A Comprehensive Study of Cyber Threats in the Banking Industry
Sahana Prabhu Shankar, Samarth Manjunath Gudadinni, Ronit Mohta · Advances in business information systems and analytics book series · 2024
In the contemporary digitally connected world, the banking sector places a significant reliance on technology to provide its customers with seamless online services. This chapter presents a comprehensive analysis of the multifaceted risks that confront the banking sector, with a primary focus on three key assets: the devices employed for online banking access, the network infrastructure, and the centralized data center/servers. Furthermore, the study explores the area of internal attacks, recognizing the threat posed by insiders and providing knowledge into possible scenarios. The chapter presents a practical scenario that demonstrates the use of identified threats and vulnerabilities in banking. The scenario explains how compromised devices, network breaches, and exploited data center vulnerabilities could lead to a breach of sensitive financial information. The chapter enhances our understanding of the complex security landscape in the banking sector by examining various security risks.