Cyber Security Challenges In The Banking Sector
- IJLLR Journal
- Mar 25
- 2 min read
Dr Gyanendra M Fulzalke, Associate Professor, Research Supervisor, Shri Shivaji Law College, Parbhani
Aarti Banthia, Research Scholar, Shri Shivaji Law College, Parbhani
ABSTRACT
India is globalizing its economy, and information services and technology have a profound effect on the country's economy, trade, and commerce. With the advancement in technology, banking is increasing its scope of work and use of technology for developing its business with various online facilities. Banks are an industry that uses information technology (IT) in daily tasks to meet the needs of organizations and customers. This is a task where commercial transactions, remittances, automatic counter, credit cards, and loan are executed every day. Personal information of customers held by the bank is also considered confidential and should not be disclosed to anyone without authorization.
This article focuses on how the bank's legal staff and legal clients can perform all tasks. So, the bank has its system that ensures that transactions are carried out as they are and prevents any activity that may cause losses to the organization and its customers. Whether you like it or not, there are always irresponsible people who question the integrity of the banking system. Even an amateur who claimed themselves as a hacker could transfer a sum of money from another account to his or her account without notice. Bank account hacking has caused millions of losses around the world.
In this article, I will address the issue of intrusion into banking systems. It is important to understand how the security aspects of the banking system affect such illegal activities and how they can cause huge losses for financial institutions.
Keywords: Banking Industry, cyber crimes, cyber security
