LBEF RESEARCH JOURNAL OF SCIENCE, TECHNOLOGY AND MANAGEMENT
E-ISSN: 2705-4748
P-ISSN: 2705-4683
P-ISSN: 2705-4683
Vol1, Issue1 ( 2019)
Robust Security Framework for Mitigating Cyber Threats in Banking Payment System: A Study of Nepal
Author(s):Rajib Dongol, Jyotir Moy Chatterjee
Abstract:Today, customer needs, technical capabilities, management preconditions, socio-economic and financial problems have become an urgent innovation development and transformation of technology. With the spread of technology, especially the internet, banks increasingly rely on technology for online bank online payment system. Unfortunately, bank-related cybercrime is also becoming more and more worrisome. The trend of cybersecurity attacks on the banking sector in Nepal is much higher than in any other sectors. Common cyber security attacks include banking phishing, cross-site scripting, cybersecurity, botnets, spoofing, etc. This will cause huge losses to customers and banks, which will reduce the reputation of the bank and reduce the user’s confidence in the bank.
In this study, we analyzed the new challenges in terms of bank security and Privacy of banks assets. Security control mechanisms for the deployment of the commercial banking sector have identified. The security and privacy issues are recognized by the financial sector for payment system and are especially prevalent in cybersecurity attacks. The survey focused on banks security practice based on their perception on cyber security. The questions were based upon banks staff knowledge about cyber security and awareness of common threats in payment system of banks. The results obtained support the argument that there is weak practice on security implementation for the cyber threats in the payment systems and gap between banks perception and practice related to payment system.
Finally, the proposed framework provides banks protection against cyber-attacks and provides a powerful security baseline/framework to deter intruders from attacks and opportunistic malicious threats.
In this study, we analyzed the new challenges in terms of bank security and Privacy of banks assets. Security control mechanisms for the deployment of the commercial banking sector have identified. The security and privacy issues are recognized by the financial sector for payment system and are especially prevalent in cybersecurity attacks. The survey focused on banks security practice based on their perception on cyber security. The questions were based upon banks staff knowledge about cyber security and awareness of common threats in payment system of banks. The results obtained support the argument that there is weak practice on security implementation for the cyber threats in the payment systems and gap between banks perception and practice related to payment system.
Finally, the proposed framework provides banks protection against cyber-attacks and provides a powerful security baseline/framework to deter intruders from attacks and opportunistic malicious threats.
Keywords:Information Security, Cyber Threats, Vulnerabilities, Banks, Malware, Incident Response Plan, IT Risk Management Framework, Security Awareness, Payment system, Payment security flaws, cyber security attacks, confidentiality, Integrity, and Availability.
Pages: 61-81