Digital banking relies heavily on web technology such as RTGS/NEFT, Paytm, Google Pay, and Phonepe, parallelly cybercrime in this sector is also increasing rapidly. As reported, 50% of cybercrimes are related to ATMs, debit cards, and Internet banking. The banking sector is highly prone to cyberattacks, and effective cybersecurity measures are necessary to mitigate them. Recent research indicates that the cost of cybercrime in this sector is impacted by a complex interplay of tangible and intangible factors across multiple levels of society and value networks. Specifically, shifts in financial companies' strategic priorities, having the protection of customer trust and loyalty as a key objective, together with considerations related to market positioning competitors are important factors in determining the cost of cybercrime. (K., 2021). The cost of cybercrime for financial businesses is not determined by the number of occurrences, but rather by their protective measures and market position. However, responses like overspending on defense and underreporting incidents can have broader effects, leading to higher costs for the industry and society due to inadequate law enforcement, weak international frameworks, and increased opportunities for cybercriminals. This also hinders a coordinated and effective response to the issue.
I et al. (Sun,) studied this question.
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