"Cyber Security Threats to the Financial Institutions"

by

Manish Khanal

IT Officer, Himalayan Bank

Abstract: BFI (bank and financial institutions) are increasingly relying in data and IT infrastructure to deliver their services. Though the implementation of IT infrastructure in service delivery has increased the efficiency of financial institutions, this has exposed various cyber security risks in the organizations. Banks are spending a lot of resources (money, time and human resources) to mitigate such risks. However, we are still hearing many incidents in financial institutions related to cyber security threats. Some major points of discussion related to cyber security threats in financial sector are: IT Risk, Why the Financial Sector is targeted, Top Threats to Financial Institutions, Consequences that create opportunities for hackers, The risk of over-reliance on automation, Proactive and Reactive solutions/actions, How will banks combat cybercrime in the future?