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Abstract
Use of modern technology has geared up the business activities. Cyber technology has taken the organizations above the heights of profits. Specially, it has given a great favor to the financial institutions by providing data storage, digital money, networking and many other online services. The fact, cannot be hindered in any way that where technology facilitates intensively, can also be severely disastrous for financial institutions. Cybercrimes as a technology disease are spreading very speedily in present era. Nothing is secure now and financial institutions are under a great threat. Therefore, this study has undertaken to explore impact of cyberattacks on financial institutions. The study has witnessed that there may be the lesser cases of cyberattacks on financial institutions but their impact is severe in terms of direct and indirect loss. It has also been witnessed that cyberattacks are growing rapidly as compare to few years back. In this alarming situation, organizations, especially financial institutes must pay attention to the security. Some of the preventive measures can be tightening internal security, cybersecurity assessment, cybersecurity training and cybersecurity audit.
Keywords: Cybercrime; Cyber-Attack; Financial Institutions
© Tariq N, 2018
INTRODUCTION
With the emerging trends in business most of the companies are depending on digital money, electronic data and computer networks where all of the personal and financial information is stored. By these trends theft tactics have also been upgraded. Cybercrime is one of the major challenges today. Major cyberattack in the recent years not only caused financial loss but also leaked other sensitive information. According to Group-IB expert evaluations, almost 99% of all cybercrimes in the world now involve money theft. Massive malware attack that hit in 2017, ruined many of the companies like MDLZ, DLA Piper in US, Rosneft, EVRAZ and Banks in Russia, Maersk in India and Denmark and many other countries were the victim of this attack [1]. Identity theft as a subset of cybercrime is intentionally stealing someone's identity to gain benefit in any kind. In recent years identity theft crashed operations and profitability of many businesses. "2017 was a great year for identity thieves". Equifax is one of the victims who suffered the worst data breaches in 2017, all of the sensitive information hacked could be used for identity theft [2]....