Security Issues in e-Banking

Abstract

Banking system across the globe is facing challenge due to cyber security threats. This has led financial institutions to rethink and redesign their business models. To get rid of cyber-attacks and security breach, intervention of technology is imperative. Stakeholders in the banking industry are quite worried about upsurge in the rate of cyber-crimes. Generally, cyber-attacks are done through software system running on a computer system in a cyber space. To safeguard software system against cyber-attacks it is utmost to detect entities operating within the cyber space and dangers to application security separated after examining the vulnerabilities and creating defense mechanism to reduce risks of cyber-attacks on software systems. Hence it is pertinent to understand security issues being faced by e-banking so that suitable measures can be taken accordingly. This paper is an attempt to understand different theories related to cyber security and also discusses various security threats to which e-banking is exposed.