Developing a robust security framework for inter-bank data transfer systems in the financial service sector

This paper explores the critical need for a robust security framework in inter-bank data transfer systems within the financial services sector. It reviews current security measures, identifies key vulnerabilities, and examines existing standards and protocols such as SWIFT and ISO 20022. Major security threats, including cyber-attacks and insider risks, are analyzed alongside technological, operational, and regulatory challenges. The impact of emerging technologies like blockchain and AI on security is discussed. Recommendations are provided for financial institutions to enhance security practices and for regulators to strengthen policy frameworks. The paper also highlights future research directions to address evolving security challenges in the financial sector.