Cyber threats in the banking sector pose significant challenges and risks, impacting the security and stability of financial institutions. These threats encompass a wide range of vulnerabilities and risks, including attacks on online banking transactions, manipulation of data to exploit limitations of AI/ML algorithms, and the potential economic consequences of cyber-attacks .
Impact of Advanced Technologies
Advanced technologies such as the Internet of Things (IoT), blockchain, and 5G networks can facilitate organizations in securing business processes and making them efficient. However, these technologies also bring unknown risks, such as cyber-attacks, leaving businesses vulnerable to cyber threats with significant economic consequences .
Regulatory Landscape
The regulatory landscape in the banking sector plays a crucial role in addressing cybersecurity challenges. There is a need for constant oversight to detect and manage cyber threats promptly, especially in the context of AI/ML adoption, to safeguard financial stability and the integrity of the financial system .
Financial Stability and National Security
The growing use of digital assets in financial activity heightens the risks of crimes, impacting both financial stability and national security. This underscores the importance of ensuring responsible development of digital assets to mitigate these risks .
Emerging Challenges for Data Protection and Cyber Security
The challenges for cyber security are also challenges for privacy and data protection. Threats to information in cyberspace evolve quickly and have expanded into new channels such as social media and mobile technologies. As organizations strive to keep pace with the changing landscape created by innovative technologies and ever-changing threats, data produced, collected, and collated on a massive scale can be left vulnerable to cyber threats .