Cyber security Threats to Cloud Banking Systems
Ritesh Ranjan, Stephanie Ness
Abstract
The banking industry is adopting cloud computing at an increasing rate, which has made cyber security a more complicated and difficult situation.The increased scalability, flexibility, and cost-effectiveness of cloud banking systems are offset by the increased danger of cyber attacks.This study examines the different cyber security risks that cloud banking systems face, such as application programming interface (API) vulnerabilities, insider threats, distributed denial of service (DDoS) attacks, and data breaches.Uncertainties in security duties may result from the shared responsibility paradigm between financial institutions and cloud service providers, which might leave systems vulnerable to attacks.Additionally, this research evaluates the impact of regulatory compliance, encryption, and multi-factor authentication in limiting risks.This article highlights the need for a robust security framework that incorporates advanced threat detection, continuous monitoring, and incident response strategies to safeguard cloud-based banking systems against evolving cyber threats.