SAFEGUARDING DIGITAL BANKING SERVICES AGAINST CYBER SECURITY THREATS AND DATA BREACHES DEPLOYING TACTICS AN EMPIRICAL STUDY

Abstract

Cybercrime in digital banking encompasses various illegal activities targeting financial institutions and their customers through online channels. These crimes involve stealing data, disrupting services, and gaining unauthorized access to bank accounts. Safeguarding digital banking against cybercrime requires a multi-faceted approach, including strong passwords, enabling two-factor authentication, being wary of phishing scams, and keeping software and devices updated. Banks also need to implement robust cybersecurity measures like encryption, regular security assessments, and employee training. The findings highlight that while banks have implemented various security measures, there are still significant gaps in risk identification, policy enforcement, cybersecurity awareness, and proactive monitoring. The study also emphasizes the importance of regular security assessments, compliance with regulatory frameworks, and the adoption of advanced cybersecurity technologies.