Evaluation of Cyber Security Threats in Banking Systems
Abdul Qarib Stanikzai, Munam Ali Shah
Abstract
The financial sector is the part of the economy that consists of companies and institutions that provide financial services to commercial and retail customers. It covers a wide range of industries, including banks, investment or insurance companies, and real estate companies. Financial institutions are exposed to cyber-attacks. Banks are places where money is available, and for cybercriminals, attacking banks offers a variety of ways to make a profit through extortion, robbery, and fraud, while national governments also provide financial support for hackers, they target political and ideological influence. According to Global Findex, approximately 1.2 billion adults have had bank accounts since 2011. The purpose of this study is to evaluate the effectiveness of existing cyber security methods in reducing or mitigating financial crime and achieving the CIA business, as well as creating security recommendations for potential improvements.