Article
A STUDY ON CYBER SECURITY RISKS IN ONLINE BANKING
The rapid growth of online banking has fundamentally transformed the delivery of financial services by enabling customers to perform transactions, manage accounts, and access banking facilities through digital platforms. Driven by increased internet penetration, smartphone usage, and the demand for convenience, online banking has become an essential component of modern financial systems. However, this digital transformation has also intensified cyber security concerns, as financial institutions handle large volumes of sensitive customer and transaction data. Ensuring cyber security is therefore critical to maintaining trust, financial stability, and regulatory compliance within the banking sector. This study examines the major cyber security risks associated with online banking, including phishing attacks, malware infections, identity theft, man-in-the-middle attacks, and data breaches. A descriptive and analytical research methodology is adopted, primarily based on secondary data collected from academic journals, regulatory reports, industry publications, and documented case studies. The analysis focuses on identifying common attack patterns, vulnerable system components, and the role of human factors in cyber incidents. The key findings reveal that phishing and malware attacks remain the most prevalent threats, largely due to user unawareness and weak security practices. The study highlights that a multi-layered security approach combining technical safeguards, organisational policies, regulatory compliance, and user education significantly reduces cyber risk exposure. The practical significance of this research lies in providing valuable insights for banks, regulators, and customers to strengthen cyber security strategies and promote safer online banking practices.
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