Cybersecurity Threat Assessment for Private Financial Institutions

Mohammad Mahdi Norouzian¹

1) Bachelor of Science in Network Technology Engineering, Tehran, Iran-

Publication : 7th International Conference on Applied Researches in Science & Engineering (7carse.com)
Abstract :
A private financial institution incorporates IT into its day-to-day operations to better serve both its internal and external clients. Such daily duties include business transactions, money transfers, ATM withdrawals, credit card use, and loans. The bank also stores customers personally identifiable information, which is similarly confidential and should not be shared without the customers permission. All operations must be performed by employees or customers of a legal bank. So, banks employ their own systems to guarantee the smooth functioning of transactions and forestall any fraudulent actions that could jeopardize the financial well-being of the business and its clientele. There will always be those careless individuals who try to undermine the security of any banking system, no matter how well-established it is. Even a novice who identified themselves as a hacker might transfer money from one account to another without anyone noticing. Worldwide, millions of dollars have been stolen from compromised bank accounts. What may have caused this to occur? Were there any evident flaws in the way the financial system worked that made it easy for criminals to take advantage of it? Infiltration into the financial sector is the topic of this article. Understanding the role that banking system security plays in preventing losses caused by fraudulent actions is crucial. In this article, we ll discuss some steps you can take to lessen or perhaps stop this sort of invasion from happening again.
Keywords : Information Security Banking Systems Authentication Data Confidentiality Integrity.