Financial Crime World

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Cybersecurity Threats in Digital Banking: A Systematic Review

A growing concern among financial institutions and consumers alike is the rising threat of cybersecurity breaches in digital banking systems. A recent systematic review published in [Journal Name] analyzed 58 articles from three prominent databases, including Web of Science, to identify the most prevalent cybersecurity threats and propose strategies for mitigating them.

Cybersecurity Threats Identified

The study found that identity theft, malware attacks, phishing, and vishing were among the most significant cybersecurity threats impeding the adoption of digital banking. These threats accounted for nearly 36% of the reviewed articles, with denial-of-service attacks also recognized as a highly impactful threat. Other notable threats included:

  • Computer hacking
  • Skimming
  • ATM/debit/credit card frauds
  • Viruses
  • Trojans
  • Ransomware

Strategies to Combat Cybersecurity Threats

The review identified 13 strategies that financial institutions can employ to prevent online attacks and enhance cybersecurity measures:

  1. Secure application software
  2. Strong passwords
  3. Education and training for customers and employees
  4. Anti-virus and anti-spyware solutions
  5. Personal data protection measures
  6. Counter-phishing methods
  7. Browser protection
  8. Restricting physical access to information systems
  9. Monitoring RDP access
  10. Implementing Secure Socket Layer technology
  11. Internal control measures
  12. Using intrusion detection systems
  13. Implementing personal firewalls and server firewalls

Implications for Digital Banking

The study’s findings have significant implications for the widespread adoption of digital banking services. Consumers who are victims of cybersecurity breaches often exhibit reluctance to use digital banking platforms, highlighting the need for robust security measures and education initiatives.

Conclusion

In conclusion, this systematic review highlights the pressing need for financial institutions to prioritize cybersecurity measures in order to ensure a secure and resilient digital banking environment. By implementing effective strategies and educating customers about cybersecurity threats, institutions can foster greater trust and confidence in digital banking services.