Shielding the Vault: A Review of Cyber-security Issues and Strategies in Contemporary Banking

Abstract

This paper examines the cyber security challenges faced by modern Indian banks and explores potential solutions to mitigate these risks. The increasing reliance on technology, the growing volume of sensitive data, and the sophistication of cyber-attacks have made cyber security a critical imperative for financial institutions. The paper analyzes common threats such as phishing, malware, ransom ware, and social engineering attacks. It also discusses the challenges of complying with regulatory requirements and the technological vulnerabilities associated with modern banking systems. The human factor and the role of social engineering in compromising security are explored. Potential solutions and mitigation strategies are presented, including technological measures like encryption, firewalls, and intrusion detection systems, organizational initiatives like employee training and incident response planning, and regulatory measures to strengthen the cyber security framework.

The paper concludes by emphasizing the need for a comprehensive and proactive approach to cyber security in Indian banking, involving a combination of technological, organizational, and regulatory measures. By addressing these challenges and implementing effective security practices, banks can protect themselves from the growing threat landscape and safeguard sensitive customer data.