Evaluation of Cybersecurity Threats in the Banking Sector

Since the start of the informational era of economy, digitalization and digital services have become a pivotal part in all areas of the finance sector, including banking. Banks have the capability to store and preserve loads of clients’ private data, including their financial attributes. However, as digitalization progresses, more ways to exploit weaknesses in the banking systems appear. Cybersecurity, as a relatively new concept, is not as widely researched. Thus, hackers and perpetrators use security flaws for criminal gains, whether it means hacking into a security system or using people’s limited knowledge about cybersecurity. This paper aims at exploring the field of possible cybersecurity threats, common attacks used in the banking sector, and existing counter measures, with the idea of proposing new solutions to current issues and observing common occurrences in Russian banks.