CYBERSECURITY RISKS AND MITIGATION STRATEGIES IN THE INDIAN BANKING SECTOR

Abstract [English]

The rapid-fire digitalization of fiscal services has significantly impacted the global fiscal assiduity, particularly the banking assiduity, with significant changes observed in the fiscal systems of arising husbandry similar as India. Digital banking, mobile payment systems, and online fiscal services have bettered the fiscal assiduity’s effectiveness and fiscal addition. still, the increased use of digital structure has also redounded in exposure to a wide range of cyber security pitfalls. Cyber security pitfalls similar as phishing, ransomware, malware, bigwig attacks, and data breaches pose significant pitfalls to the fiscal assiduity and its guests. The fiscal assiduity of India has come a seductive target for cybercriminals because of the increased digitalization of fiscal systems and the high volume of fiscal deals reused on a diurnal base. This study aims to identify the primary cyber security pitfalls faced by the fiscal assiduity of India and assess the effectiveness of the cyber security mitigation strategies espoused by fiscal institutions. The qualitative system has been used to conduct the study, and secondary data has been used, which has been attained from the literature review of colourful publications, reports, and papers. The results attained indicate that cyber pitfalls in the fiscal assiduity are rising with the increase in technology, cyberattack methodologies, and the lack of cyber security mindfulness among the general public. The results also indicate the part of technology, similar as artificial intelligence, blockchain technology, and biometric technology, in perfecting the cyber security of the fiscal assiduity. Eventually, the results attained in the study are presented with suggestions and recommendations for the development of an effective cyber security strategy, which can be used to alleviate cyber security pitfalls and ensure the development of robust cyber security systems to insure the trustability and responsibility of the digital fiscal ecosystem of India.