Challenges in Implementing Cyber Security In

Banking

2. Budgets That are Too Small and Poor Management

• Due to the low priority given to cyber security, it frequently receives short budgetary shrift. Cyber security continuesto receive little attention from top management, and programs that assist it are accorded low priority. They might have underestimated how serious these risks are, which is why.

3. Identities and Access are Poorly Managed.

• The core component of cyber security has alwaysbeen identity and access management, especially now when hackers are in control and might access a business network with just one compromised login. Although there has been a little progress in this area, much work still needs to be done.

4. Increase in Ransomware

• Recent computer attacks have brought our attention to the growing threat of ransomware. Cybercriminals are beginning to employ various techniques to avoid being identified by endpointprotection code that concentrates on executable files.

5. Smartphones and Apps

• The majority of banking organizationsnow conduct business primarilythrough mobile devices. Every day the base grows, making it the best option for exploiters. Due to increased mobile phone transactions,mobile phones have become a desirable target for hackers.

6. Social Media

• Hackers have increased their exploitation as a result of social media adoption.Customers that are less knowledgeableexpose their data to the public,which the attackers abuse.