How banks are managing the growing risk of cyberattacks

Abstract

The financial institution is one sector that relies heavily on technology, and while technology tends to make people’s lives easier, it has also opened a dangerous window for cybercrime which ranges from mild personal abuse to hauls that involve millions. This dissertation focuses on analyzing how financial institutions, specifically Maltese banks are managing the growing risk of cyberattacks. Moreover, it studies the various cybercrimes faced by financial firms, as well as the effects on their operations. In particular, since the financial industry handles personal and sensitive information, this can be both harmful and detrimental, if leaked. The researcher gathered the data by interviewing officials from various commercial banks in Malta to explore what cybersecurity measures they have put in place, and how they mitigate the risk of cybercrime. The findings of the dissertation include the observation that each participating bank provides various forms of training to staff with regards to cybersecurity and possesses an acceptable level of awareness. This suggests that banks are in fact managing the growing risk of cyberattacks