The effect of cybercrime on a Bank's finances
International Journal of Current Research and Academic Review, 2 (2):
pp. 173-178 (February 2014)Abstract
The Information Communication Technology (ICT) has revolutionalized different aspects of human life and has made our lives simpler. It has been applied in different industries and has made business processes simpler by sorting, summarizing, coding, and customizing the processes. However, ICT has brought unintended consequences in form of different cybercrimes. Cybercrimes have affected different industries and banking sector is one of them which has witnessed different forms of cybercrimes like ATM frauds, Phishing, identity theft, Denial of Service. The paper discusses the problem of cybercrime in the banking sector and its impact on the bank s finances. It assesses the cybercrime scenario and identifies the actors involved in the scenario. It also examines the different types of cybercrimes which plague the banking sector and the motives of the cyber criminals behind such acts. The financial loss in the banking sector is huge across the globe both in terms of combating the cyber-attacks and on development of systems, so that such attacks need to be prevented in the future.