Cybersecurity and Forensics in Banking Systems and Financial Institutions
Vinayak Gupta, Roopali Pahwa · 2025
The digitisation of financial institutions and the services provided by banking systems have made consumer&s;s lives relatively easier by making financial transactions fast, effective, and convenient. Simultaneously, this digitisation and automation of banking systems have endangered consumers and made them vulnerable to the ever-increasing prevalence of cybercrimes and cyber-related theft. As cybercrimes are not bound to the boundary of land, their amplitude has magnified manifold. With the rapid expansion of cyber threats and the increasing prevalence of financial crimes, it is imperative that cybersecurity becomes a top priority. Cybercrimes, including spear phishing, cryptojacking, backdoor entry, balance inflation, identity theft, etc., are commonly reported worldwide. Thus, it is essential to prevent such financial crimes involving cyberspace using cybersecurity measures and risk mitigation techniques. Cybersecurity is of paramount importance in financial institutions because it stores a lot of sensitive customer information. Cyberattacks might lead to financial loss, data breach damage to the reputation of such organisations, etc. In this chapter, we delve into the prevalent cyber threats and financial frauds that pose risks to banking systems and financial institutions and explore the robust cybersecurity measures employed for their prevention and forensic examination of financial frauds.