Other Important Issues :

Cyber extortion: A crime involving an attack or threat of attack against an enterprise. It is a crime through which a criminal gains access to a victim’s email account by stealing his or her password. By this unauthorized access into the email account, the criminal sends malicious code to various persons in the victim’s address book.

Intellectual Property Theft: Intellectual Property refers to the ownership of rights of a person, company with regard to software, copyright, patents, trademark and similar intangible assets. When the ownership rights as mentioned above are deprived partially or completely, it is called as an Intellectual Property Right (IPR) violation.

Computer Security: Computer system is very sensitive to security controls. In case of weak security control, computers are exposed to many risks. On account of carelessness by users, and organizations, the problems would be more including free access to cyber criminals which might lead to financial and reputational loss as well.

Organizations including banks are subject to cyber attacks. Cyber criminals and hackers commit fraudulent acts involving stealing of credit card details of individual cardholders from a bank site. They can make use of the information to defraud the customer and bank to gain financially.

If a bank fails to protect or safeguard the sensitive information of the bank and or its customer/s, the bank would face losses which can be broadly classified into:

Financial Loss: Credit card/Debit card information hacked by criminals could result in huge financial loss.

Reputation Loss: On account of weak control system, a bank can face reputational loss

Legal Loss: A cyber attack on a bank can result in legal cases initiated by customer against the bank. The bank might end up paying huge amount of compensation and legal costs.

Banks as financial intermediaries play a crucial role in the financial markets. Banks also act as trustees depending upon situations. It is their responsibility to protect not only the funds of their clients but also the sensitive customer information/data as well. With increasing cyber crimes of different forms, banks should have a very good security control system to protect their customers, bank’s assets and other information from cyber crimes.