CYBER RISK IN BANKING SERVICES: THE EXTENT OF CYBER RISKS PREVISIONS AND SECURITY MEASURES

Banks play a pivotal role in financial system and economic building of the country. Indian Banking is competing with global players in the industry in terms of customer service, enhancing efficiency through technology. Financial institutions and online banking providers certainly understand the risk of cybercrime activities and therefore different legislations have been drafted to be implemented to provide security environment in banking and financial operations. Cyber-attacks can also be used to undermine customers' confidence in an institution. Cyber security is a complex and multifaceted challenge that is growing in importance. It is an issue that not only affects the banks but also government agencies. This research paper mainly focuses on the security aspect of the internet banking.