How cyber security affects financial security?
Importance of Cyber Security in the Banking Sector
When a bank suffers a cyber attack, it could lose a customer's assets, which can traumatise the customer.
Some funds are easy to retrieve, but the loss of customer data is usually more difficult.
Hence every bank should strive to protect customer data..
Kinds of financial cyber crime
Financial crimes refer to a wide range of illegal activities that involve the use of financial systems or institutions to gain illicit profits.
These crimes can include money laundering, fraud, bribery, corruption, embezzlement, and terrorist financing..
Types of financial cyber crime
'Cyber risk' means any risk of financial loss, disruption or damage to the reputation of an organisation from some sort of failure of its information technology systems..
What are the financial effects of cyberattacks?
For the financial industry, however, global statistics don't tell the whole story.
Finance firms lose approximately $5.9 million per data breach, 28% higher than the global average..
What is cyber and financial crime?
Cybercrime is a type of financial crime performed by hackers or cyber attackers to gain unauthorized access to the system of the targeted entity to steal confidential information.
Cybercrime incidents result in financial and reputational losses and require robust controls to prevent them.Oct 24, 2023.
What is the meaning of financial crime?
Financial crime is a broad term used to describe criminal activities that involve money or other financial resources.
It refers to any illegal activity that involves the use of financial systems, institutions, or instruments for illicit purposes, typically with the goal of generating profits for the perpetrators..
Which is considered as cyber crime?
cybercrime, the use of a computer as an instrument to further illegal ends, such as committing fraud, trafficking in child pornography and intellectual property, stealing identities, or violating privacy..
- Victims of cybercrime experience damage to their digital reputation or loss of sensitive personal information that can be used for identity theft.
Conventional crime can have physical, emotional, and financial consequences for victims.
Spamming, Phishing, Hacking, Cyberbullying, Cyberstalking, Malware, and many more.