Privacy-Preservation and Data-Sharing Security Issues in Banking Applications
Nikoloz Katsitadze, Adeyinka Olanrewaju Ajagbe · 2024
The digital transformation of the banking sector has brought forth unprecedented convenience for users but has also exposed financial institutions to a myriad of cyber threats. Maintaining user data security and privacy has become critical as digital banking develops. This research conducts a comprehensive analysis of security incidents in prominent digital banking institutions. Common patterns and distinctive features surrounding the preservation of user data privacy are identified through a cross-examination of these cases. The study unveils recurring themes and unique characteristics in these security incidents, and a subsequent cross-case analysis underscores that security breaches often implicate the three integral components of institutions: People, Processes, and Systems. This research contributes to the ongoing discourse surrounding digital banking security by providing valuable insights into prevalent vulnerabilities. Moreover, it proposes avenues for the formulation of robust security strategies, accompanied by recommendations for further research. As digital banking continues to play a crucial role in financial transactions, the findings aim to inform future practices that prioritize the protection of user data and the integrity of digital banking systems.