Cyber Security and Internet Banking: Issues and Preventive Measures

Abstract

The internet brought a new revolution to the financial sector and it has changed the way of operations in the last two decades. Now, people have the option to carry out banking transactions from a place of their choice without having to go to a nearby bank office. E-banking has become an integral part of the banking system and has become a popular method of transaction for the majority of people. A user has a wide range of options for managing his money through numerous internet banking methods. While internet banking is an aid for customers, they still have to be vigilant to keep their accounts safe from cybercriminals and hackers, as everything on the internet is prone to security threats. Internet security measures followed by the majority of the bank sites to protect their information are not up-to-date as compared to the dynamic cyber threats. Such problems have made it easy for confidential financial information to fall into the hands of third parties and cybercriminals. Although there are several security measures to stop data breaches, there are still flaws in these systems. The goal of this study article is to look at the number of cyber security issues in internet banking in India and the consumer’s awareness of these issues and preventive measures used by them. Our research is particularly based on primary data.