Cyber Threats in Banking and Financial Services

Abstract With previously unheard-of levels of user ease and accessibility, the digital revolution has completely changed the banking and financial services industry. But this change has also given cybercriminals new opportunities. Financial institutions may suffer significant financial losses, data breaches, damage to their reputations, and regulatory penalties as a result of cyberattacks. The complex nature of cyberthreats in the banking industry is examined in this study, along with important attack types, noteworthy incidents, the regulatory environment, and tactical solutions to lessen the risks. A methodical approach to secondary research has been employed, drawing on current reporting and academic publications.