An Analysis of cybercrime effects on banks financial performance case study of Zb bank (2018-2022) · Electronic Theses and Dissertations

Author

Chirimuta, Doreen

Title

An Analysis of cybercrime effects on banks financial performance case study of Zb bank (2018-2022)

Abstract

Over the past two decades, banks have made extensive use of information and communication technology (ICT), which has led to an increase in cybercrimes like phishing, card fraud, and virus distribution in Zimbabwe's banking sector. The primary focus of this study was an analysis of cybercrime effects on banks financial performance case study of ZB bank (2018 –2022) the objectives were, to find out the types of cybercrimes and their effects, either direct or indirect on banks performance, and to determine the relationship between cybercrime effects and the financial performance. A total of 39 participants were selected by the researcher for a descriptive research design together with a questionnaire, and a documentary assessment as the main data collection tools. Data analysis was conducted using both the statistical package for social science (SPSS)version 20 and Mircosoft excel 2013, with the results presented through graphical representation and tables. The three most frequent forms of cybercrime in the banking sector are card fraud, hacking, and virus distribution. Direct financial losses, higher security costs, and reputational damage were found to be the main effects of cybercrime on the banking industry. The study also showed that some current countermeasures against cybercrime in the banking industry are effective and others are not, depending on a number of factors. Relationship between ZB Bank's performance and cybercrimes, with 39 respondents as the sample size, 39 respondents overall, and a significance level of 0.05. The findings indicate that independent variables and the dependent variable have a -.621** negative correlation, and the p-value is.05, which is higher than 0.001. Researchers concluded that the variables are not correlated when the p-value exceeds the level of significance. ZB Bank has discovered that cybercrime has a detrimental effect on banks' financial performance. This suggests a strong negative correlation between cybercrime and ZB Bank performance. The study recommended that in order to curb off the high rate of cybercrime in the banking industry it should ensure that its employees also changes their passwords after every three months on their accounts and the bank should always be up to date with the changing technology so as to have an insight on how to handle cybercrimes. There is need for more research on the impact of cybercrimes on financial statements of various organisation.

Date

June 2023

Publisher

BUSE

Keywords

Cyber Crime,

Financial performance,

Supervisor

N/A