An Analysis Of The Correlation Between Development Of E-Banking Systems And Growth In Cyber Crime
- IJLLR Journal
- May 1
- 2 min read
Ayushi Belwal, Uttaranchal University
Dr. Anil Kumar, Uttaranchal University
Introduction
Indian banks face around 2,000 cyber attacks every hour. This makes banking security a major concern as we move deeper into the digital age. Digital banking has changed the way we handle our money and made banking more accessible than ever.
The shift to digital has created weak spots in our banking system. Looking at banking security across India shows a clear link between more people using e-banking and more cyber threats. India's challenges with building strong cyber security differ from countries like the UK and Singapore. The huge user base and mix of different demographics make security more complex.
Let's take a closer look at how e-banking systems have grown in India and track the rise in cybercrime. We'll assess how well current laws protect us and break down some key cases that show how cyber attacks on our banks are getting more sophisticated.
Abstract: Understanding the Link Between E-Banking and Cybercrime
E-banking growth and cybercrime create major challenges for financial institutions worldwide. E-banking offers convenience and flexibility through technology and has grown rapidly since the 1980s [1]. This digital shift has created weak spots that criminals exploit.
Banking sector cybercrime includes illegal activities carried out through global electronic networks [2]. These threats range from basic phishing scams to complex hacking attempts that steal data, interrupt services, or break into systems [3]. Banks face constant threats as attackers keep improving their methods to exploit system weaknesses [4].
Numbers tell a clear story about this growing threat. Cyberattacks in banking jumped 500% between 2014-2019, with average losses of INR 1518.85 million per attack [3]. Banks make up 24.90% of all cybercrime targets, while social media accounts for 23.60% and webmail 19.60% [5]. India saw 3,855 financial cybercrimes and 534 phishing cases in 2020 alone [2].
