Cybersecurity Risk in Banking and Financial Services
ANKIT OJHA · INTERANTIONAL JOURNAL OF SCIENTIFIC RESEARCH IN ENGINEERING AND MANAGEMENT · 2025
1. Overview Unprecedented convenience and efficiency have been brought about by the banking and financial services sector's fast digital transformation, but there is also a greater risk of cyberattacks. Banks now face increased risks including ransomware, phishing attacks, data breaches, and insider threats as a result of the integration of technology like cloud services, fintech platforms, and mobile banking. In India, cybersecurity issues still exist because of antiquated IT systems, inadequate training, and sluggish incident response, even with legal frameworks like the RBI's Cyber Security Framework (2016). This vulnerability was exacerbated by the COVID-19 pandemic, which is why a comprehensive and strategic cybersecurity approach is more important than ever.