Cybersecurity Risk in Banking and Financial Services

Abstract

The increasing digitisation of the banking and financial services industry has elevated the urgency of addressing cybersecurity risks. Financial institutions are primary targets for cybercriminals due to the sensitive nature of their operations and the high-value assets they manage. This paper explores the nature and scope of cybersecurity threats in the financial sector, examines the existing regulatory frameworks, highlights challenges in implementation, and suggests best practices for building a resilient cybersecurity posture. The research relies on secondary sources, case studies, and regulatory analyses to provide a comprehensive understanding of how cybersecurity can be strategically integrated into banking operations. The paper concludes with recommendations for improving cybersecurity governance and aligning security initiatives with organizational objectives.