Unraveling the Essence of Cybersecurity in Banking: Preserving Financial Integrity and Building Confidence

Abstract

There are more plastic cards in the wallet than currency notes. This change is because the Indian banking industry, is going through an IT revolution to be competitive with the other developed and developing nations and other regulatory reason has led to total banking automation in the Indian Banking Industry. According to KPMG-CII report, India has the capability to become the third largest by 2025 and fifth largest in the world by 2020 in the banking industry. Also, India’s banking industry is worth Rs. 81 trillion and it is utilising latest internet infrastructure to be competitive to other economies. The Indian banking system consists of 26 public sector banks, 20 private sector banks, and 43 foreign banks, together with 61 regional rural banks (RRBs) and over 90,000 credit cooperatives. The change towards internet banking is intensified by the changing dynamics in India as it is about to become one of the youngest countries in the world by 2020, the average age being 29 years. And this young population is technology savvy and wants real time online information. As the users of the online banking will increase rapidly in the years to come, these systems are becoming the most likely targets of hackers and cyber criminals. Banking institutions must take all measures to make online banking system safe, to maintain the customer trust and satisfaction level for online banking. To be protected by the cyber security threat banking institutions will have to develop effective and efficient customer awareness programs as safety from cyber threats related to bank are equally interdependent 2024on the level of awareness of using the banking online system and does not solely depend on the safeguards and practices implemented by the bank. This makes it very difficult for banking institutions to maintain the confidentiality and integrity of the banking system. The research will try to assess whether there is awareness of threats of online banking among the users that comprise online banking and to further analyse whether there is a difference in awareness of the users on the basis of Age and Gender.

Keywords: Economic Development, Financial Sector, The Banking System, IT Revolution, Cybersecurity, Online Banking

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