Challenges of cybercrime in the financial sector. A Case study of Steward Bank Limited from 2020- 2021
- Author
- Chimbwanda, Nolliet C.
- Title
-
Challenges of cybercrime in the financial sector. A Case study of Steward Bank Limited from 2020- 2021
- Abstract
- The increased use of technology in the financial sector has led to an increase in cybercrime, which has become a significant threat to financial institutions and their customers. The cost of cybercrime to the global economy has been estimated to be in the trillions of dollars. Therefore, this study was conducted to assess the challenges of cybercrime in the financial sector and a case study of Steward Bank Limited was chosen. The purpose of the study was to identify the cause of cybercrimes in the financial sector, assess the impact of cybercrime on Steward Bank, evaluate the current strategies utilised by Steward Bank to deal with cybercrime and recommend on the best strategies that can be implemented so as to curb cybercrimes in the financial sector. The study was conducted using a case study approach since it was deemed to be the most appropriate for the research. Stratified random sample and purposive sampling procedures were used to select the sample size of 97 participants with 81 responding from four departments in Steward Bank, with the questionnaires and in-depth interviews serving as the primary research tools. Data was analysed using SPSS and represented in graphical and tabular forms. The research found out that poor cybersecurity measures was the major cause of cybercrime in the financial sector. Significant impact of cybercrime on Steward Bank which the research findings revealed was data loss. The current measures to deal with cybercrime that were evaluated showed that they are generally considered to be effective, with employee training and security policies and procedures, being most effective measures. The researcher recommended that developing a comprehensive cybersecurity strategy, use of multi-factor authentication, regularly updating software and systems, conducting regular vulnerability assessments, penetration testing, partnering with cybersecurity experts and also to stay informed about emerging cyber threats and trends, can be more effective measures to curb cybercrime in the financial sector. Future research should concentrate on evaluating the effectiveness of cybersecurity measures implemented by financial institutions and identifying areas for enhancement.
- Date
- June 2023
- Publisher
- BUSE
- Keywords
- Steward Bank,
- Cybersecurity,
- Supervisor
- N/A
