New Delhi . Digital payments and work from home have gained momentum due to the Corona epidemic. This has given cyber criminals more opportunity to make a dent in the banking sector. Regarding this, S&P Global Rating has said that the rise in cybercrime cases in the banking sector can have a bad impact on ratings. The agency said in the report that cyber attacks can damage credit ratings mainly through reputational damage and monetary losses. Banks and other financial institutions are better targets.
Difficulties due to weak security
The report says that institutions with weak security are at greater risk of cyber attacks. It is difficult to formulate a cyber risk framework by learning from old attacks, as these attacks are constantly changing. Banks need more excellent tools for cyber defense.
Increase in the cases of banking fraud
According to RBI, Internet banking systems work with the help of a large application, networking device, Internet service provider and other things. These are important links for cyber attackers, allowing them to commit fraud.
Thugs make such people a victim
Hackers create a similar website by copying the website URL of these banks and financial institutions. When customers login to these websites, thugs get a chance to use the data. Criminals misuse people’s data.