Cybercrime in Banking: Summary

Banks serve as some of the most regulated and secure institutions in the world. However, this fact does not prevent criminals from exploiting their vulnerabilities. Cyber-attacks, including malware, phishing, and distributed-denial-of-service (DDoS), are the three main methods hackers use to infiltrate financial institutions. Every established business, not just banks, is susceptible to cyber-attacks today; the digital sovereignty of every person, in fact, is at risk at a moment’s notice. Cyber security goes hand-in-hand with cybercrime, and must be dealt with a low tolerance of failure. Consequently, the responsibility of protecting the integrity of financial institutions and their clientele rests heavily on security managers. The topic of cybercrime in relation to banking has grown as a relevant topic over the years. Mark Camillo, head of cyber, EMEA at AIG states, “…even though banks are some of the most mature entities when it comes to incident preparedness, and they have spent quite a bit on this over the years, they are still susceptible to breaches.” A source from 2018 claims that cybercrime and cyber-related issues have cost the financial sector an astounding 18 billion dollars a year. Contemporaneous suggestions even consider these digital invasions a domain of cyber warfare, which can directly impose great consequences larger than that of money and banking.