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The financial sector is a crucial pillar of the global economy, facilitating capital flow and sustaining consumer confidence.However, it faces escalating cyber threats targeting vulnerabilities for financial gain or destabilization.This paper examines cybersecurity challenges confronting banks, financial institutions, and fintech firms, emphasizing fraud prevention, insider threats, and regulatory compliance.Strategies including advanced technologies, risk management, and incident response are outlined.Case studies, like the Equifax breach, underscore the need for fault prevention and regulatory adherence.Emerging technologies like blockchain, AI, and quantum-safe cryptography offer promise but demand robust implementation.Recommendations focus on investment priorities, technology adoption, and regulatory compliance.Collaboration, innovation, and a proactive cybersecurity stance are advocated to fortify financial systems against evolving threats and maintain trust in the digital era.
Priyadarshani et al. (Sat,) studied this question.