is imperative that security is improved to protect the interests of banks and its stakeholders. One of the main responsibilities of banks is to protect the accounts and identities of their customers. Banks must deal with the social and ethical issues of security and privacy. It is their duty to use security measures, ensuring that the social impacts on stakeholders are positive. This paper will not only discuss the methods that banks use to fight cyber-crime but also their effectiveness and impact on stakeholders. I will support my secondary research with primary data obtained from a survey and interview with financial experts. This leads to the research question being explored: How effective are the measures taken by banks to protect the interests of the stakeholders online from the threat of cyber-crime?