Impact of Cyber-Attacks on Banking Institutions in India: A Study of Safety Mechanisms and Preventive Measures

Abstract

This study intends to investigate the disastrous effects of cybercrime on financial institutions, as well as the creation of a strong cybersecurity mechanism and attempts to mitigate its effects. Banks are its direct target as of late. Many banks in India are frequently the target of widespread malware attacks, which not only expose private and sensitive data but also result in significant financial losses. This study’s goals are to determine which company sectors are more vulnerable to cyberattacks and to guarantee that cyber security protocols are developed and customized. The report includes case study examination of numerous cyberthreats and crimes that have previously resulted in significant financial loss, as well as secondary data analysis from a variety of online resources, including government websites, journals, and research papers. This essay will offer cyber regime insights that will be advantageous to financial institutions, banks, and society at general.