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Reseach Article

Safeguarding FinTech: Elevating Employee Cybersecurity Awareness in Financial Sector

by Sivaraju Kuraku, Dinesh Kalla, Nathan Smith, Fnu Samaah
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
10.5120/ijais2023451959

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

@article{ 10.5120/ijais2023451959,
author = { Sivaraju Kuraku, Dinesh Kalla, Nathan Smith, Fnu Samaah },
title = { Safeguarding FinTech: Elevating Employee Cybersecurity Awareness in Financial Sector },
journal = { International Journal of Applied Information Systems },
issue_date = { Dec 2023 },
volume = { 12 },
number = { 42 },
month = { Dec },
year = { 2023 },
issn = { 2249-0868 },
pages = { 43-47 },
numpages = {9},
url = { https://www.ijais.org/archives/volume12/number42/safeguarding-fintech-elevating-employee-cybersecurity-awareness-in-financial-sector/ },
doi = { 10.5120/ijais2023451959 },
publisher = {Foundation of Computer Science (FCS), NY, USA},
address = {New York, USA}
}
%0 Journal Article
%1 2023-12-28T21:18:32.871676+05:30
%A Sivaraju Kuraku
%A Dinesh Kalla
%A Nathan Smith
%A Fnu Samaah
%T Safeguarding FinTech: Elevating Employee Cybersecurity Awareness in Financial Sector
%J International Journal of Applied Information Systems
%@ 2249-0868
%V 12
%N 42
%P 43-47
%D 2023
%I Foundation of Computer Science (FCS), NY, USA
Abstract

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.

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Index Terms

Computer Science
Information Sciences
Cybersecurity Awareness
Phishing Attacks
Data Security
Cyber Threats
Spear-Phishing and Financial Industry

Keywords

Financial sector phishing attacks financial loss sensitive information financial institutions reputation cybersecurity awareness security posture data breaches phishing simulation