Cyber-attacks and Cyber Security Readiness: Iraqi Private Banks Case

With the development of informational technology, criminals are using various cyberspaces toimprove cyber-crime. Risk and cyber-attacks have developed into a major area of concern. As there hasbeen an enormous increase in cyber-attacks, those attacks cause a series of damage to the critical bankingprocess and caused huge financial losses to the system. To moderate cyber-crime and the cyber threat,financial industries seek to implement artificial intelligence and other cyber security to improve customerexperiences and the banking process's efficiency. Thus, the current study came to assess and test the Iraqibanking experience with cyber attacks by unveiling the cyber security systems reaction towards the cyberattacks and whether the cyber attack promotes the intersystem of banks and motivates them to increase theirprecautions to save bank's databases and servers against violation. The study uses the questionnaire as akey tool to collect respondents' data on how to suffer from cyber attacks two years ago at least. Thesignificant finding was that Iraqi private banks maintain a specific level of security regardless if there is afierce attack or not. However, some respondents are still cautious about using online banking services dueto Iraq's low security of public access to internet services.