Securing the Future of Banking: Addressing Cybersecurity Threats, Consumer Protection, and Emerging Technologies

Venu Madhav Aragani

Vol. 8, Jan-Dec 2022

Page Number: 178 - 196

Abstract:

The digital revolution has brought both unprecedented opportunities and critical challenges to the banking sector. As banks embrace digital transformation to enhance customer experience and operational efficiency, they are increasingly vulnerable to a wide array of cybersecurity threats, including data breaches, ransomware attacks, and phishing scams. Additionally, the rise of digital banking services has introduced new concerns about consumer protection, particularly regarding data privacy and fraud prevention. This paper delves into the multifaceted nature of cybersecurity in the banking industry, offering a thorough examination of current threats, regulatory frameworks, and protective strategies. Furthermore, the paper explores the transformative potential of emerging technologies, such as artificial intelligence (AI), blockchain, and quantum computing, in enhancing security, safeguarding consumer interests, and mitigating risks. By leveraging these technologies, banks can not only fortify their defense but also pave the way for more secure and efficient financial systems. The study highlights the importance of adopting a proactive, multi-layered approach to cybersecurity and underscores the need for continuous innovation in security protocols to adapt to the evolving threat landscape. Finally, the paper discusses the ethical and regulatory implications of emerging technologies in banking security, emphasizing the balance between innovation and compliance. Through case studies, statistical data, and in-depth analysis, this paper provides insights into securing the future of banking in an increasingly digital world.

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