Cyber-crime is not a conventional offence as its ramifications transcend borders. It affects a society in different ways. The term “cybercrime” denotes any sort of illegal activity that uses a computer, cell phone or any other electronic device as its primary means of commission. The computer and electronic devices serve as the agents and the facilitator of the crime. Cyber criminals take full advantage of obscurity, secrecy, and interconnectedness provided by the internet and are able to attack the foundations of our modern information society. Breaching of cyber space is an issue of utmost concern for the banks and financial institutions. The menace of data theft is growing in magnitude with huge financial impact. As custodian of highly valuable customer information, banks have always been the favorite target of the cyber-attacks.
Moreover it is estimated that banks are more frequently targeted by the hackers than any other business organization. IT based financial solutions of the banks such as ATMs, mobile banking and internet banking are exposed to various forms of frauds including skimming and phishing etc. Affected banks may also witness decline in their share prices. Banking industry is more susceptible to the breach of cyber security due to its financial lure for the transgressors.
No comments:
Post a Comment