Assessment of Cybersecurity Risks and threats on Banking and Financial Services

Technology is important in all aspects of our lives, particularly in the banking sector. Advanced technologies resulted in a fundamental shift in the way banks operate. Malicious use of technology leads to security breaches, customer distrust, financial instability, and other forms of cybercrime. This paper focuses on the most important threats and challenges to be considered while interacting with banks and financial institutions. Significant number of literatures will be reviewed to identify the most common threats and attacks on banks and financial institutions sector, as well as appropriate mitigation techniques and countermeasures. This paper focuses on bank and financial services institution infrastructure vulnerabilities that are escalating attacks on the sector and affecting the banking system, individuals, and organizations. The security study in these 35 projects demonstrates how cyber intrusions continue to attack the financial sector due to the weakness of security defense and data containment. It turns out that malware attacks are the most common threats to banks and financial institutions. Sharing and exchanging information between banks and financial institutions, as well as best practices taken by bank cards issuers and users are the most effective mitigation techniques. Some previous studies proposed a successful model for mitigating the impact of threats on banks and financial institutions, as well as reducing risks that cannot be mitigated using current mitigation techniques. According to banks and financial services statistics and surveys, existing controls and laws do not provide appropriate security meet the banks and financial services institutions systems' demands and requirements.