Insider Threat Prevention in the US Banking System

Abstract

Insider threats have been a major problem for the US banking sector in recent years, costing billions of dollars in damages. To combat this, the implementation of effective cybersecurity measures is essential. This paper investigates the current state of insider threats to banks in the U.S., the associated costs, and the potential measures that can be taken to mitigate this risk. The development of a framework for the adoption of cybersecurity measures within the banking industry is the primary emphasis in order to stop fraud and lessen financial losses. Through a detailed examination of the literature, in-depth interviews with experts in the banking sector, and case studies of existing cybersecurity measures, this paper provides a comprehensive overview of the problem and potential remedies. Analysis of the research reveals that identity and access management, data encryption, and secure authentication are key components of any cybersecurity strategy. Furthermore, it is recommended that banks increase their technical capabilities and improve their employee awareness and training. The study concludes with a series of suggestions for enhancing banking industry cybersecurity and eventually reducing the danger of insider attacks. This paper explores the topic of insider threats in the US banking industry and presents cybersecurity measures to prevent fraud. Insider threats from people with access to sensitive data and systems present serious hazards to the banking industry, resulting in monetary losses, reputational harm, and compromised data integrity.