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So enhancing the banking security system is a must! When a bank’s data is breached, recovering from this data breach can be time-consuming and stressful.A weak cybersecurity system can cause their customer base to undergo cyber security threats. Data breaches are a serious problem in the banking sector.In this context, taking all the security measures is important to protect the data and privacy. Digital India has led to an increase in the usage of cashless transactions, digital money.Here are five reasons why cybersecurity is important in the banking sector: Why Is Cyber Security Important In Banking? Mostly, cybercriminals prefer to target the banking sector to get customer and employee information details and use them to steal bank data and money.īefore moving on to cyber security threats in the Indian banking sector, let’s see why cybersecurity is important in the Banking sector. Since banking sectors are depending on online banking, both mobile and web services tend to have a weak security system, due to which cyber security threats are becoming more prominent. This new digital workforce has pushed most of the banking sectors to go online, including video conferencing that has led to privacy issues and phishing attempts, including ransomware attacks. With all this growing technology, Cyber-attacks persistently increase, and attackers are actively looking for their victims for the malicious cyber-attacks on sensitive data of banking and financial systems. Both front-end and back-end operations have now become digital. The onset of COVID resulted in digitalization in the banking sector. What should be done to reduce Cyber Security Threats in the Banking Sector?.Why Is Cyber Security Important In Banking?.Master of Business Administration Degree Program.Design Thinking : From Insights to Viability.NUS Business School : Digital Transformation.

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