|International Journal of Applied Information Systems
|Foundation of Computer Science (FCS), NY, USA
|Volume 12 - Number 42
|Year of Publication: 2023
|Authors: Sivaraju Kuraku, Dinesh Kalla, Nathan Smith, Fnu Samaah
Sivaraju Kuraku, Dinesh Kalla, Nathan Smith, Fnu Samaah . Safeguarding FinTech: Elevating Employee Cybersecurity Awareness in Financial Sector. International Journal of Applied Information Systems. 12, 42 ( Dec 2023), 43-47. DOI=10.5120/ijais2023451959
The financial sector faces a significant threat from phishing attacks that strike them and result in financial loss, illegal access to customers’ sensitive information, and damage to the financial institution’s reputation. Hackers utilize phishing attacks to lure employees in financial institutions into giving sensitive financial information and customer data so that they can breach the institution’s security. While financial institutions have built safety protocols both in their customer-facing and internal banking apps and websites, employees’ human element fails to identify phishers scams, thus resulting in the theft of financial information, customer data, and small and large sums of money. This study focuses on addressing the importance of raising employees’ levels of cybersecurity awareness to detect and stop phishing attacks. The study also sheds light on how financial institutions can reinforce their entire security posture as well as mitigate financial losses and risks resulting from data breaches by enhancing employees understanding and knowledge of phishing countermeasures, simulation, indicators, and techniques.