Cyber crime in banking sector essay

It is also necessary to recognise that issues relating to cyber-crime are likely to change, very rapidly, making the research quite time-specific, in terms of its value. And of vital importance, they will all then add more protection to the databases themselves that hold the key to the information the criminals are after.

The research will then move on to compare banks in other regions, such as the United Kingdom and the United States, with a view to establishing whether there are additional ways in which cyber-crime could be managed more efficiently, by looking at the various different means whereby cyber-crime is managed in these other jurisdictions.

Problem Specification E-banking in Nigeria is still largely seen to be in its infancy, with the majority of banks using information technology as a means of providing information, rather than creating an interactive banking arrangement Howard et al So, we will see proactive prevention, and more unique layers of defence to protect what the banks value the most.

Research Aims and Objectives The overall aim of this research is to look at the evolution of cyber-crime in Nigeria and to explore ways in which it can potentially be managed, or even eradicated.

The findings can then be looked at in the context of the problems being faced in Nigeria, and potential options explored. E-banking is not limited to the more developed countries and, arguably, can be seen to transcend many of the jurisdictional borders, with countries which are developing, such as Nigeria, being able to trade internationally in a way that was not possible, previously.

Gaining detailed primary research by interviewing employees may also present a problem, as employees are unlikely to be prepared to speak openly, for fear of any comeback from their employer.

Here, Spencer Young, RVP of EMEA at cyber security firm Impervadiscusses the key threats banks and bank customers are faced with today, and how he expects banks will aim to overcome them in the future.

Combine this with the fact that successful attacks on banks and financial services firms provide a quick way to monetise the data, and you can see why banks and financial institutions are such popular targets.

The Threat is Real: Battling Cybercrime in Banking

Secondly, an analysis of the current cyber-crime control processes will be undertaken, looking at a range of different banks and how they look towards managing and controlling cyber-crime Computer Crime Research Center However, this opportunity also presents challenges, particularly when it comes to establishing systems that will prevent or limit cyber-crime.

But why should the financial service firms be more cautious? The proliferation of e-banking has offered opportunities in countries such as Nigeria to become much more global in its operation and yet it has also opened up the jurisdiction to a broad range of cyber-crimes, which will be the focus of the analysis in this research.

One such group created by banks is the Financial Services Information Sharing and Analysis Center with over 5, members. Besides investing in better data management programs, banks are also sharing information about their own cyber threats with other firms, IT analysts and government agencies in real time — to develop better solutions.

The threat is real! It is anticipated that monitoring the case study bank will take the longest period of time and therefore this is central to the timing and is recognised as such in the chart below.

Cyber crime and the banking sector: top threats and secure banking of the future

These employees, contractors and partners are already inside the banks secure perimeter and have legitimate access to its sensitive data and IT systems. This highlights just how big a business hacking has become.

How will banks combat cyber crime in the future? Several leading banking companies have tied up with universities and research organizations to understand and combat cyber security threats. There is also a need to build a more cohesive community of regulators, banks, technology providers and enforcement agencies to counter these threats on a global scale.

Criminals can send phishing emails or set up fake websites that dupe consumers into giving away sensitive financial data.

In order to achieve this, both quantitative and qualitative analysis will be undertaken. The banks have reputation, brand and highly sensitive personal data to protect, and in the main, they take that very seriously. According to Websense, the finance sector is hit by security incidents times more frequently than businesses in other industries.

As financial institutions shift to digital channels like online banking and mobile transactions, the attack surface grows, and there is more to protect. Tesco Bank accounts have been compromised So why are banks such a lucrative target for cyber crime?Avoid accessing or doing your bank online bank transactions at cyber cafes or on a share or public computer.

Also, avoid locations that offer online connections through wireless networks (Wi-Fi), where privacy and security are minimal and maximum do not make online banking transactions there. RSA, the Security Division of EMC, has reported that a Russia-based cyber crime team has begun to offer a new banking trojan targeting the Linux operating system.

“Hand of Thief” is the name of the trojan. Crime and corruption within the banking sectors have created a particular concern for businesses across Nigeria, which indicates that dealing with the area of cyber-crime is critically important and needs to be tackled, if Nigeria is to be able to develop as a strong international economic jurisdiction capable of attracting investment and stability.

Cyber Crime In Banking Sector In India. CHAPTER 1 INTRODUCTION OF BANKING SECTOR IN INDIA Banking in India originated in the last decades of the 18th century.

The first banks were The General Bank of India, which started inand Bank of Hindustan, which started in ; both are now defunct.

a convergence of offline fraud and online crimes, especially in financial services institutions – consider the recent attacks in which international hackers steal data that is then used by local criminals to fraudulently withdraw money at banks.

09/, CHALLENGES AND LEGAL RESPONSE September UNDERSTANDING CYBERCRIME: PHENOMENA, CHALLENGES AND LEGAL RESPONSE CYBERCRIME September Printed in Switzerland telecommunication Development Sector.

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Cyber crime in banking sector essay
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