Challenges in Privacy and Security in Banking Sector and Related Countermeasures

With the extensive use of technology particularly internet by users, banking is becoming more dependent on technology. Unfortunately, with this the cyber-crimes related to banks are also increasing stupendously. The tendency of cyber security attacks aimed at financial sector is much high than any other sector. Some of the common cyber security attacks aimed at banks include Phishing, Cross site scripting, Cyber-squatting, Botnets, Spoofing, etc. This causes a tremendous loss of money to the customer and bank, declines bank's reputation and decreases the trust that users place in a bank.