A Study of Cyber Security Landscape in Digital Banking with reference to Scheduled Urban Cooperative Banks

Abstract

The study is mainly focused to understand the cyber security landscape in digital newlinebanking in Scheduled Urban Cooperative Banks. Basically, Cyber security is the newlinesecurity implemented for controlling the threats from the untrusted network that is newlineInternet. All digital banking channels are exposed to internet for their 24X7 availability newlineof services and use by customers through their mobile devices. So, there are majorly newlinetwo main areas that has to be covered to secure digital banking services from cyber newlinethreats by implementing cyber security controls at service provider side i.e. at Banks newlineand the second service consumers side who are availing digital banking services. Both newlinethe sides are equally important considering cyber security only the impact of newlinematerializing cyber-attack is different. In case of digital banking customer, the impact newlinemay be limited since it is restricted to the individual account but for Bank as a whole the newlineimpact level is huge resulting into financial and reputational loss. One such cyber newlineincidence on one of the reputed and oldest Scheduled Urban Cooperative Banks is newlinediscussed in the study. The reasons for attack getting materialized and the newlinevulnerabilities which were exposed are pointed in the study. How responding to newlinephishing mail can result into cyberattack and the importance of cyber security newlineawareness is shown from the study. The study mainly focuses to study both aspects of newlinecyber security in digital banking that is Cyber awareness among customers and the newlinecyber security controls implemented in Scheduled Urban Cooperative Banks. The scope newlineof the study is to understand cyber security implementations in Scheduled Urban newlineCooperative Banks which is micro segment of Indian Banking sector which is run by newlineprivate members and compete the market requirement by providing all digital channel newlineservices to their customers. newline