Cybersecurity Threat Assessment for PrivateFinancial Institutions

A private financial institution incorporates IT into its day-to-day operations to better serveboth its internal and external clients. Such daily duties include business transactions, moneytransfers, ATM withdrawals, credit card use, and loans. The bank also stores customers'personally identifiable information, which is similarly confidential and should not be sharedwithout the customers' permission. All operations must be performed by employees orcustomers of a legal bank. So, banks employ their own systems to guarantee the smoothfunctioning of transactions and forestall any fraudulent actions that could jeopardize thefinancial well-being of the business and its clientele. There will always be those carelessindividuals who try to undermine the security of any banking system, no matter how wellestablishedit is. Even a novice who identified themselves as a hacker might transfer moneyfrom one account to another without anyone noticing. Worldwide, millions of dollars havebeen stolen from compromised bank accounts. What may have caused this to occur? Werethere any evident flaws in the way the financial system worked that made it easy for criminalsto take advantage of it? Infiltration into the financial sector is the topic of this article.Understanding the role that banking system security plays in preventing losses caused byfraudulent actions is crucial. In this article, we'll discuss some steps you can take to lessen orperhaps stop this sort of invasion from happening again.

Keywords:

Information Security , Banking Systems , Authentication , Data Confidentiality , Integrity.