CYBER SECURITY MENACES IN BANKING: EMERGING PERILS AND WAYS TO MITIGATION

As the backbone in current economies, the banking sector has experienced a digital revolution, utilising technology to improve client satisfaction, accessibility, and efficiency. But this higher dependence on the internet has also made the banking industry more vulnerable to a complicated and dynamic threat environment. Cyber-attacks are becoming a constant and serious problem for financial institutions around the globe. They can take many different forms, from clever phishing operations to advanced continuing dangers. Persistent cyber-attacks have profound consequences on banks, including monetary losses, harm to their company, a decline in customer trust, and possible systemic dangers to the overall economy. The banking sector must proactively modify its cyber security defences to keep ahead of new threats as scammers’ strategies get more complex. In order to improve banking security, this study intends to discover new cyber security threats in the banking industry, analyse their potential effects on the banking sector, and assess successful mitigation methods.

The author will examine upcoming dangers and trends in addition to existing threats, weaknesses, and security precautions. Out-dated systems, limited personnel training, and inadequate incident response strategies are some of the main hazards. Establishing strong security frameworks, carrying out routine risk assessments, and utilising AI-powered threat detection are examples of effective mitigation techniques. This study advances knowledge about new cyber security risks in the banking industry and offers practical suggestions for financial entities looking to strengthen their safety measures. Banks can safeguard consumer information, stop financial losses, and uphold confidence in the financial system by addressing these new dangers.