CYBER SECURITY THREATS IN ONLINE BANKING

Abstract

In the rapidly evolving landscape of online banking, where technology has transformed the way customers manage their finances, the book “Cybersecurity Threats in Online Banking” delves into the multifaceted aspects of this digital revolution. While the integration of internet services in the financial sector has undeniably been a blessing, granting customers unparalleled convenience, it has also cast a shadow in the form of cybersecurity vulnerabilities, as highlighted in recent years. The book begins by shedding light on the remarkable growth of internet users in India, a testament to the widespread adoption of digital banking. As the book delves deeper, it underscores the inadequacies of the existing legislative framework, primarily the Information Technology Act of 2000, which was not designed to address the evolving cyber threats associated with digital banking. The Act primarily focuses on establishing legal structures for electronic transactions and e-commerce, but it lacks comprehensive provisions for safeguarding customer data privacy and security. This glaring gap in the regulatory framework has allowed cybercriminals to exploit vulnerabilities in online financial ecosystems, resulting in a litany of issues, including identity theft, data breaches, and financial fraud. The book shines a spotlight on a series of high-profile cyberattacks that have occurred in recent years, serving as stark reminders of the urgent need for a robust legal framework to regulate internet services in the financial sector. These incidents have eroded customers' trust in online financial services, hindering the growth of the digital financial ecosystem in India. To navigate the blessings and curses of technology in online banking, the book calls for the implementation of a revised Information Technology Act. This new legislation should comprehensively address all aspects of cybersecurity, including data protection, incident response, and breach notification. It emphasizes the importance of collaboration between the government, financial institutions, cybersecurity experts, and data protection authorities to formulate a legal framework that provides the necessary safeguards for customers' personal and financial information. “Cybersecurity Threats in Online Banking” is a timely and critical exploration of the transformational impact of technology on the financial sector in India. It serves as a clarion call for proactive measures to secure the digital banking ecosystem, ensuring that the blessings of technology continue to outweigh the curses, and that customers can trust in the safety and security of their online financial transactions.