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Research Article Open Access

IMPACT OF CYBERATTACKS ON FINANCIAL INSTITUTIONS

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.

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