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Cybersecurity in Banking

How the banking industry can develop an effective cyber security strategy, and the challenges of adequately protecting against potential cyber-attacks

Master's Thesis from the year 2022 in the subject Business economics - Banking, Stock Exchanges, Insurance, Accounting, , course: Cybersecurity in Banking, language: English, abstract: Information and communications technology (ICT) has become a vital pillar of modern knowledge-based economies. New technologies, skills, and procedures are the drivers of the new information society. Technologies improve the productivity and competitiveness of businesses while expanding markets and creating new opportunities for employers and employees. However, the use of technological devices, systems, and networks exposes businesses to different risks, thus the need for investment in information security. Information security is defined as the protection of information, systems, devices, and networks from third parties' access, use, disruption, modification, disclosure, and destruction, and ensuring that the data and systems are always available, confidential, and of high integrity. In the digitally connected financial world, inadequate information security will be akin to putting people's and banks’ confidential and financial data at risk. In this sense, risk refers to security breaches resulting in personal embarrassment, financial ruin, stolen trade secrets, and other serious consequences. Malevolent users can exploit the technologies. In addition, banking technology infrastructure could become a target of organised crime and other malpractices. This paper investigates how the banking industry can develop an effective cyber security strategy, as well as the challenges of adequately protecting against potential cyber-attacks.

Master's Thesis from the year 2022 in the subject Business economics - Banking, Stock Exchanges, Insurance, Accounting, , course: Cybersecurity in Banking, language: English, abstract: Information and communications technology (ICT) has ...

Cybersecurity in Finance

Getting the Policy Mix Right

1. Characterisation of cyber-incidents; 2. Need for convergence in incident reporting schemes; 3. Optimising information sharing; 4. Need for benchmark statistics on cyber-trends; 5. Complementary policies to reinforce prevention; 6. Complementary policies to strengthen responses in case of cyberattacks.

1. Characterisation of cyber-incidents; 2.

Cybersecurity Risk Supervision

This paper highlights the emerging supervisory practices that contribute to effective cybersecurity risk supervision, with an emphasis on how these practices can be adopted by those agencies that are at an early stage of developing a supervisory approach to strengthen cyber resilience. Financial sector supervisory authorities the world over are working to establish and implement a framework for cyber risk supervision. Cyber risk often stems from malicious intent, and a successful cyber attack—unlike most other sources of risk—can shut down a supervised firm immediately and lead to systemwide disruptions and failures. The probability of attack has increased as financial systems have become more reliant on information and communication technologies and as threats have continued to evolve.

This paper highlights the emerging supervisory practices that contribute to effective cybersecurity risk supervision, with an emphasis on how these practices can be adopted by those agencies that are at an early stage of developing a ...

Cybersecurity and Data Protection in the Financial Sector

Cybersecurity and data protection in the financial sector : hearing before the Committee on Banking, Housing, and Urban Affairs, United States Senate, One Hundred Twelfth Congress, first session ... June 21, 2011.

Cybersecurity and data protection in the financial sector : hearing before the Committee on Banking, Housing, and Urban Affairs, United States Senate, One Hundred Twelfth Congress, first session ... June 21, 2011.

Cybersecurity and Data Protection in the Financial Sector

Cybersecurity and data protection in the financial sector : hearing before the Committee on Banking, Housing, and Urban Affairs, United States Senate, One Hundred Twelfth Congress, first session ... June 21, 2011.

Cybersecurity and data protection in the financial sector : hearing before the Committee on Banking, Housing, and Urban Affairs, United States Senate, One Hundred Twelfth Congress, first session ... June 21, 2011.

Anti-Money Laundering, Counter Financing Terrorism and Cybersecurity in the Banking Industry

A Comparative Study within the G-20

Despite massive investments in mitigation capabilities, financial crime remains a trillion-dollar global issue with impacts that extend well beyond the financial services industry. Worldwide, there are between $800 billion and $2 trillion laundered annually with the United States making up at least $300 billion of that figure. Although it is not possible to measure money laundering in the same way as legitimate economic activity, the scale of the problem is considered enormous. The cybersecurity landscape is always shifting, with threats becoming more sophisticated all the time. Managing risks in the banking and financial sectors requires a thorough understanding of the evolving risks as well as the tools and practical techniques available to address them. Cybercrime is a global problem, which requires a coordinated international response. This book outlines the regulatory requirements that come out of cyber laws and showcases the comparison in dealing with AML/CFT and cybersecurity among the G-20, which will be of interest to scholars, students and policymakers within these fields.

Banking. Industry. Banks are among the largest institutions in the field of finance. Since banks worldwide mediate millions of transactions throughout the day, these institutions are at a higher risk of financial crimes.

Handbook of Research on Advancing Cybersecurity for Digital Transformation

Cybersecurity has been gaining serious attention and recently has become an important topic of concern for organizations, government institutions, and largely for people interacting with digital online systems. As many individual and organizational activities continue to grow and are conducted in the digital environment, new vulnerabilities have arisen which have led to cybersecurity threats. The nature, source, reasons, and sophistication for cyberattacks are not clearly known or understood, and many times invisible cyber attackers are never traced or can never be found. Cyberattacks can only be known once the attack and the destruction have already taken place long after the attackers have left. Cybersecurity for computer systems has increasingly become important because the government, military, corporate, financial, critical infrastructure, and medical organizations rely heavily on digital network systems, which process and store large volumes of data on computer devices that are exchanged on the internet, and they are vulnerable to “continuous” cyberattacks. As cybersecurity has become a global concern, it needs to be clearly understood, and innovative solutions are required. The Handbook of Research on Advancing Cybersecurity for Digital Transformation looks deeper into issues, problems, and innovative solutions and strategies that are linked to cybersecurity. This book will provide important knowledge that can impact the improvement of cybersecurity, which can add value in terms of innovation to solving cybersecurity threats. The chapters cover cybersecurity challenges, technologies, and solutions in the context of different industries and different types of threats. This book is ideal for cybersecurity researchers, professionals, scientists, scholars, and managers, as well as practitioners, stakeholders, researchers, academicians, and students interested in the latest advancements in cybersecurity for digital transformation.

Internet banking sites currently score low in design and technology use compared to other retail websites, thus available. The current financial analysis indicates that the bank customers are the most satisfying ones if they are allowed ...

Cybersecurity and Data Protection in the Financial Sector

Hearing Before the Committee on Banking, Housing, and Urban Affairs, United States Senate, One Hundred Twelfth Congress, First Session on Examining Cybersecurity and Data Protection in the Financial Sector, June 21, 2011

Hands-On Cybersecurity for Finance

Identify vulnerabilities and secure your financial services from security breaches

This is a comprehensive guide to help you understand the current threats faced by the financial cyberspace and how to go about it and secure your financial landscape. The book will take you on a journey from identifying the attackers to securing your financial transactions and assets. The book then take you through the updates needed for ...

It's important to note that providing online banking to the client isn't just about ease of use for the end customer. ... Banks that offer an online banking service are able to reduce costs, given the fact that many transactions are ...

Cybersecurity

Enhancing Coordination to Protect the Financial Sector

Cybersecurity : enhancing coordination to protect the financial sector : hearing before the Committee on Banking, Housing, and Urban Affairs, United States Senate, One Hundred Thirteenth Congress, second session, on examining the coordination and information sharing between the financial services industry and the Secret Service, Department of Homeland Security, Federal Bureau of Investigatio

Cybersecurity : enhancing coordination to protect the financial sector : hearing before the Committee on Banking, Housing, and Urban Affairs, United States Senate, One Hundred Thirteenth Congress, second session, on examining the ...