2024· International Journal of Commerce, Finance and Digital Economy· 0 citations
TL;DR
The findings have shown that the combination of intelligent security solutions and a standardized governance model not only increases the resilience of the organisation, but also reduces cyber risks, facilitates compliance with regulatory requirements and safeguard the trust of customers.
Abstract
Digital transformation has been a game-changer for financial institutions, driving the bank industry's evolution into a more real-time, cloud-based, mobile, and AI-enabled financial landscape. While all these technological developments have boosted operational efficiency and customer service, they have also created new opportunities for cyber criminals to attack financial organizations with powerful and sophisticated means like ransomware, phishing, insider threats, Advanced Persistent Threats (APTs), Distributed Denial-of-Service (DDoS) attacks, identity theft, and financial fraud. This has given rise to the need for extensive cyber security systems to be a strategic necessity and not a technical necessity. In this paper, the authors explore modern approaches to cybersecurity frameworks for digital financial institutions, reviewing methodologies for assessing risk, governance of security, regulatory compliance, and innovations like Artificial Intelligence, Machine Learning, Blockchain, and Zero Trust Architecture. The study provides an overview of existing cybersecurity frameworks such as the NIST Cybersecurity Framework, ISO/IEC 27001, COBIT and PCI DSS, along with financial regulatory frameworks. In addition, a conceptual framework is suggested for enhancing cyber-resilience based on continuous monitoring, threat intelligence, automated incident response, and adaptive security controls. The findings have shown that the combination of intelligent security solutions and a standardized governance model not only increases the resilience of the organisation, but also reduces cyber risks, facilitates compliance with regulatory requirements and safeguard the trust of customers. The proposed framework offers a scalable and proactive strategy for financial institutions to address the escalating cyber threats in the ever-engaging digital landscape.
FinTech's tremendous expansion has revolutionized the financial industry by making services like online lending, mobile banking and digital payments possible. Financial systems are becoming more vulnerable to cybersecurity risks, data breaches and financial fraud as a result of this digital transition. Strong cybersecurity has become a significant concern as financial institutions depend more and more on digital infrastructures. The research paper analyses the key vulnerabilities in digital banking systems and addresses the changing cybersecurity issues in FinTech ecosystems. In order to assess current academic research, industry reports and cybersecurity frameworks, the study uses a systematic literature review (SLR) methodology together with exploratory and descriptive research approaches. Important security algorithms utilized in financial transactions, such as AES, RSA, ECC, SHA-25 and SSL/TLS protocols, are also covered. The research found that existing solutions frequently address specific risks or separate security tasks, leading in inadequate protection across interconnected FinTech environments. Key research gaps include a lack of integration of various threat indicators, difficulties in explaining and detecting fraud in real time, interoperability concerns and insufficient integration of technological, organizational and governance-level security measures. Based on these findings, the study demonstrates the importance of an integrated and versatile cybersecurity architecture that includes multi-vector threat monitoring, behavioural analytics, intelligent fraud detection and risk management. Such hybrid method can improve detection capabilities, minimize false positives, boost data protection and increase the cyber resilience, consistency and trustworthiness of FinTech payment and financial service ecosystems.
Vedankita Mohod, R. Jugele· International Research Journ...· 0 citations
Digital transformation has fundamentally changed the manner in which individuals, businesses, governments, and financial institutions communicate, transact, store information, and deliver services. The rapid expansion of cloud computing, digital payments, social media, artificial intelligence, Internet of Things devices, blockchain, and interconnected information systems has generated substantial economic and social benefits. At the same time, increasing digital dependence has created new opportunities for cybercriminals and exposed organizations and individuals to sophisticated forms of cybercrime. Cyberattacks can result in financial loss, identity theft, privacy violations, intellectual property theft, disruption of critical infrastructure, reputational damage, and threats to national security.
This article examines the legal challenges associated with cybercrime and cybersecurity in the age of digital transformation. It adopts a doctrinal and comparative legal research methodology and evaluates the adequacy of existing legal frameworks in addressing contemporary cyber threats. Particular attention is given to India’s Information Technology Act, 2000, the Information Technology (Intermediary Guidelines and Digital Media Ethics Code) Rules, 2021, the Digital Personal Data Protection Act, 2023, the Indian Penal Code/Bharatiya Nyaya Sanhita framework as applicable to cyber-related offences, the role of CERT-In, and emerging cybersecurity governance mechanisms. Comparative reference is made to international approaches, including the Budapest Convention, European Union cybersecurity regulation, and international cooperation mechanisms. The study examines major challenges including ransomware, phishing, identity theft, cyber fraud, cyberstalking, cyberterrorism, data breaches, artificial intelligence-enabled attacks, cryptocurrency-related crime, jurisdictional difficulties, digital evidence, attribution, intermediary responsibility, and cross-border enforcement. The article argues that effective cybersecurity law requires an integrated approach combining criminal law, data protection, corporate governance, technical security, international cooperation, digital evidence mechanisms, and victim protection. It proposes a risk-based and technology-neutral legal framework emphasizing prevention, accountability, resilience, rapid incident response, and effective remedies.
Saddam Hussain· International Journal For Mu...· 0 citations
The banking sector is undergoing rapid digital transformation, making reliance on electronic means for delivering financial services an indispensable strategic choice. However, this shift has been accompanied by mounting security challenges—such as hacking attempts, transaction fraud, and breaches of data confidentiality—that threaten to undermine customer confidence in the banking system. Consequently, the electronic signature emerges as a vital technical tool for addressing these challenges by providing guarantees of authentication, credibility, and non-repudiation in transactions. Yet, its limited adoption by local banks and a lack of awareness regarding its legal and technical dimensions constitute an issue requiring further study.
This study aims to analyze the concept of electronic signatures and their technical and legal dimensions within the banking context. It seeks to clarify their role in enhancing cybersecurity and protecting data and transactions, as well as their impact on improving banking performance through increased efficiency, speed, and reliability. Furthermore, the study proposes practical mechanisms for adopting electronic signatures in alignment with international standards and the specificities of the Iraqi banking environment. The research employs a descriptive-analytical approach, supplemented by an inductive method involving the analysis of legislation and successful international experiences. It also tests three main hypotheses concerning the correlations between electronic signatures and banking performance, cybersecurity and banking performance, and the combined role of electronic signatures and cybersecurity in enhancing banking performance. The study reached several key conclusions: electronic signatures effectively foster trust in banking transactions by ensuring authentication, credibility, and non-repudiation; cybersecurity acts as a complementary element in protecting banking infrastructure against breaches and fraud; and weaknesses in the local legislative and regulatory framework constitute a major obstacle to the effective adoption of this technology. Furthermore, the results indicated that banks implementing partial electronic signature solutions achieved tangible improvements in service efficiency and transaction processing speed.
Based on these findings, the study recommends enacting comprehensive legislation to regulate the use of electronic signatures and define their legal parameters to protect all parties; strengthening banking cybersecurity infrastructure; raising legal and technical awareness among staff and customers; leveraging successful international experiences and adapting them to the Iraqi context; and encouraging banks to invest in modern digital systems and integrate electronic signatures into comprehensive digital transformation plans.
Marwah Abdullah, Z. Mardan, A. Hadi· International Journal of Fin...· 0 citations
Financial Technology (FinTech) has changed the way financial services are provided through technologies such as digital payments, mobile banking, blockchain, Artificial Intelligence, and cloud computing. These technologies have made financial services easier to access and improved the way organizations operate and serve their customers. However, they have also increased cybersecurity risks and concerns about the protection of personal data. This study examined the cybersecurity threats faced by FinTech organizations and looked at ways to improve data privacy and cybersecurity. A descriptive survey design was used for the study. Data were collected from 303 employees of selected FinTech companies in Lagos State, Nigeria, using a structured questionnaire. Out of the questionnaires distributed, 290 were properly completed and used for the analysis. The data were analyzed using SPSS Version 29. Descriptive statistics, Pearson correlation, and multiple regression were used to test the hypotheses. The findings showed that cybersecurity threats have a significant effect on the performance of FinTech companies, while good data privacy practices help to improve customer trust and organizational performance. The study also found that measures such as multi-factor authentication, data encryption, Artificial Intelligence, Zero Trust Architecture, and cybersecurity awareness programmes can help FinTech companies improve their protection against cyber threats. The study concludes that strong cybersecurity practices and compliance with data protection laws are important for providing safe, reliable, and customer-friendly digital financial services.
O. S. Aladejubelo, R. O. Raji, S. A. Ishola et al.· British Journal of Interdisc...· 0 citations
The paper is a systematic and multifaceted review of the new trends in cyber-physical security of smart factories, and looks at the threat landscapes, attack vectors, architecture weaknesses, and intersection of the information technology (IT) and operational technology (OT) worlds.
Hiroshi Tanaka, Yuki Nakamura· International Journal of Mod...· 0 citations
The rapid integration of cryptocurrencies into the global financial system has transformed
the digital economy while simultaneously creating a fundamentally new criminogenic environment in
which digital assets function both as valuable targets and as instruments facilitating cybercrime. This
article develops a comprehensive theoretical framework for understanding cryptocurrency-related
cybercrime through a systematic review and critical synthesis of contemporary academic literature,
cybersecurity reports, and regulatory perspectives. The study examines the core architectural
characteristics of blockchain-based systems—including decentralisation, pseudonymity, transaction
irreversibility, cryptographic security, and smart contract programmability—and explains how these
features generate structural opportunities for criminal exploitation while also providing inherent
security advantages. Based on the reviewed literature, a six-category taxonomy of cryptocurrencyrelated cybercrime is proposed, classifying offences according to the primary criminal target and the
functional role of digital assets within illicit activities. Furthermore, the cryptocurrency threat
landscape is conceptualised across five interconnected attack surface layers encompassing
blockchain infrastructure, wallets and private keys, cryptocurrency exchanges, smart contract
ecosystems, and user-level vulnerabilities. The paper also analyses the principal categories of
malware employed against cryptocurrency environments, including cryptojacking, ransomware,
information stealers, clipboard hijackers, and Trojan-based attacks, together with their operational
mechanisms. Finally, the study synthesises existing defensive strategies into a multilayered
countermeasure framework that integrates cryptographic safeguards, secure software engineering
practices, regulatory governance, organisational cybersecurity measures, and user awareness. The
findings demonstrate that mitigating cryptocurrency-related cybercrime requires a convergent and
interdisciplinary security approach combining technological innovation, legal regulation, and
continuous cybersecurity education without undermining the transformative potential of blockchain
technology.
